INSLY Poland Team

Insly will help Polish insurance agents and brokers become more competitive

22 March 2018

Black Pearls VC has invested PLN 2.94 million (EUR 700k) in Insly, a company that created an innovative software supporting insurance agents and brokers in effective management of sales and customer service activities. The transaction has an international character: our co-investors in the round of nearly PLN 9.2 million (EUR 2.2 million) are: Concentric Ventures and London Co-Investment Fund. Insly is already present in many European countries - including Britain, Lithuania and Latvia and has been founded in Estonia.

Insly significantly increases the efficiency of insurance agents and brokers by automation of sales and policy service processes. It is the only independent IT tool in Poland addressed to insurance intermediaries, enabling calculating of insurance premiums in various insurance companies, comparing offers and issuing a policy with a single click. Insly is integrated with: Generali, Gothaer, Uniqa, Warta, HDI, Allianz, Proama and InterRisk among others. Insly also allows end-users to better understand insurance products by improving the transparency of the policy process.

These assumptions are in line with the requirements of the Directive of the European Parliament and the EU Council on Insurance Distribution which is currently coming in force in Poland. Insly is also fully compatible with the requirements of the General Regulation on Personal Data Protection (RODO).

Piotr Bartos, Country Manager at Insly.

Representatives of Insly see a huge development opportunity in the digitization of the insurance sales market in Poland.

The Polish insurance market is large, but very fragmented, and the need to implement IT tools is high. Thanks to the investor’s support, we will expand the list of insurance companies offering their products via our platform and we will add a number of functionalities, like intelligent optimization of commission settlements. We hope that Polish insurance agents and brokers will be building their competitiveness with our help and with the support of Black Pearls VC, we will quickly build a strong position on the Polish market.

Risto Rossar, CEO, Insly.

Black Pearls VC invested PLN 2.94 m (EUR 700k) in Insly from from the LQT Fund II, created as part of the National Center for Research and Development BRIdge Alfa program.

We support startups developing internationally scalable projects based on unique intellectual property, Insly is exemplary in this respect.

Marcin P. Kowalik, Managing Partner at Black Pearls VC.

Black Pearls VC's partners in the transaction are Concentric Ventures and the London Co-Investment Fund.

- We have been looking at the innovation market in the insurance sector for some time. Finding a company with a long-term vision that creates a unique market value was a challenge. Insly has the potential to change the insurance industry.

Kjartan Rist, Managing Partner at Concentric Ventures, co-founder of DN Capital.

As for Black Pearls VC team, Marcin P. Kowalik and Aleksander Dobrzyniecki were involved in the Insly investment transaction. Legal aspects of the deal were taken care of by Kondracki&Celej and Orrick, Herrington & Sutcliffe law firms.