Aventus has secured £2.6m funding.
The London-based InsurTech will look to scale following the investment round led by Outward VC and Notion Capital.
TriplePoint and Downing Ventures also participated in the round.
Aventus’ modular insurance operating system allows insurers to create policies and automatically quote and bind in under a minute, asking minimal questions.
In addition to improving customer experience, the system drives greater efficiencies for insurers by combining policy administration and CRM in one place, whilst leveraging multiple data sources to deliver quotes at speed and automate bordereaux and binder management.
Peter Goodman, a serial entrepreneur who co-founded both Homelyfe and Aventus, said: “We’re delighted to secure this round of investment for Aventus which will allow us to scale up the business to the next level.
“For insurers, many of the best in class technologies for distribution, marketing, customer relationship management and payments lack ‘insurance’ specific features.
“The Aventus operating system bridges that gap so that insurers – whether incumbent or start-up – can innovate faster, drive up premium revenue, drive down their technology costs and create a seamless buying experience for any insurance line, in any digital environment, at start-up speed.
“It has been a major success story for Homelyfe and now other MGAs are accessing the same affordable benefits.”
Sam White, CEO and founder of Freedom Services Group and Pukka Insure, has been involved with Aventus since its launch in 2018.
“We work with Aventus because it gives us the ability to use data to improve the customer journey and increase conversion rates, shortening question sets and enabling us as an insurance business to differentiate ourselves from the competition,” she said.