The Wenalyze startup dedicated to the analysis of Open Data to simplify the processes of the insurance sector, has closed an investment round of 1.7 million euros. The operation has been led by Athos Capital and has had the participation of Bankinter through its Venture Capital Program developed together with the Bankinter Innovation Foundation; astoryaVC, an investment fund focused on InsurTech; and GoHub, Global Omnium’s corporate investment fund.
Wenalyze is a digital solution that automatically obtains data from open sources, thereby improving the efficiency and accuracy of risk selection for business clients of insurance companies and banks.
Within the insurance sector, more than 50% of the information on these clients is incorrect or incomplete. Wenalyze corrects, updates and enriches this data with its technology. As a consequence, insurers and banks can better estimate the risks and prices of policies. At the same time, it brings them benefits both in terms of income -lower customer turnover rate due to more competitive prices- and in OPEX -lower costs due to greater efficiency-.
With this round, the company wants to continue growing in a market that moves more than 2 billion euros a year, to consolidate its presence in Spain, the United Kingdom and Germany through leading first-tier insurers (Tier-1) and even key players in the InsurTech industry. In this way, Wenalyze intends to continue climbing in new European markets.
Carlos Albo, CEO and co-founder of Wenalyze, states: “open data sources are the new gold of the digital age. Having updated data in real time allows this sector not to depend on expensive forms to obtain data from its customers, as well as speeding up the processes of selling new policies. In addition, for the insurance sector, Wenalyze means an opportunity to adapt to the changing needs of the sector and thus be able to adjust to the new products demanded by new customers.”
For his part, Fernando Castieiras, managing partner of Athos Capital, pointed out that “despite the digital revolution that has taken place in the last two decades in numerous sectors, it is surprising to see how many inefficiencies continue to characterize the insurance sector, both among agents Wenalyze offers them the opportunity to increase their efficiency within the segment of SME policies that is key within their portfolios, and yet has very tight margins.We are very proud to support the team of Wenalyze at this stage, especially considering that we do it together with funds such as Bankinter, astoryaVC and GoHub.”