A startup centered around an AI-driven platform for insurance distribution secured $11 million in Series A financing.
Zelros plans to use the money, in part to propel its North American expansion, with a new regional headquarters set to launch in Montreal. Zelros is based in Paris, with additional offices in Munich and Milan, according to its web site. Operations will also be expanded across Europe, the company said.
“We’re passionate about helping insurance players transform into technology-first companies, and the support of … all of our investors will empower us to accomplish our mission,” Christophe Bourguignat, co-founder and CEO of Zelros, said in prepared remarks.
Silicon Valley-based BGV led the new round, though ISAI Cap Venture and Plug and Play also joined the financing. Contributions also came from existing investors HI INOV, 42CAP, and astorya.vc, according to the funding announcement. Zelros has raised $16.5 million to date, including the new round.
The Zelros AI business platform is designed increase efficiency and ease in how insurers, bancassurers, and policyholders distribute and receive products and services. Zelros said its platform “continuously learns, adapts, and improves its capabilities in real-time, offering insurance advisors and agents a streamlined and semi-automated experience from product/service needs discovery and sales to underwriting.”
As well, insurance providers can use the platform to offer policyholders fully automated subscription options. The goal: giving older-school insurance providers the way to compete with InsurTech startups and others that are heavily investing in technology.
Zelros secured its $5.5 million seed round of funding in 2028. The company now employs 50 people in three countries, and Zelros said its software reviewed more than 20 million policyholder-specific situations and issued more than 2 million personalized recommendations in 2020 alone. Customers include European insurance providers such as BPCE, AXA, Crédit Agricole MAIF, La Banque Postale and AssurOne – clients are in property/casualty and life insurance business lines.
Zelros also works closely with insurance regulators to promote usage of fair and transparent AI, and the company said it has published its own open standard for “ethical, enterprise-grade AI.”