Life and health insurance holding company A-Cap has invested $12.3m in US-based online insurance marketplace Ensurem as part of a strategic partnership agreement.
Founded in January 2016, Ensurem has built an online platform that enables users to access a range of insurance providers. It had previously received $1.7m in an angel round led by venture capital firm Angelrush Ventures, the company said, but did not provide further details.
Ensurem’s platform utilises a range of tools including a library of product guides and a risk assessment tool that asks customers a series of questions to determine if they are at risk of being financially under protected.
The partnership will help Ensurem expand its digital storefront, improve its digital customer acquisition technology and product platform, and give it access to third-party administrative services and reinsurance options.
Kenneth King, chief executive of A-Cap, said: “Daily advancements in technology are changing consumer expectations of the insurance-buying process.
“The insurtech space needs innovation and disruption to meet these growing consumer demands and we are confident that Ensurem can deliver an exceptional insurance-buying experience.”