Orus, a French insurtech startup that’s developing tailor-made insurance products for professionals, announced on Wednesday that it has secured €5M in funding.
The investment came from TFrst, Partech, Portage Ventures, and around twenty business angels such as Pierre-Olivier Desaulle, ex-CEO of Hiscox Europe, Raphaël Vullierme, CEO of Luko, and Arthur Waller, CEO of Pennylane.
Orus says the funds will help it to double its workforce by the end of the year and simultaneously accelerate its commercial development and launch new products.
What does Orus solve?
While personal insurance providers have been ramping up their digital services for a few years now, professional insurance has remained in the hands of big players.
This is due to cost concerns – major insurers deem it too expensive to tailor products and services for each small business’ individual activities.
As a result, 24M European small companies (99 per cent of all businesses) are still struggling to find simple, flexible, and tailored offers.
To address this problem, Côme Dartiguenave, Tom Le Bras, and Samuel Rossille got together to create Orus in May 2021.
“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” says Côme Dartiguenave, co-founder and CEO of Orus.
Orus: What you need to know
Based out of Paris, Orus develops exclusive, tailor-made insurance products for professionals in partnership with insurers like Wakam.
The platform allows customers to purchase insurance directly online in less than 5 minutes, without any commitment, and with all the essential guarantees brought together under a single policy.
The insurance cover includes a common base of guarantees, such as general liability, theft, fire, water damage, electrical damage, etc., and some options, such as legal protection and business interruption.
The French insurtech company optimises the subscription process and offers customers a competitive rate in real-time.
“Our technology will allow us to offer products, assistance, and prevention services to many small businesses, with a seamless experience and affordable prices,” adds Côme Dartiguenave.
Orus says it is also focusing on customer service through the development of its back-office, specific internal tools, and the automation of various processes, so customer care agents can save time.
Within one month after starting operations, the company has already convinced several dozen restaurant owners to insure their businesses, 100 per cent online.
Investor
Partech is one of the most active tech investors in the world, bringing together capital, operational experience, and strategic support for entrepreneurs at seed, venture, and growth stages.
“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,” says Alison Imbert, Principal at Partech.
