Riskbook has received a new investment of £2m to “revolutionise the placement process” and further develop its digital placement platform.
The InsurTech group said it would use the seed funding investment from Episode 1 Ventures, MMC Ventures and Seedcamp to “maintain its industry independence as it scales to meet the needs of a growing global customer base of cedents, brokers and reinsurers”.
Riskbook said its aim is to “radically improve” the reinsurance placing experience for brokers and underwriters.
It secured initial funding in 2019 following successful beta testing of the product with the U35s reinsurance group and garnered several awards, including additional investment as part of the Norton Rose Fulbright Insurathon.
The new £2m of funding will see the group expand its team with new hires, including chief actuarial officer Dr. Paul Bassan, as well as expand its in-house engineering team.
Further enhancements to its existing broker to reinsurer interface are expected in addition to the launch of a new service for cedents, which will automate the preparation and validation of submission exhibits in collaboration with their brokers.
Jerad Leigh, CEO of Riskbook, said: “We are excited to be partnering with leading venture capital firms to create the placing experience the reinsurance community has dreamt of for decades.
“Paired with Riskbook’s win-win-win philosophy, this new funding cements our role as a trusted independent provider to cedents, brokers and reinsurers alike.”
Damien Lane, partner at Episode 1 Ventures, said: “We are thrilled to be partnering with Riskbook as they build a market-leading independent reinsurance platform.
“We loved the team’s combination of deep market insight gained from years of industry experience and their hugely impressive technology capability.”
He added: “In a short space of time, the team has built something that has had an enthusiastic reaction from all sides of the market and all the investors are looking forward to working with Jerad and Ben to continue to deliver game-changing solutions to the industry.”