Portuguese Insurtech FRANK Raises €2.9Mn to Automate Insurance Broker Work

FRANK will use the funding to further develop its AI-powered platform, which helps insurance brokers manage their work more efficiently. The company also plans to use the investment to prepare for international expansion.

"Most brokers spend 80% of their time on back-office tasks instead of being with clients. Brokers need to be freed from operational work so they can focus on risk advisory and on their clients, bring more insurance literacy to consumers, and help protect people better, "said António Castro, co-founder and CEO of FRANK.

FRANK has developed an AI Operator, a virtual assistant that helps insurance brokers handle routine tasks across different insurance systems and online portals.

The platform can connect with email and WhatsApp, read documents, understand the task being handled, and identify any missing information. It then alerts the broker if anything else is needed.

The AI Operator can access the relevant insurance systems, enter the required information, and complete tasks on behalf of the broker. It can then send back results such as insurance quotes or claim status updates.

FRANK was founded by Antonio Castro, Ricardo Vallejo, and Alexandre Silva. The company focuses on reducing the administrative work involved in insurance brokerage.

Insurance brokers often have to handle tasks such as getting home insurance quotes, following up on claims, and updating customer details. These tasks can require them to use emails and several insurer websites and systems, each with different processes. FRANK aims to make this work simpler with its technology.

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