The Hidden Story of Ventech’s investment in Korint

Why You Why Me - The story you cannot find in a press release

When a VC evaluates a pitch, the focus typically centers on two key strengths: the team and the market.

This was exactly our approach when we began assessing Korint, and I’d like to share how our analysis led us to spearhead this €5 million funding round. 

The insurance industry stands on the cusp of a revolution, driven by the rise of open insurance and the progressively demanding regulatory scene. Those who experienced the wave of open banking in recent years understand the intensity of the competition and the vast potential for the winners. 

We believe Korint is well-positioned to be among them. 

WHY KORINT?

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• 1/ The Team: Korint’s founders, Jean-Baptiste and Martin, bring the ideal combination of industry experience and Tech expertise. Jean-Baptiste is a serial entrepreneur who has already founded two insurtech companies, VeyGo UK and Kooalys, and is a former intrapreneur at Admiral Group, a leading UK-based car insurance company. Together with Martin, this is not their first venture, as they had already co-founded Kooalys.

• 2/ The Market: The insurance sector is entering the second, more profound phase of its digital transformation. While the first phase focused on creating new interfaces and user experiences to simplify complex processes, this next phase is about harnessing and utilizing data. This is why we believe the digitalization of insurance is just beginning. As I mentioned earlier, open insurance is inevitable—just as open banking has become a reality. The winners in this space will be those who develop infrastructures and systems that effectively gather and analyze data to create customized products. 

Korint is stepping up to this challenge, following a strategy similar to Shopify’s. The startup offers an incredibly agile platform for launching insurance solutions, catering to mid-sized brokers, general agents, and large brokers looking to test new offerings quickly. As of today, Korint’s core insurance platform enables its customers to manage online, in real time, their policy lifecycle: subscription, endorsement, and renewal.

Korint's approach mirrors Shopify’s by enabling rapid product launches with flexible pricing, and its business model centers on revenue sharing, supplemented by SaaS. 

We are very excited because we know this sector well (we are also happy investors in Leocare - the multi-equipment contracts insurer - which has raised more than 130 million euros), and to make this investment, we may have looked at 80 insurtechs before choosing Korint! 

Additionally, we are also proud VCs of FintecSystems (acquired by Tink - 10X our investment!), which had created a similar platform for launching banking products. 

So, we have a playbook that could be very useful to Korint in becoming one of the winners of the emerging open insurance era.

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