Frog Capital takes leap on insurtech Genasys in £12.25m raise
London-based insurance management system provider Genasys has secured a £12.25m investment from Frog Capital, an investor in European scaleup software.
The deal will see Frog Capital take a significant stake in Genasys, while the latter’s management team retains operational control of the business.
Genasys provides an insurance management platform on a software-as-a-service (SaaS) basis. Its technology includes end-to-end policy administration and claims solutions.
It is UK-based Frog Capital’s second investment in a month after it gave a £5m cash boost to Clue, a SaaS platform for managing investigations.
Jens Düing, senior partner at Frog Capital said: “The company has already created an industry-leading modular state-of-the-art platform that is gaining increasing momentum in a transforming ecosystem. The platform allows its customers a much faster time to market.”
Genasys manages gross written premium in excess of £1bn. It aims to provide “hyper-configurability” across the insurance system. The scaleup has more than 350 pre-configured products ranging from property and casualty, life, medical, and speciality.
Genasys Joint CEO, André Symes said: “Our platform and ecosystem have been widely adopted by forward-thinking insurance businesses who have bought into the need for agile, quick-to-change technology. It’s a mindset that is gathering pace across the insurance industry – personal and commercial lines, in the London market space and beyond. The potential for our business growth is enormous as we have built a proposition that has a track record of delivering solutions for those insurance companies at the early stages of their digital journeys as well as those who are a long way down the path.”
As part of the scaleup programme, the platform will expand its centres of technical excellence to ensure it can support the business while it looks at further global expansion. The company currently serves clients in 16 countries.
Genasys joint CEO Craig Oliver added: “Our centre of technology excellence is the crown-jewel of our delivery. We want to lean on the innovative and technically advanced pool of talent that is emerging from the entrepreneurial spirit in South Africa to build a truly world-class insurance platform and deliver even better services and products to help our clients provide insurance solutions that make a real difference to their clients.”