AIG and Hyperion backed insurtech secures series B funding

London based, Azur announced that it has completed its series B funding round raising £13.3m in a bid to expand. 

It will use the funding to expand its product set, scale new markets and develop its technology platform.

The insurtech claims the funding is “among the largest” in the UK insurtech sector in 2018.

And it has gained support from AIG, Hyperion Insurance Group, Ascot Group and entrepreneur Richard Little.

He will be joining the board of directors at the firm, Little said: “I see great market potential for a cutting-edge, cloud-native multi-product insurance platform like Azur, and I like Azur’s open approach of coming to market both as a regulated agency in London and as a technology partner to large insurers globally.”

The insurtech has two strands to its business providing underwriting products for the high net worth insurance market in the UK and building end-to-end platforms for insurers which support them in operating effectively with brokers and customers

The firm said it will launch new digital insurance products on the Azur platform on a regular basis for its broker partners.

Graham Elliott, chief executive at Azur, said it has created the category of Managing Digital Agent (MDA) and the completion of its funding will enable us to scale our business to design, build and underwrite digital insurance products for brokers, clients and insurers.

MDA is a new category of company that combines the traditional distribution and underwriting skills of an MGA with the technology mindset and capabilities of an insurtech start-up.

He added: “Demand for what Azur can deliver is being driven by the problems inherent in legacy systems. Today’s customer demands a better user experience than legacy insurance technology platforms are able to deliver. 

Elliot explained that Azur operates as a “partner to the insurance market” with its core mission being “to work with major insurers to help them digitally transform themselves.”

He added: “The investment commitment into Azur is clear evidence of that.”

Azur is a technology-led company, emphasising continuous product development, rapid deployment of new features and an obsession with design and the user experience of brokers and their clients.