Singapore Insurtech Firm Extends Reach in UK and European Markets

Peak3, a worldwide insurance technology firm headquartered in Singapore, is strengthening its presence in the UK and European markets following a US$35 million in a series A funding round.

To meet the rising demand for embedded insurance solutions, Peak3 has set up its European headquarters in Dublin. At present, it is concentrating on the UK, DACH, France, Spain, Italy, Benelux, Scandinavia, and Turkey.

In January, a survey by RDT revealed that most insurers are getting ready for major shifts in traditional roles, as automation and digital transformation are greatly impacting the industry.

Peak3’s cloud-based insurance platform, Graphene, has enabled over 50 clients in 20 countries, including those in Europe, to issue more than one billion insurance policies.

“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 seeks to enhance speed-to-market, scalability, and customer interaction in various regions. The company aims to address the protection gap for SMEs, freelancers, gig economy workers, and younger consumers, who frequently receive inadequate service from traditional insurers.

The Graphene platform offers a cloud-enabled, API-focused core system aimed at supporting digital transformation. It allows insurers to create customized offerings.

The company has obtained projects in Europe and intends to further integrate its technology within the region’s insurance ecosystem.