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Hollard backs insurtech Kanopi in capital raising

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Hollard Insurance Company has invested in Melbourne-based Kanopi Cover during a $4 million fund raising as the insurance start-up plans expansion in the US and Canada.

Hollard led the raise, which was supported by a consortium of investors. Previous backers include Folklore Ventures and Asia-Pacific head at BCG Digital Ventures Paul Hunyor.

“We wanted to invest strategically in an insurtech business that had strong core technology and a shared vision to create the right insurance product by using data,” Hollard CEO Richard Enthoven said.

“At a time when insurance is facing huge challenges, technology is simultaneously blurring the lines between industries. We identified this as a unique opportunity to use data to create customer fit products and services.”

Melbourne-based Kanopi, formerly known as Expense Check, is a data-driven insurtech that connects insurers and digital platforms to best tailor insurance to individual customers.

Founded in 2016, Kanopi says its platform intelligently anticipates consumer needs to provide them with insurance within minutes, and its mission is to transform the industry by working with insurance and marketplaces to create one common ecosystem that simplifies insurance.

Kanopi’s insurance offering can be adapted to suit different businesses, enabling customers to build an individual package by bundling different products and underwriters into a single policy. Its insurance offerings are available to partners including QuickBooks Online Australia.

“We strive to make sure everyone can access the right protection, at the right time, bringing an intelligent, data-driven approach that creates customisable insurance plans based on your needs,” the Kanopi website says.

Kanopi Founder and CEO Nigel Fellowes-Freeman told insuranceNEWS.com.au the insurtech plans to expand on its SME focus to include cyber, renter insurance and niche products across its suite, and the business has the backing of Hollard and Blue Zebra and talks with other providers of capacity are well underway.

“We remain committed to enabling companies to improve their understanding of their customers so they can serve them with policies that best fit their needs,” he says.