Netherlands-based insurance technology developer Digital Insurance Group (DIG) has raised €15m ($17.3m) in a funding round co-led by insurance provider Zurich Insurance and venture capital firm Finch Capital.
DIG was formed in July 2017 through the merger of digital insurance broker Knip and product comparison software provider Komparu to create a platform that allows clients such as banks to offer fully integrated insurance products to their customers.
Knip, a robo-advice service for insurance policies, and Komparu, which provides software products for insurance providers, brokers and publishers, both still operate as individual offerings.
In addition to investing in the round, Zurich Insurance has formed a collaboration agreement with DIG that will involve the latter helping the corporate develop mobile technologies that will use data analytics to offer customers relevant insurance products.
Theo Bouts, CEO of Zurich Insurance Mobile Solution, said: “We are excited about this collaboration with DIG, a leading insurtech innovator, to support our digital strategy and capabilities and to ensure we shape the future of insurance.”
Finch Capital, then known as Orange Growth Capital, had previously joined Route 66 Ventures, Red Alpine and QED Investors to supply an undisclosed amount of funding as part of the 2017 merger.
Knip raised $15.7m in a 2015 series B round in 2015 co-led by Route 66, Creathor Ventures and QED that included Red Alpine and Finch Capital.
Finch Capital had led a series A round of undisclosed size for the company in October 2014 with participation from Red Alpine and assorted angel investors, seven months after various private investors invested an unspecified sum.