Bermudian insurance giant behind largest UK insurtech start-up investment

Hand shake

Insurtech start-up Buzzmove has closed a £6m super-seed round led by Bermuda-based White Mountains Insurance Group.

Buzzmove, a price comparison and booking platform for the moving industry, will invest a portion of the proceeds from the fundraiser into the development of a new platform to enable consumers to inventory their belongings digitally and to purchase home and household contents insurance.

Buzzmove CEO Rebecca Downing said: "Buzzmove is providing a new marketplace that enables customers to gather and then capitalize on accurate data about their home and household contents.

"Buzzmove aspires to be to home and household contents insurance what telematics is to motor insurance."

Buzzmove was one of 10 international businesses that joined Start-up Bootcamp's insurtech London programme in 2016, alongside UKSafer, Co Vi Analytics, Rightindem, Domotz Data and Quantifyle.

A source close to the incubator claimed Buzzmove is the "largest early stage super seed raise in the UK so far for an Insurtech start-up".

Sabine VanderLinden, managing director of Start-up Bootcamp Insurtech added: "Insurance customers want more personalised and transparent products and services that they trust, and Buzzmove aims to do just that; straddling the e-commerce, home and insurance environments.

"We foresee huge potential for Buzzmove's solution within an insurance sector that is seeking improved customer engagement via digitisation"

Buzzmove also attended the Downing Street meeting of leading insurtech players in March that discussed why insurance was lagging behind banking in the wider fintech space.

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