Pending approval by the French supervisor, this record Series A for French Insurtech is jointly led by White Star Capital and Elaia Partners. Existing investors (Global Founders Capital, Allianz and la Financière St James) all participated in the round. This capital brings Seyna’s total funding to €47 million and provides Seyna with fuel to accelerate its platform deployment.
A platform helping insurance brokers better protect customers and grow their business
Over 70 insurance brokers and retailers have shifted to Seyna to operate their insurance business. Just two years after launching, the Insurtech now helps them cover 200 000 customers, announcing 700% growth in 2021.
The insurance industry’s fast adoption of Seyna comes from the platform’s unique proposition for brokers: Seyna offers them both tailored insurance products and supporting software to run their business.
Stephen Leguillon, CEO of Seyna, explains: “An insurance broker’s mission is to protect clients as they take risks, enabling people to leap forward with peace of mind. To be successful, brokers need two assets. First, the ability to tailor insurance products to their unique clients’ needs. Second, the software to provide great client experiences and run their brokerage business efficiently. Due to the insurance industry’s outdated technology, brokers are struggling. Traditional insurers take 18-24 months to adapt any insurance product – impossibly slow in today’s economy. And brokers don’t have technology to provide modern customer journeys, facilitate claim management, speed up compliance, automate payments, etc…”
To solve this industry-wide problem, Seyna has built a one-stop-shop for brokers, combining insurance products and productivity software on the same platform. To get it right, Seyna built from scratch a licensed insurance carrier, allowing Seyna to create insurance products 36x faster than the industry and carry the risk.
Triple the headcount 2022 to support Seyna’s ambitious vision
“Our vision is incredibly ambitious. We are building the modern insurance infrastructure, providing solutions to all actors across the entire insurance value chain. Brokers use Seyna’s productivity tools to operate their business and manage their clients. We will expand across all P&C insurance lines of business – enabling a €565 billion market in Europe. In 2022, we will make Seyna’s platform available to other insurance carriers, to ultimately help brokers run 100% of their business more efficiently. Reinsurers are already connected up to Seyna, which has strongly reduced the cost of transferring risk to their balance sheets.” explains Stephen Leguillon, CEO of Seyna.
The ambition of Seyna’s platform explains the vast amounts of capital raised. In 2022, Seyna plans to increase the software feature set offered to brokers, expand into events and health insurance, and start hosting insurance products from other carriers.
The Series A investment will be used to support these plans. “Seyna is operated by a team of leading insurance experts and tech scale-up operators. We combined these two worlds, which is enabling our success. Our team has a strong focus on finding the very best and most experienced talent in tech and insurance, and will maintain this high benchmark as Seyna expands”, explains Jean Nicolini, Chief Insurance Officer.
“Seyna is run by a well-rounded team with both industry experience and entrepreneurial skills in scaling companies to exit. They are well-equipped to break down barriers to entry in an industry that is eager to accelerate its digital transformation,” said Matthieu Lattes, General Partner, White Star Capital. “They have an impressive growth and have proven very successful in convincing leading brokers in the industry in a very short period of time. We look forward to providing support and guidance as their solution keeps being adopted by key decision makers in the industry.”
“Seyna has nailed the right spot in this market by empowering brokers with both insurance capabilities and supporting software. But Seyna’s team is definitively its most valuable asset: we have been impressed by their strong drive, solid achievements to date, and impressive execution-driven mindset. We strongly believe in their ability to deliver their ambitious vision, and we are very proud to back them in this new phase.” shares Armelle de Tinguy, Investment Director at Elaia.
Source: FF News
