Konsileo, a commercial insurance broker and risk management adviser headquartered in London, has picked up £4.7 million in Series A funding. The financing round was led by previous investor Growth Tech VC Committed Capital, which pumped in £3.23 million and £900K came from new investor ACF Investors (which backed Oxford Drug Design and Bio-Sep), a UK venture capital fund and angel investors.
Ropes in more UK insurance brokers
Konsileo plans to deploy the funds of this investment round to accelerate the recruitment of UK insurance brokers and further develop its technology platform. Already, the company has doubled in size in 2021.
CEO and co-founder John Warburton commented: “Our aim is to give our team the tools they need to be the best and happiest professional risk advisers they can be, to give clients great information and support, and to give insurers a true and trusted partner. This investment will allow us to accelerate our growth plans, and continue to shake up the world of commercial broking.”
Committed Capital Chief Executive Steve Harris said: “When we met John Warburton and the team at Konsileo we knew we’d found a compelling proposition in a large and very liquid market. We liked the application of sophisticated technology in the commercial insurance space – not an area that’s seen much tech investment. We also liked the idea of investing in the strong relationships brokers had with their clients.”
ACF founder and Managing Partner Tim Mills said: “Commercial Insurance is absolutely critical to the operation of every business, but compared to personal insurance and underwriting, it is an area that has been mired in an old-fashioned and cumbersome customer experience for years, with very little interest or investment going into technology and process to create a 21st century level of customer engagement.”
Proprietary broking platform
Founded by John Warburton in 2015 in London, Konsileo assures brokers that they will keep more of what they earn, work flexibly and collaboratively with colleagues instead of hierarchically with bosses, and save up to 60% of time spent on admin.
Brokers can work where they choose whether at home, in an office, or a combination of the two, and team up with mentors and specialists for career development and to service larger clients.
The company has built a proprietary broking platform with built-in compliance checks and better policy admin, freeing brokers from repetitive tasks. It facilitates exceptional risk capture and insight and cross-firm collaboration. The firm was also awarded Chartered status in April in recognition of its commitment to high professional standards and capability.
The company transforms insurance broking using the very best blend of advice, data and technology, to provide businesses with insurance and risk management solutions in a way that hasn’t been done before.
The FCA authorised and chartered insurance broker built around efficiency, professionalism, collaboration and client service.