Penni.io, the Danish Startup that's changing the game for digital insurance, secures €2 million

InsureTech Mar 04, 2020
Penni.io, the Danish Startup that's changing the game for digital insurance, secures €2 million

Penni.io, the strategic partner to insurers, brokers and distribution partners, secures €2 million from three insure investors to change the way people engage with insurance, and to lead the transformation process towards digital distribution.

Founded in Copenhagen, Denmark in 2016 by Esben Toftdahl Nielsen and Jeppe Klausen, Penni.io provides a white-label distribution platform that helps insurers, brokers and distribution partners, establish online sales channels for insurance. Their goal is to become the leading platform in the digital distribution of insurances.

So why the need? In a report by McKinsey the Insurance industry has been relatively slow to adapt to the digital effect, and companies that fail to adapt, will weaken under the pressure exerted by those that use digital technology to slash costs, and get better returns on their investments, they will be left floundering once digital’s relentless force ultimately breaches both the industry’s business model and boundaries.

New research from global consulting firm Capgemini has found that only a minority of businesses feel they have the digital and leadership capabilities, to make digital transformation a success. Just 39% of businesses felt they had the digital capabilities necessary, and only 35% thought they had the requisite leadership capabilities.

“One of our biggest challenges is that our customers are companies that have a great deal of weight and many legal conditions that they have to live up to. They typically work with IT systems that are not very flexible, which is why it can be difficult to get the right solution incorporated”, says founder and CEO of Penni.io, Jeppe Klausen.

Jeppe Klausen commented “We have gone the distance and have built a good reputation in the industry. It also means that we can focus on expanding our business geographically”.

Today, insurers and brokers depend on flexible IT-solutions, powerful APIs, and great customer journeys for being successful in online insurance sales. Penni.io seems well positioned to make this happen.

Glen Smale

Glen Smale is a full stack software engineer, entrepreneur and content editor @bundupress. When not writing about tech startups and software trends he works on software projects

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