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Named the second fastest-growing sector in 2020 by Beauhurst, insurtech is capturing the attention of institutional and retail investment alike. Between 2012 and 2019, there were anywhere between 10 and 15 insurtech startups launching every month around the world.
Up and coming insurtechs have delivered on their promise to provide a better, fairer, more transparent product than industry incumbents – but the new challenge they face is acquiring market share in what has become a highly saturated and very competitive market.
The UK insurance industry today is worth £220 billion per year and its life-source is data. An insurtech’s ability to meet the needs of modern consumers relies on how effectively it can collect and analyse data to evaluate risk, identify fraud, understand its customers and set appropriate premiums. Proper treatment of data can determine whether an insurtech lives or dies.
B2B insurance intelligence startup Percayso was founded to facilitate this crucial link between insurance and data. After building the UK’s very first data enrichment organisation Insurance Initiatives Ltd. which was sold to LexisNexis just a few years later, Percayso Founder and Chairman Simon James recognised there was more he could do to leverage data within the insurance ecosystem. So with the help of an expert team with a wealth of experience in insurance and data enrichment, James launched Percayso – an all-in-one platform for customer insight and analytics, giving insurtechs greater predictive power.
In order to provide a comprehensive view of a customer’s needs and risk profile, Percayso has built a large and growing partner network, unlocking access to public and private consented data, including private credit bureau data. Percayso’s technology places a caching layer in front of each data partner, allowing intelligence to be accessed with a simple API call at significant volume. The platform is capable of processing millions of daily transactions at sub-second response times, merging data from multiple sources and in turn, providing insurers access to valuable insights to help them better understand the customers they aim to serve.
Percayso is responding to growing demand within the insurance space for transparent, simplified access to the kind of data that can improve customer service, boost retention rates and increase portfolio size. The startup has already signed four clients with another 25 further opportunities worth up to £4.5 million total contract value in the pipeline. It’s also currently building integrations with a number of major insurance software platforms.
2021 will bring significant advancements to the Percayso platform, including features to improve scalability and harness consumers’ data for their benefit as a unique data source in its own right. The proceeds from this crowdfunding round will also serve to help Percayso build out its Insurance Intelligence Hub – a robust reciprocal data lake for pooling and sharing information. The business also has international expansion on the horizon, with launch in Australian markets at the top of the list.
To find out more about the opportunity to invest in Percayso, visit the campaign.
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