Insurtech, MioAssicuratore closes a €1,5M investment round
After two years of exponential growth, MIOassicuratore closed a 1,5 million euro capital increase, in an investment round led by Innogest Capital with the participation of Pi Campus.
MioAssicuratore was born from the intuition of Giorgio Campagnano, whose family has been active in the insurance market for five generations. Back to Italy from New York, where he studied and worked, in 2015 Campagnano created a platform that, unlike preexistings in the Italian market, is able to calculate personalized estimates in real time, accelerating the acquisition process and reducing the distance between customers and insurance companies. The technological soul of the company is Carlo Martini, another founder of the Company.
MioAssicuratore is the only web platform able to calculate instantaneous estimates for any type of insurance of all the partner companies, not limited to simple comparison, differentiating itself for the direct online sale approach. Thanks to proprietary algorithms, the service analyzes the most adeguate combinations of covers and insurance needs, selecting the combinations closer to the specific profile. In addition to the insurance brokerage service, the startup offers to its customers a personal management service for insurance contracts, helping them to remember the deadlines of their policies and to archive documents.
According to CEO Campagnano, «this investment is a milestone and an indispensable tool to meet the challenge of the national insurance market. Over the next few months, the goal is to bring MioAssicuratore to become a leader in the Italian market in the sale of non-life insurance, through the development of machine learning technologies and new approaches to customer needs and tailor-made offers for every kind of request».
The startup is located in Rome’s Pi Campus and has concluded agreements with over 35 insurance companies offering more than 120 different types of insurance. Through its website, MIOassicuratore hosts 240.000 registered users and increased its average monthly policies sale up to 20% between 2017 and 2018, thanks to the first investment round closed in 2016 with H-FARM and Pi Campus.
With this new round led by Innogest, MioAssicuratore starts a new path that begins with the restyling of the logo and the website (online today), aiming to improve user experience and to drive the user in an easier choice between insurance coverages that suit his profile.
«The user experience is fundamental: the user who is able to understand by himself the policy terms become a satisfied and loyal user», says Giorgio Campagnano. «Insurance and financial services market is undergoing deep transformations: MioAssicuratore contributes to this powerful change in consumer behavior investing in technological innovation and developing new distribution models for insurance offers».
Stefano Molino, Partner at Innogest Capital, commented: «We are very happy to have completed this operation and to be able to drive Giorgio, Carlo and their team in this new phase of development. The insurance market is going through a very important phase of disruption of business models related to digital technologies and online channels. MioAssicuratore is optimally positioned to take on the challenge of transition towards the online insurance market. In particular, we believe that the focus on optimizing the user experience and the technology developed for the calculation of completely online personalized estimates are key to guaranteeing the best product to the customer».
Source: Innogest Capital Press Release