Konsileo, the commercial insurance broker and risk management adviser, today announced the completion of a £4.7 million Series A funding round. The round was led by Growth Tech VC Committed Capital Financial Services Ltd, which first invested in Konsileo in 2018, and which provided £3.23m of the current funding round. New investors include a £900,000 investment from ACF Investors, a UK venture capital fund and angel investors.
Konsileo has developed a proprietary broking platform with built-in compliance checks, and superior policy administration that frees brokers from unnecessary repetitive tasks and facilitates exceptional risk capture and insight and cross-firm collaboration.
Konsileo doubled in size in 2021 and plans to use the investment to accelerate its recruitment of UK insurance brokers and further develop its technology platform.
CEO and co-founder John Warburton commented: “Konsileo’s model is based on several key principles. We believe trusted advisers are more important to clients than broking brands, that data-driven advice is highly valued, and that broker data can ultimately add more value than insurer-only data.
“Those principles led us to create our own broking systems from scratch. But it’s not just our tech or our outlook that’s innovative. We run Konsileo as a workplace for the future, with an explicitly designed, modern culture that has no hierarchy but supports professional excellence and collaboration.
“Our aim is to give our team the tools they need to be the best and happiest professional risk advisers they can be, to give clients great information and support, and to give insurers a true and trusted partner. This investment will allow us to accelerate our growth plans and continue to shake up the world of commercial broking.”
It was awarded Chartered status in April, in recognition of its commitment to the highest levels of professional standards and capability.
Committed Capital Chief Executive Steve Harris said: “When we met John Warburton and the team at Konsileo we knew we’d found a compelling proposition in a large and liquid market. We liked the application of sophisticated technology in the commercial insurance space – not an area that’s seen much tech investment. We also liked the idea of investing in the strong relationships brokers had with their clients.
“The team have deep industry knowledge and understanding, a proven track record in tech development and deployment, excellent relationships with insurers, and a fast-growing book of satisfied clients. We were also impressed by the high degree of predictability and symmetry in the growth of the business going forwards – and are proud to be continuing with the team on their journey.”
ACF founder and Managing Partner Tim Mills said: “Commercial Insurance is absolutely critical to the operation of every business, but compared to personal insurance and underwriting, it is an area that has been mired in an old fashioned and cumbersome customer experience for years, with very little interest or investment going into technology and process to create a 21st century level of customer engagement.
“Konsileo is tightly focussed on re-envisioning this £37bn market and delivering a new model for commercial broking. Combining modern technology and a totally new broking platform with efficient data-led risk management – giving advisers the tools and the autonomy to deliver the best products for customers.
Konsileo is an FCA authorised and chartered insurance broker built around efficiency, professionalism, collaboration, and client service. Founded in 2017 it has grown to employ 80 people in hubs across the UK.
Co-founder and CEO John Warburton has over 20 years’ international insurance and consulting experience at Aviva, Accenture and Allianz where he was responsible for global marketing strategy and digital initiatives. John has been a council Member of InsurTech UK since 2018. Co-founder and CTO Peter Henderson is a technologist and pioneer of web digitisation in the 1990s who then founded his own enterprise software firm and subsequently became CTO of a mental health start-up. Konsileo was voted first in Post’s Best Insurance Employer poll in 2020.
6 July 2022