At Cloud Insurance, we’re happy to announce our recent expansion to the UK. We planned it for the beginning of the year, but the process slowed down due to COVID-19. At the same time, the pandemic created a situation where engaging with customers using digital channels became a priority for the insurance sector. And we offer a rapid route to market to deliver digital products and claims management.
“Nowadays, the UK insurtech market is one of the most diverse and active on the planet. Thus, we never doubted that we needed to be here – it was just a matter of time”. – says CEO and co-founder of Cloud Insurance, Axel Sjøstedt.
At the same time, the pandemic created a situation where engaging with customers using digital channels became a priority for the insurance sector. UK customers demand technology that allows for rapid product builds, offering seamless customer experiences, and APIs to remove friction in quoting and augment underwriting. And this is where Cloud Insurance comes in. We offer a rapid and user-friendly route to market to deliver digital products and claims management.
Most of the providers in the UK require extensive custom coding or rely on an underlying CRM, which involves less flexibility and increased cost. In addition, existing providers’ APIs are limited/expensive and not open.
“We’re very excited to enter the UK market even stronger than before the pandemic.” – says the CEO and co-founder of Cloud Insurance, Axel Sjøstedt – “We’ve put a lot of work on improving our seamless SaaS platform. I’m quite confident that our know-how will get positive feedback also here in the UK.”
With Cloud Insurance, insurers, MGA’s, and brokers in the UK won’t have to use multiple systems for quoting, policy administration, claims, and reporting – we have it all within ONE system. This way, we also help to eliminate all the possible cost inefficiencies and provide end-to-end functionality.
At Cloud Insurance, we reported 138% revenue growth in 2019 and is scaling the business to sustain a higher growth path. Recently we also received additional funding from Innovation Norway and a couple of other influential investors. This support from clients and investors helped us launch an ambitious 1-year project which will introduce insurance technology unique to the market.
For our UK office, we’ve just hired Alex Astengo with over 15 years of experience in sales, business development, and insurtech. Prior to Cloud Insurance, he was a Sales Director at SchemeServe, an established UK insurance quote and bind system targeting delegated schemes. Alex has been successfully implementing cloud technologies to digitise and transform businesses in the UK and worldwide.
“My mission to digitise the insurance value chain required a low code platform which was truly customer-centric, had an intuitive and user-friendly interface, and deep functionality including client portals, claims management, extensive API and reporting dashboards. Cloud Insurance ticks all these boxes and so much more!” – says Alex.