Inssmart
An electronic insurance service company that helps intermediaries to sell more policies and earn money.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
* | $600k | Angel | |
| Total Funding | 000k | ||
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Inssmart operates as a digital marketplace tailored for the Russian insurance sector, connecting insurance agents with a multitude of insurance companies. The company commenced its operations in 2018, initially focusing on providing a service for agents to issue E-OSAGO (compulsory motor third-party liability insurance) policies. The platform was co-founded by Denis Mishin, whose background includes sales in various IT companies, implementation of mining equipment, and managing his own mobile application development studio.
The firm's business model is centered on a commission-based revenue stream, earning a fee from each policy sold through its platform. Inssmart provides a unified interface where agents can input client data to receive and compare offers for products like OSAGO, CASCO (comprehensive and collision coverage), and mortgage insurance. This enables them to select the most profitable option and generate a payment link for their clients. The platform also facilitates the process for agents to receive and manage their rewards from insurance companies. Beyond the core functionalities for individual agents, Inssmart offers a widget, a sales module that allows online projects in finance, tourism, and automotive sectors to integrate the policy issuance interface directly onto their own platforms.
Significant milestones for the company include securing an investment in November 2020 from Ruslan Gafurov, a former partner at Delivery Club, who acquired a 7.5% stake in the company. Earlier, the startup had also received funding from IT entrepreneur Dmitry Shklyar. By November 2020, Inssmart had partnered with 18 insurance companies and had approximately 15,000 registered agents. In 2021, the platform facilitated the sale of policies worth 1.2 billion rubles, generating revenue of about 206 million rubles and a net profit of 6.3 million rubles. A further investment of $600,000 was raised in mid-July 2022 from Roman Kurdoev and Igor Zorin, the founders of AgentApp, valuing Inssmart at $5 million. These funds were earmarked for marketing, launching new insurance products, team expansion, and entering the B2C market.
Keywords: insurtech, insurance marketplace, agent brokerage, E-OSAGO, CASCO, mortgage insurance, commission model, B2B platform, policy sales, agent tools