Amsterdam-based Insify raises €16.3M Series B to scale AI-driven insurance for freelancers and SMEs

Insify secures €16.3M Series B to scale AI-powered SME insurance

Amsterdam-based Insify, an insurtech focused on freelancers and small businesses, has raised €16.3M in a Series B round. The funding supports expansion of its AI-powered platform and broader European reach in SME lines.

For insurance professionals, the signal is clear: SME distribution and service will keep moving to fast, digital, low-touch models. The winners will quote in minutes, triage risk automatically, and resolve simple claims without human bottlenecks.

Why this matters for insurers and brokers

• Move from manual to straight-through: faster quote-bind-issue on micro and low-premium products.
• Data-led triage: route clean risks to automation, flag edge cases for underwriting review.
• Embedded distribution: integrate with accounting, commerce, and freelancer platforms via APIs.
• Lower CAC, higher retention: simpler modular covers and clearer onboarding reduce churn.

Capabilities SME insurtechs double down on

• Instant onboarding with KYB checks and smart questionnaires that only ask what's needed.
• Modular, transparent coverage with endorsements that are easy to add or remove.
• Claims automation for low-severity losses (photo evidence, simple rules, quick payouts).
• Data integrations (banking, payments, accounting) to improve pricing and fraud checks.

Practical next steps for incumbents

• Pick one product for automation (e.g., freelancer liability). Target instant quote and same-day bind.
• Refactor rating into APIs; adopt event-driven rules so underwriting and claims can iterate weekly, not quarterly.
• Launch a partner API kit (quote, bind, COI issuance) and pilot with two SME platforms.
• Stand up an underwriting "ops desk" to monitor drift, override rules, and feed rapid model updates.
• Measure what matters: time-to-quote, bind rate, loss ratio delta vs. manual, claim cycle time, NPS.

Compliance and data guardrails

• Document model purpose, data sources, and monitoring. Keep decision logs for audit and customer explanations.
• Use human-in-the-loop for borderline risk decisions and complex claims.
• Align with supervisory expectations on digitalisation and AI governance. See EIOPA for guidance and updates.

Integration basics that speed distribution

• Adopt common data schemas to reduce mapping work for partners. Review ACORD standards before you build.
• Offer lightweight SDKs and sandbox credentials; publish SLAs for quote and bind endpoints.
• Automate COI creation and sharing at bind; make amendments self-serve.

Upskill your team on AI for underwriting and claims

If your product, underwriting, and claims teams need structured AI training, explore role-based programs here: AI courses by job.

Bottom line

€16.3M into Insify reinforces a simple truth: SME insurance is moving to fast, digital, and data-led experiences. Build for straight-through where you can, keep humans for the hard cases, and prove it with measurable improvements in speed, conversion, and loss outcomes.