French insurtech startup Orus raises €5m to reinvent professional insurance for SMEs

French insurtech startup Orus raises €5m to reinvent professional insurance for SMEs

Published: 20-07-2022 10:29:00 | By: Pie Kamau | hits: 429 | Tags:

Orus, the insurtech company for small businesses, announced it has raised €5 million from Frst, Partech, Portage Ventures and around twenty business angels. This first round of financing will enable the startup to double its headcount by the end of the year, accelerate its commercial development and launch new products.

While personal insurance began its digital transformation a few years ago with the emergence of numerous 100% digital players such as Luko, Leocare, Lovys and Acheel, professional insurance remains largely dominated by traditional players.

However,major insurers have neglected the SME market, deeming it too costly to serve these companies with products and services specific to each of their activities. As a result, 24 million European small companies (99% of all businesses) are still struggling to find simple, flexible and tailored offers. It is to solve this essential problem that Côme Dartiguenave, Tom Le Bras, and Samuel Rossille decided to create Orus in May 2021. Amin Toussi joined them as Head of Insurance in March 2022.

Côme Dartiguenave, Co-founder and CEO, Orus: "We believe that insurance is a social good to protect businesses. SMEs are the lifeblood of our economy and must be able to access the most suitable offer for their needs. Our mission is to create simple, efficient and affordable insurance to allow professionals to focus on what matters. Our technology will allow us to offer products, assistance and prevention services to many small businesses, with a seamless experience and affordable prices." 

Orus has decided to go against the grain of traditional insurers by creating exclusive products dedicated to each sector of activity and offering a 100% digital, fluid and transparent customer experience. The first offer, aimed at restaurant owners, is co-constructed with the insurer Wakam. It allows customers to purchase insurance directly online in less than 5 minutes, without any commitment, with all the essential guarantees brought together under a single policy. This cover includes a common base of guarantees (such as general liability, theft, fire, water damage, electrical damage, etc.) as well as some options such as legal protection and business interruption.

Orus is using technology to solve the complexity of professional insurance: reconciling large volumes with the need for multiple coverages tailored to very different professions. Orus optimizes the subscription process and offers customers a competitive rate in real time. The insurtech company is also focusing on customer service: through the development of its own back-office, specific internal tools and the automation of various processes, customer care agents can save time. Hence, they can better advise and support policyholders during the key steps of the process (subscription, life of the contract, renewal and claims).

Alison Imbert, Principal, Partech: "Orus is tackling the professional insurance market, which is more complex than others due to the multitude of insurance products, but also generates more value. Customers are more loyal and willing to pay a fair price for an efficient and transparent service. Orus has assembled an exceptional and complementary team to build a competitive product that is tailored to the many needs of its customers." 

The funds raised will enable Orus to accelerate its growth and double its workforce by the end of the year. The company intends to develop new products in the coming months in order to rapidly cover most business sectors and become a leader in professional insurance in Europe.