Telefonica-linked investment vehicle Iope Ventures participated in a $1 million funding round by Foliume, advancing the Spanish group’s strategy of backing emerging businesses in the financial and insurance technology sectors.
Iope Ventures joined Belgian investor Pitchdrive in the Foliume funding round, which also attracted leading insurance distribution and technology companies.
Foliume intends to use the funding to further develop an AI platform created for the insurance sector which automates functions including quote generation, validating data and policy renewals.
Telefonica stated the start-up’s system can cut the time brokers spend on these tasks by up to 90 per cent.
Foliume plans to drive improvements in its AI algorithm to deliver fresh functionalities based on customer feedback. It is also targeting expansion in Europe through strategic alliances and tailoring its platform.
CEO Martin Fagioli said Foliume aims to complement the work of the insurance industry through digital transformation rather than bring disruption.
Iope Ventures was created by the operator’s insurance company Telefonica Seguras and corporate VC unit Wayra.
Telefonica stated the involvement of the two units would help Foliume in its expansion plans.
Its insurance unit operates in Spain, Brazil, the United Kingdom and Germany.