Paper Insurance

Based in the UK, Paper Insurance provides a white-label solution for insurance companies to digitize their customer on-boarding process and generate personalized insurance policies and quotes.

The company offers a mobile app and web portal for customers to purchase property and auto insurance and submit claims. Customers are required to complete a survey and submit a photo of the property or car to be insured through the app, which is then fed to an underwriting engine that uses AI to generate personalized policies. The app also includes KYC checks and can be used by sales teams to generate reports as well as by adjusters and underwriters to collect relevant information regarding claims.

Paper Insurance claims to use a portion of its profit to purchase parametrically triggered insurance policies for the needy.

Funding and financials

In September 2022, Paper Insurance raised nearly GBP 153,000 (~USD 177,000) through a crowdfunding campaign, which saw participation from 102 investors. The funds were raised at a pre-money valuation of GBP 3.1 million (USD 3.6 million). The company had earmarked the fresh capital to expand its sales team and invest in its product development and portfolio to cater to other insurance types such as medical and travel.