Simfuni Investment Notes: The Insurance Premium Orchestration Platform

Investor Notes

We’re thrilled to announce that early stage software company, Simfuni, has joined the GD1 Fund 3 family! 

Simfuni is on a mission to revolutionise the insurance industry with an automated platform that simplifies the payments process for insurance sellers (brokers, direct insurance companies, premium funders) and enhances the overall experience for insurance buyers (insurance policyholders). 

Simfuni's innovative platform, coupled with its experienced team and targeted approach to solving insurance sellers' payments pain points, positions it as a true game-changer in the industry.


Insurance – an outdated industry

Given the rapid innovation and digital transformation experienced by many other industries globally, insurance is long overdue for an innovation overhaul. 

The insurance landscape is complex, with various types of sellers, policy coverages and financing vehicles. The current lack of innovation translates into a time-consuming administrative nightmare for insurance brokers and providers, which costs time and sales. Insurance payments are challenging to administer, needing to be manually matched and reconciled to each correct policy / invoice number. This is a labour-intensive process, supported by cumbersome execution through legacy systems, and a payment pathway for customers that is rigid and not user-friendly / flexible.

Existing solutions in this space, which include horizontal payment gateways, have tried to tackle the issue, but they still fall short when it comes to functionality, customisation and customer experience.

Simfuni is shaking things up….

Simfuni has developed a scalable insurance software payments platform that is designed to deliver a seamless experience for insurance brokers and their customers. By solving challenges around flexible payments processing, reconciliation, delinquency / receivables management, security / compliance and more, Simfuni seeks to transform the way insurance sellers conduct business:

  • Insurance sellers (brokers, agents, and premium funders) can integrate the platform seamlessly with their workflow software, thereby fully automating the reconciliation of payments. By eliminating manual processes, offering customers cashflow friendly options with flexibility and minimising cancellations, Simfuni will significantly lower operating costs and improve sales efficiency.
  • Insurance buyers (policyholders) will have more flexibility in terms of payment options. It's not just about when to pay; but also about how to pay. No more complicated forms or digging through PDF invoices buried in your inbox. Simfuni  provides multiple avenues for convenient digital payment, making the process a breeze.

A significant  market opportunity

The global insurance market is valued at a staggering US$5.5 trillion based on premiums volumes, and is clearly still at the early stages of innovation.

Simfuni has set its sights firmly on global expansion but will initially focus on key local and targeted major offshore markets with regulatory similarities and compatible brokers' software preferences. This early addressable market for Simfuni's platform alone is estimated to be worth a remarkable NZ$14.9 billion. Simfuni has already established channel partnerships to fast-track market penetration, with an even larger market opportunity beyond this.

With ambitions of becoming the leading global digital insurance payments management platform, the Simfuni team is poised to disrupt the status quo and capture significant market share.

All about the founders and team

Co-Founders Shaun Quincey and Damon O’Neill have invaluable experience, having already successfully developed and scaled a payments platform in global markets, leading to a successful exit from Shaun’s previous venture, Genoapay. 

Simfuni’s talented team and cultivated understanding of the insurance market, combined with first-hand knowledge of the pain points faced by insurance sellers, means Simfuni's founding team is well-equipped to revolutionise the industry.

In closing…

I would also like to take a moment to express my heartfelt appreciation to various people for helping make this deal happen. Thanks to Shaun and Damon for trusting and inviting GD1 and Icehouse Ventures on your journey. Thanks also to the GD1 team for digging deep and going above and beyond to support this investment.

We’re all super excited to be a part of this amazing company. The stage is set for a transformative journey that will reshape the insurance landscape as we know it. 

Written bY
John Kells



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