Wenalyze raises €1.7 million
Wenalyze , a Valencia-based insurance startup, closed a €1.7 million round of funding led by Athos Capital with participation from Bankinter, through its venture capital program Bankinter Innovation Foundation, astoryaVC, and GoHub.
Founded in 2016, the startup offers data and analytics services to insurers and banks. When it comes to insurance, for instance, it can augment data to better price policies or estimate the risk. “Our solution allows underwriters to optimize their processes and to improve the risk assessment of their SME clients. By simply introducing basic information about their clients, our platform collects and automatically processes the data. This process allows underwriters to automize their tasks, by identifying new risks and updating any wrong data field. Our platform also analyzes risks allowing insurance to make better decisions on the prime levels during the incorporation or renewal processes of their clients.”
“Open Data sources are the new gold for the digital era. For the insurance sector, having data being updated automatically in real-time means not depending on clients filling out complex forms to gather their data, thus speeding up the processes of selling new policies. Most importantly, though, it means that the insurance operator will be able to proactively adapt the product offering to the needs and circumstances that a client has from time to time.” – Carlos Albo, the CEO and Co-Founder of Wenalyze.
It’s worth mentioning that Wenalyze grew out of a company that tried to turn social media-based profiling into social selling. “Through the use of open data, Wenalyze allows us to perform customer analysis and learn about their personal, work, leisure, financial risk profiles, etc., lifestyles and personality traits. So banks and insurers can offer personalized products to their customers, as well as promote cross-selling, reduce fraud and classify their customers based on risk.” In 2017, its value proposition centered on helping insurance companies better understand a customer’s risk profile by leveraging data found on social media. It also claimed to assist with uncovering cross-selling opportunities and enabling social autofill of data. To further bring back memories, it was competing against Digital Fineprint.
Bottom Line: Choose your competitors wisely .
