Peak3 Secures $35 Million Funding to Accelerate European Expansion in InsurTech

Peak3, an innovative InsurTech company specializing in cloud-based insurance solutions, has successfully raised $35 million in a Series A funding round aimed at enhancing its growth across the UK and European markets. This significant investment will expedite the company’s ambitious plans to transform the insurance sector through advanced digital technology.

Funding to Propel Expansion in Europe

The recent funding round attracted various investors eager to promote digital transformation in the insurance industry. Peak3 has already established its European headquarters in Dublin, Ireland, targeting key markets such as:

• United Kingdom
• DACH (Germany, Austria, Switzerland)
• France
• Spain
• Italy
• Benelux
• Scandinavia
• Turkey

Innovative Cloud-Native Solutions

At the forefront of Peak3’s offerings is its API-driven, cloud-native Software-as-a-Service (SaaS) platform known as Graphene. This platform is designed to assist insurance companies in modernizing their operations by:

• Updating legacy systems without costly overhauls
• Enhancing speed-to-market and scalability
• Improving customer engagement across multiple regions

Additionally, the technology promotes greater financial inclusivity by addressing protection gaps for small and medium-sized enterprises (SMEs), freelancers, gig economy workers, and younger demographics.

Strategic Plans for Local Talent Acquisition

With the newly secured funding, Peak3 plans to strengthen its European presence through local talent acquisition and the continued development of its digital-first, embedded insurance solutions. The company boasts a workforce of over 500 professionals across research and development, delivery, sales, and operations in regions including Japan, Southeast Asia, Greater China, and now Europe.

Addressing Industry Challenges

According to Adrien Lebègue, CEO of EMEA at Peak3, “Insurers across the UK and Europe face increasing pressure to modernize, reduce operational costs, meet compliance requirements, and enhance customer engagement.” The Graphene platform provides a flexible and scalable foundation for delivering digital-first insurance solutions, facilitating seamless hybrid human-digital interactions across various countries.

Adapting to the European Insurance Landscape

Esben Seyffart Sørensen, Chief Sales Officer for Europe at Peak3, highlighted the significant opportunity presented by the evolving insurance landscape in Europe. “We are building on our success in the APAC region while acknowledging that localization is crucial. We are not merely replicating our APAC model but adapting it to meet local market needs.”

Core Capabilities for an Integrated Ecosystem

Peak3 has made notable progress in the European market, with ongoing projects and a vision for a more seamless and integrated insurance ecosystem. The company’s core capabilities include:

• Omni-channel engagement
• Digital and embedded insurance
• Core modernization
• AI-driven decision-making for enhanced customer retention and engagement

For more information about Peak3 and its innovative solutions, visit their official website at Peak3 or read more about the InsurTech industry.