Seyna partners with other companies who offer insurance products under their own brands, allowing them to generate insurance contracts on demand
Spotted: Changes are happening at Seyna, where Chief Executive Philippe Mangematin is stepping down from day-to-day activities and Stephen Leguillon is taking over. The move is not expected to affect the insuratech startup, which has seen impressive growth recently.
Seyna offers a unique product in the French insurance market. Rather than sell insurance products to consumers directly, the company is focusing on building insurance-as-a-service. Seyna partners with other companies who offer insurance products under their own brands. To make this process fast and simple, Seyna has developed its own application programming interface (API) that allows companies to generate insurance contracts on demand.
The startup’s API allows companies to generate a variety of specialised insurance products to cover categories such as pet insurance, ticket cancellation, rental contents insurance, and more. Clients such as sports shop Decathlon can then use the system to create insurance products for their customers.
Seyna has so far raised around €14 million in a seed funding at today’s rate, from several large investors and business angels. The company is also a licensed underwriter, managing the necessary risk, data, regulation and capital requirements in the French market.
Technology is helping insurance to reach a much wider audience and become more accessible to both consumers and businesses. Other innovations in this area that we have recently covered include an insurance company that focuses on underserved customers and an insurance themed boardgame.
Written By: Lisa Magloff