FRANK raises €2.9M to cut paperwork for insurance brokers

What happened

Portuguese insurtech FRANK has raised €2.9 million in a funding round led by Armilar and Start Ventures to further develop its AI-powered platform for insurance brokers and prepare for international expansion. Brokers need to be freed from operational work so they can focus on risk advisory and on their clients, bring more insurance literacy to consumers, and help protect people better, said António Castro, co-founder and CEO of FRANK.

Founded by Antonio Castro , Ricardo Vallejo and Alexandre Silva , FRANK is targeting the administrative workload involved in insurance brokerage. Tasks such as requesting home insurance quotes, following up on claims or updating client information can require brokers to work across email and multiple insurer systems and portals, each with different processes and requirements. Most brokers spend 80% of their time on back-office tasks instead of being with clients.