Orus Raises €25 Million to Transform SMB Insurance in Europe

Paris-based Orus raises €25 million to advance its digital insurance services for SMBs and launch a new broker platform. Led by Singular, this funding supports expansion into Spain and aims to simplify SMB insurance distribution. Orus plans to grow its footprint across Europe, promoting streamlined processes and transparency in insurance.

Orus, a digital insurer based in Paris, has announced a significant €25 million Series B funding round aimed at expanding its operations internationally, starting with Spain. This funding will also support the launch of a new broker platform intended to modernize how small and medium-sized business (SMB) insurance is distributed. The funding round was led by Singular, with additional contributions from existing supporters Notion Capital and Redstone.

Côme Dartiguenave, the CEO of Orus, pointed out that the SMB insurance market is still heavily influenced by legacy companies that typically offer opaque products and slow service. “The SMB insurance sector is still dominated by legacy players offering opaque products, slow onboarding, poor customer service, and cumbersome claims processing,” Dartiguenave said, asserting that Orus aims to use technology to offer transparent and tailored insurance solutions.

Founded in 2021, Orus is led by Dartiguenave, along with Tom Le Bras and Samuel Rossille. The startup has seen tremendous growth, now boasting a 70-person team that manages to acquire over 2,500 new clients each month. To date, the company has raised a total of €41 million across three funding rounds, including earlier rounds of €5 million in seed funding and €11 million in Series A earlier this year.

Orus was created to tackle the outdated and often frustrating insurance challenges faced by Europe’s 25 million SMBs. In just 18 months since its last funding milestone, the company reported a tenfold increase in its revenue and now protects more than 30,000 businesses across the continent.

Henri Tilloy from Singular commented, “Orus is not just building a great product, they are defining a new category in commercial insurance.” He highlighted that this platform caters to a range of businesses from independent professionals to larger retail operations, providing comprehensive yet intuitive solutions that allow users to get quotes online in a mere three minutes.

Employing sophisticated algorithms and over 300 data points, Orus evaluates financial health and risk factors such as climate risk and behavioral trends to deliver personalized coverage. The quick onboarding process, which can be completed in under five minutes, starkly contrasts with the lengthy procedures common among traditional insurers.

Claims management is another area where Orus shines, as they actively monitor loss ratios and fraud indicators through strategic operational resources. With success already evident in Spain, Orus plans to further its European expansion into additional markets by 2026.

In tandem with their direct-to-business model, Orus is launching a broker platform that allows intermediaries to customize and manage Orus’s digital-first insurance solutions. Dartiguenave emphasized the importance of brokers in the SMB insurance space, stating, “Our new platform combines the speed and intelligence of our technology with brokers’ trusted expertise, allowing them to serve clients faster and with a seamless digital experience.”

In summary, Orus is making waves in the SMB insurance landscape with its impressive funding and ambition to modernize the industry. By leveraging technology to streamline processes and improve user experience, they are not just expanding their market but reshaping how insurance is delivered to smaller businesses. With plans for broader European entry and a focus on utilizing brokers, the future looks promising for this innovative startup.

Original Source: www.eu-startups.com