Peak3, a global insurance technology provider based out of Singapore, is strengthening its presence in the UK and European markets following a US$35 million series A funding round.
In response to growing demand for embedded insurance solutions, Peak3 has established its European headquarters in Dublin. It is currently focusing on the UK, DACH, France, Spain, Italy, Benelux, Scandinavia and Turkey.
In January, a poll conducted by RDT found that the majority of insurers are preparing for significant changes in traditional roles, with automation and digital transformation significantly changing the industry.
Peak3’s cloud core insurance platform, Graphene, has been used to issue more than one billion insurance policies by more than 50 clients across 20 countries, including those in Europe.
“Insurers across the UK and Europe face increasing pressure to modernise, reduce operational costs, meet ever-increasing compliance requirements, and improve customer engagement,” said Adrien Lebègue, CEO of EMEA at Peak3.
Peak3 aims to improve speed-to-market, scalability and customer engagement across multiple regions. The company also seeks to address the protection gap for SMEs, freelancers, gig economy workers and younger consumers, who are often underserved by traditional insurers.
The Graphene platform provides a cloud-based, API-driven core system designed to facilitate digital transformation. It enables insurers to develop tailored products.
The company has secured projects in Europe and aims to further integrate its technology into the region’s insurance ecosystem.
