Insurely enters a strategic partnership with leading Nordic bank SEB

Swedish Insurtech company Insurely enters into a partnership with leading northern European financial services group SEB. Through the collaboration, the two companies will work towards making the insurance industry more open and obvious. As part of Insurely’s latest financing round, SEB Venture Capital is also making a strategic investment in the company.

Insurely was founded in 2018 and is Europe’s leading open insurance platform. Using technology and open data, Insurely is changing the industry towards becoming more open and obvious. With dynamic API integrations, they make it possible for insurers and other financial companies to access real-time data. Through the partnership with SEB, Insurely hopes that more banks will see the many advantages of digitizing their insurance offerings.

“We have followed SEB’s progress closely for years, since the early days of open banking. As the industry keeps transforming, we can offer banks a competitive edge by giving the end consumers a smoother experience and allowing them to get a digital overview of all their finances in one place. SEB has been a leader in areas such as digitization, fintech collaboration and open banking, and with open insurance continuing to advance, the investment and strategic partnership with SEB will allow us to keep pushing towards our goals of opening up the insurance industry.'' says Martin Einemo, CEO and Co-Founder of Insurely.

SEB is the leading bank for large corporates and financial institutions in the Nordic region, and has a full-service offering also for private customers in Sweden and the Baltics.

“At SEB, we continuously strive to meet our customers’ evolving needs and have in the past few years had a big focus on digitalising our products and services, for example through Open Banking solutions and collaboration with fintech companies,” says Stefan Stignäs, Head of Exploratory Banking & Strategic Partnerships at SEB. “We now take the next step and are very proud to announce a strategic partnership with Insurely within the insurtech and Open Insurance space. We look forward to working closely with them as we start exploring ways to digitalise our insurance offering.”

In addition to the strategic partnership with Insurely, SEB Venture Capital has made a strategic investment in the company as part of Insurely’s latest financing round. This is their first investment within insurtech. 

“Open Insurance is where Open Banking was 3-4 years ago and we see a clear development potential within this area, making this a very exciting investment,” says Fredrik Ljungblad, Investment Manager at SEB Venture Capital. “With new regulation underway in the EU, we believe the market will be opened up during the next few years. Insurely is very well positioned within this space and we look forward to working with them and being part of their continued journey.”