Cloud Insurance Skyrocketed with 138% Growth This Year
We attract a new wave of interest from significant Norwegian investors and new European customers and grew 138% compared with the previous year.
This year at Cloud Insurance we’re happy to report a 138% revenue growth compared to the previous period. At the same time, our user geography grew by 10% and now covers over 20 countries worldwide on 5 continents.
We’re extremely pleased by the confidence both from new and existing customers, and of course, our investors. Even in the times of COVID-19, our activity remains high. We’re in a great position to grow our business on a global scale.
Strategy during COVID-19
Outfitted to carry on through the COVID-19 current crisis, we’ve been using this time to improve, refine, and develop on the solution to come out even stronger down the line.
We’re currently investing more in product development and simultaneously expanding the organization. We believe that the Corona crisis will lead to accelerated digitalization across the insurance industry, with an increased demand for high-availability cloud-based products.
New investment acquired
At the beginning of 2020, we’ve raised capital from a varied group of Norwegian investors. One of the new investors is the pension fund MP Pensjon, known for its success with early-stage companies. Existing investors – high-profile business angels – also contributed to the round.
Expansion of the European customer base
This year more Europeans will be using our Cloud Insurance platform. A recent contract with a Swiss travel insurance provider increasingly broadens our customer base. We signed a contract in February this year.
While the platform was ready for a launch in April 2020, the market launch was postponed until Covid-19 is under control.
Swiss project focuses on the automation of policy management, ensuring continuous logging of customers, policies, and transactions to make reporting more efficient. As we’ve had similar customer projects, we’ve built user-friendly product templates to enable our customers to launch new product lines faster.
At Cloud Insurance we’re under an active recruitment process. 7 full-time members joined the company since the beginning of this year. By the end of 2021, we aim to grow by 300% in comparison with January 2020.