“At SEB, we continuously strive to meet our customers’ evolving needs and have in the past few years had a big focus on digitalising our products and services, for example through Open Banking solutions and collaboration with fintech companies,” says Stefan Stignäs, Head of Exploratory Banking & Strategic Partnerships at SEB. “We now take the next step and are very proud to announce a strategic partnership with Insurely within the insurtech and Open Insurance space. We look forward to working closely with them as we start exploring ways to digitalise our insurance offering.”
Insurely was founded in 2018 and aims to open up the insurance market in Sweden and beyond by introducing innovative APIs and easy-to-use solutions for Open Insurance. With Insurely’s solutions, companies can for example enable insurance offerings in their personal finance management apps, allow consumers to get a digital overview of all their insurance contracts in one place, and make available effective services for switching insurance contracts. With dynamic API integrations, Insurely makes it possible for insurers and other financial companies to access real-time data.
“SEB has long been at the forefront of digitalisation, fintech collaboration and Open Banking, and we have closely followed their progress within these areas,” says Martin Einemo, CEO and Co-Founder of Insurely. “As Open Insurance now takes off, the investment from and strategic partnership with SEB will become a cornerstone in our mission to make the insurance industry more open and obvious. We look forward to working closely with SEB and together exploring new ways to create consumer and business value in the banking industry.”
As part of SEB’s strategic partnership with Insurely, SEB Venture Capital is making a strategic investment in the company. It will be part of Insurely’s latest Series A financing round, which was led by Insight Partners and with co-investors also including Alfvén & Didriksson and current investors. The investment will be SEB Venture Capital’s first within insurtech.
“Open Insurance is where Open Banking was 3-4 years ago and we see a clear development potential within this area, making this a very exciting investment,” says Fredrik Ljungblad, Investment Manager at SEB Venture Capital. “With new regulation underway in the EU, we believe the market will be opened up during the next few years. Insurely is very well positioned within this space and we look forward to working with them and being part of their continued journey.”