LONDON, Oct. 20, 2022 /PRNewswire/ -- Leaner times in Fintech mean that after a period of unprecedented growth and investment in Insurtech, we are beginning to see the survival of the fittest while others begin to falter. Babel Cover, a British technology start-up, has emerged as a company in a strong position to flourish having developed an autonomous financial services network that is both highly effective, resilient and scalable.
Using shared ledger technologies Babel Cover applications connect buyers, sellers and algotraders of insurance over the internet. The benefit of the Babel Cover network is to eliminate the unnecessary costs of an insurance transaction and at the same time preserve the legal and regulatory integrity.
The result of years of planning, preparing, testing and implementation, by founder and CEO Stuart King and the Babel Cover team, the network has been built to be robust and flexible - Babel Cover is a long-term strategic play in the future of digital insurance.
In 2018 Babel Cover raised angel funding. In 2020 a controlled 12-month pilot with a European insurer was launched. The proof of concept pilot encompassed a fully digital end-to-end insurance application service including sign-up, quotation, purchase, insurance policy management and claim.
In late 2020 Babel Cover secured pre-seed funding from lead investor Söderberg & Partners to ramp-up technology development and to work with its partner network to identify a market fit for its offering. Subsequently mobility, notably motorcycle users, is identified as a first lead out service. Babel Cover now accelerates its efforts with several partners under agreement.
The Company recently secured a multi-million seed financing package led by Markd, as part of its US$ 100m debut Insurtech fund that seeks early and growth-stage start-ups advancing the industry. Combined with the financial and strategic support of Söderberg & Partners the Company is now focused on hiring talent to promote services and to deliver the strong pipeline of opportunities developed.
About
Babel Cover
Babel Cover is an early-stage financial services technology start-up firm focused on optimising insurance transactions. Babel Cover's founder Stuart King, an innovative international risk finance practitioner, has set a vision to contribute to, support and co-exist in, the new world of hyper-connected financial services.
Learn more at https://www.babelcover.com
Söderberg & Partners
Söderberg & Partners is a leading Nordic non-bank provider of wealth management, corporate pension and insurance that offers a wide range of financial services to a substantial and diversified client base that includes corporations, government institutions and individuals. Founded in 2004, the firm is headquartered in Stockholm and maintains offices across Europe. The ownership of the firm is divided between Mr. P-O Söderberg and management together with two prominent financial investors - KKR and TA Associates.
Learn more at https://www.soderbergpartners.se
Markd
Markd is a venture capital company focused on funding and partnering with transformative Insurtechs. With tremendous digital insurance experience, strong relationships with key industry leaders, regulatory environments, insurance carriers, distribution partnerships, and a track record for identifying successful Insurtech start-ups, Markd has a vision for the technology of the future, and how to unite established insurance leaders with new school founders to create opportunities for incoming entrepreneurs, legacy companies, and most importantly, the end consumer.
Learn more at https://markd.vc
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