Insurello — Digitizing the Insurance Industry
Insurello was founded by Marcus Janback, a Stockholm School of Economics graduate, and also a former elite level American football player. Marcus has first-hand experience of injuries from his sports career and trying to work through the maze of different insurance policies to make claims. As a born entrepreneur Marcus did not only manage to work through all the extensive processes and administration to make and follow his claims, he also saw an opportunity to make the insurance industry more customer friendly through new technology. He also knew to seek help from great advisors from the get go, starting with his mum, with over 30 years’ experience in the insurance industry. Solving your own major pain points, and seek experienced advice in that process, are two strong indications of a good start of venture journey.
I think we all have similar experiences from different part of this process — whether it be delayed flights, stolen bikes, or a dented car, and can appreciate the upswing in companies like Insurello, looking out for and guiding us through the quite complex and time-consuming processes that insurance claims can entail.
Right from the start, we fell in love with the team and their high ambition to provide this guidance to the wider public on a global scale through digital technology, and we are very excited to be part of their journey and to support Marcus and the team in building a great company.
Insurello’s go to market service offering includes helping clients find personal insurance payouts that they might otherwise have missed. The company acts as an intermediary between its clients and the insurance companies, handling their claims, in exchange for a per centage of any resulting payouts.
Each year in Sweden alone, insurance payouts worth over 6 billion SEK go unclaimed due to the difficulty of sorting through policies and filing the correct claims to the right insurance providers, for individuals who have sustained injuries or scars. Insurello is a young company but they have already received thousands of requests from people with severe injuries, out of which they have supported many through the claiming processes, resulting in fair compensations for the long-term consequences of their injuries.
At Luminar we see what Insurello is offering as part of a larger trend of digitization in the insurance industry. Through digital technology, the whole industry can become more transparent, customer focused and efficient.
We also believe that companies like Insurello can help the established insurance providers streamline their processes, to the benefit of both their own businesses and their customers. The potential for expansion of the service, both into other types of insurance, as well as into other geographical markets is enormous.
We are thrilled to be part of this pre-seed round of investment in Insurello and we’re excited about the possibilities that lie ahead of us to create value in this space.
Jacob Key, Founding Partner at Luminar Ventures
