The Würzburg-based technology company tech11, which offers a digital platform for policy and claims management, has secured a seven-figure seed investment from High-Tech Gründerfonds ( HTGF). The technology platform supports all necessary core insurance processes in the property insurance sector and is already being used by well-known insurers.
Challenges and opportunities when switching to modern software
According to various industry experts, half of all German property and casualty insurance companies will replace existing legacy systems with modern software over the next few years in order to meet the changing requirements of digitalization. However, the standard software already available on the market usually has an outdated technology core itself, meaning that insurance companies today can only switch to a new and future-proof technological basis with immense effort and considerable costs.
Innovation in the insurance industry with a modern end-to-end platform
tech11 was founded in 2018 by Pierre Dubosq and Matthias Reining, who both have over 20 years of experience in the German-speaking and European insurance industry. tech11 has built a fully comprehensive end-to-end platform for greenfield policy and claims management using the latest technology and industry standards and has already been able to win well-known customers such as ERGO in a very short time. The investment by High-Tech Gründerfonds confirms this path.
"HTGF's investment underlines the growing pressure to innovate in the insurance industry and the associated enormous potential for modern technology platforms in the area of core systems,"
explains Pierre Dubosq, founder and CEO of tech11. The tech11 Insurance Platform is regarded as the leading technological platform on the market, is internationally scalable and can be operated both in the cloud and classically on-premises. The platform covers all private and commercial insurance lines in the non-life insurance sector.
"Our platform consists of a large number of independent modules. These are orchestrated via REST APIs using a BPM engine. This process-driven architecture allows our customers a flexible product and process design as well as convenient integration into their existing IT landscape,"
explains Matthias Reining, founder and Managing Director of tech11.
"We were convinced by the combination of an impressive founding team with outstanding market knowledge and a technically superior solution for a large market with a significant investment backlog. tech11 will change the market for core insurance software, just as providers such as mambu have done for core banking."
Dominik Lohle, Investment Manager of HTGF.