Percayso Inform, a UK-based Insurance analytics firm raises £2.7m
By Gloria Methri
Insurance analytics software Percayso Inform has raised £2.7 million from ex-Hastings chairman Neil Utley and venture capital investor Praetura Ventures.
Since its launch in the UK insurance market three years ago, a growing number of insurers, brokers, and MGAs have partnered with Percayso for its smart solutions to turn insurance data into intelligence, insight, and outcomes. Its 65-strong client base now includes Ageas, Covea, Direct Line, Markerstudy, Somerset Bridge, The AA, and many more.
The round comes shortly after the Nottingham-based company acquired Cazana – now branded Percayso Vehicle Intelligence – from the online car marketplace Cazoo in February.
Rich Tomlinson, Managing Director at Percayso, said, “As we look ahead, we believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes to get more out of the wealth of data available to enable them to write better business. The combined skills and experience that Neil and Praetura Ventures bring to our business will undoubtedly help us to accelerate our growth plans.”
Utley was chairman at Hastings where he led the management buyout from Insurance Australia Group in 2009 and led the insurer through its initial public offering in 2015. Prior to this, he held CEO roles with Privilege Insurance and Cox Insurance Group.
Commenting on his decision to invest in Percayso, he said, “Rich and his team are building one of the most exciting businesses to have emerged in our industry in many years. I am incredibly impressed with all that Percayso has achieved so far and look forward to helping the team take the business to the next level.”
David Foreman, managing director at Praetura Ventures, added, “Our relationship with Percayso has gone from strength to strength over the past 16 months, and our team has been impressed with the progress that Percayso has made in such a short space of time. We will be continuing with our More Than Money support and couldn’t be more excited about the road ahead.”
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