Berlin’s insurtech scene witnesses a significant development as INSRD, a budding startup, clinches a €500k pre-seed investment. This round saw contributions from ecosystem angel investors. The latter included the likes of Alex Grimm from Getsafe, Florian Huber, Daniel Dippold of EWOR, and other distinguished tech executives and venture capitalists. The infusion aims to bolster INSRD’s mission to transform business insurance and risk management for the rapidly evolving sectors.
Redefining business insurance
INSRD sets itself apart by offering a dynamic solution for companies at the forefront of innovation, addressing the perennial issue of outdated insurance coverages. Utilizing its Protect & Connect platform, INSRD integrates advanced workflow automation with sector-specific AI. The system then monitors and updates insurance coverages in real-time. This approach not only keeps insurance programs aligned with the clients’ current needs but also anticipates future risks. It ensures comprehensive protection for industries like AI, the Creator Economy, and Robotics.
Filling the market void
The commercial insurance domain currently grapples with a diminishing pool of brokers and agents, juxtaposed against a rising demand for specialized risk coverage. INSRD identifies this gap as a critical opportunity, aiming to service high-growth companies that traditional insurers often overlook. “Insurtech players in the commercial insurance space have been too focused on improving the buying experience… The real challenge is keeping coverages accurate with companies that encounter new risk exposures as they develop rapidly,” remarked Alex Grimm, highlighting the essence of INSRD’s mission.
Leadership with a vision
At the helm of INSRD are co-founders John Ismailoglu and Stefan Balg, each bringing a wealth of experience from their respective fields. Ismailoglu, with nearly two decades in the insurance industry, contributes a deep understanding of complex and specialty risks. Balg, a serial entrepreneur with a knack for venture building and product management, complements this with his expertise in tech startups and corporate ventures. Together, they aim to leverage INSRD’s innovative platform to mitigate the inefficiencies plaguing the insurance market, providing dynamic companies with the responsive and accurate coverage they require.
INSRD’s journey is further supported by its participation in Earlybird Venture Capital’s Vision Lab Program, indicating a promising path ahead for this ambitious insurtech venture.
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