Insurance Business Application (IBA), a Danish startup that offers implementation services and solutions for insurance industry, has just received a large investment from Northcap Partners. The investment is said to be in the two-digits-millions (DKK) range, most likely in the single digit millions euros (unconfirmed). On top of that IBA also announced that they got one of the largest insurance companies as a customer.
“Northcap Partners has many years of experience in scaling software businesses internationally. We have chosen them to be our investor as we need operational skills, knowledge of building a scalable software company and rapid internationalization. Close proximity between the companies will also provide a very dynamic sparring in everyday life,” says co-founder and CEO Anders Engdal to Trendsonline.
In almost two year operating period IBA has provided its services to a number of Danish and international clients such as insurance companies, agents, aggregates and brokers of all sizes. In-depth study of insurance market allowed the company to develop a set of unique products that help to deal with rapidly changing markets. IBA helps with providing new categories of software that address more complex distribution systems in the insurance industry as well as takes care of documentation and compliance.
“It is essential for our customers to create new products for new distribution channels quickly and cost effectively. To remain competitive they need to automate the entire underwriting process,” says Anders Engdal.
Congrats on another important achievement!