Over the years, the European small and medium-sized businesses (SMBs) insurance market has long suffered from a lack of innovation. The crux of the issue lies in the uniqueness of each company – spanning diverse industry verticals, distinctive business models, and ever-shifting risk profiles. Europe alone boasts approximately 24 million SMBs, underscoring the vast scope of the market, which, despite its enormous potential, often remains disregarded by major industry players.
Compounding this situation, traditional brokers and managing general agents commonly adopt a generic, one-size-fits-all approach. They rely on outdated product and distribution strategies, which fail to address the intricacies and nuances of the dynamic SMB market. It’s this very challenge that prompted one insurance tech startup to embark on a mission to cater to the distinct insurance needs of SMBs.
Enter SureIn, a Berlin-based InsurTech startup that provides an end-to-end insurance infrastructure designed around the needs of SMBs. The startup also provides SMBs with personalized policies that automatically adjust based on changing risk profiles for continuous comprehensive coverage.
To further grow its operation, SureIn announced today it has closed a €4M Seed funding led by Pact VC. Other investors in this Seed round include German VC fund xDeck and renowned business angels such as Warrick Shanly, solo GP and founder of Koro Capital; Robin Haak, solo GP and founder of Robin Capital; and multiple FinTech and InsurTech angels, like the exited founder of Gabi insurance Vincenz Klemm. Previous investors of SureIn also include Arc, Sequoia Capital’s pre-seed and seed stage catalyst, and Atlantic Labs. Previous investors also include leading Silicon Valley-based VC Sequoia Capital and Atlantic Labs.
In an email to TechStartups, SureIn said it will use the fresh cash infusion used to further “develop its platform, improve product automation across the lifecycle and expand the range of insurance products to healthcare and pension in existing and new verticals such as professional services and startups.”
SureIn will also use the funding primarily to expand its team in technical areas to build out the platform, improve product automation and increase operational efficiency.
Founded in 2022 by CEO Daniel Dierkes, David Schara (CPO), and Maximilian Geißinger (COO), SureIn enhances the customer experience by delivering instant brokerage, monitoring, and policy adaptation through third-party data and insurance carrier integrations. This platform acts as an intermediary, overseeing customer touchpoints and creating a comprehensive overview of commercial risk.
In a statement, Dierkes said, “Our experience in the market shows no SMB entrepreneur really knows their risks and which insurance they need. When they come to us, we can see their former contracts all had gaps in their protection. Clearly, there is something wrong in this market. With this in mind, our overarching mission is to dispel the opaque nature plaguing the industry, empowering founders with insights into their risks and the insurance products best suited to shield against them – all the while securing top-tier products at competitive prices.”
The company is changing the scenario by bridging the insurance gap for SMBs, starting in Germany. It has built a proprietary platform with an end-to-end insurance infrastructure designed around the needs of SMBs, sparing the necessity for them to build their own systems, subscribe to third-party tools, or deal with conventional brokers to obtain or update coverage.
Since its launch a year ago, SureIn has expanded into multiple industries, while the platform has quickly generated over €1M in gross written premiums. The company has supported a range of businesses of different sizes and is close to achieving its 1,000th SMB client.
SureIn focuses on specific sectors, including hospitality, retail, beauty and wellness, services, and craft and construction industries. Through its vertical-driven approach, the company delves into the unique risk and service needs of each sector, offering customized and current risk coverage. With an automated risk monitoring system, SureIn stands out among InsureTech firms, guaranteeing continuous policy updates for optimal risk protection.
Monik Pham, Founding Partner at Pact VC, commented, “SMBs are the backbone of Europe as they make up 99 percent of all businesses, accounting for more than half of the GDP across the market. Yet they are severely ignored by insurers. SureIn’s solution uniquely places them to change the insurance market by providing fair access to products, smoothing out market inefficiencies and empowering businesses to take control of the risks posed to their livelihoods. We are proud to be backing this incredible team who have spent most of their professional lives building tools and products for SMBs in insurance and scale-ups that have reached IPO.”
George Robson, Partner at Sequoia, said, “We partnered with SureIn early on because we strongly believe in the team’s mission. As businesses’ needs change, so does their risk situation, and so should their insurance coverage. SureIn is constantly monitoring these changes to make sure clients’ coverages are up-to-date. We believe this is a game changer for the industry and many entrepreneurs will benefit from this at such a crucial point in their businesses’ journeys.”