Sustema secured the investment after further strengthening its market position – demonstrating underwriting performance gains averaging 28% across a broad range of portfolios with five different commercial insurers. This significant improvement in performance was driven by Sustema’s ground-breaking cloud-based service, which provides consistent and objective corporate behavioral analysis based on the publicly accessible data of over 17,000 companies worldwide. Integrating seamlessly with existing workflows, the service enables commercial insurers to efficiently enhance underwriting processes, leading to the improved targeting of clients and the more effective deployment of resources. Sustema will use the seed capital from the funding round to further develop its behavioural analytics service and grow its client base.
The financing round was led by the Swiss ICT Investor Club (SICTIC). Peter Kessel, Lead Investor SICTIC, stated: “With its highly scalable software as a service (SaaS) model, Sustema is targeting a global market worth around USD 900 billion. Thanks to its deep understanding of the needs of the insurance industry, its comprehensive technical expertise and its strong entrepreneurial spirit, the Sustema team is very well positioned to tap into this high-potential sector and accelerate the growth of its business.”
Hans Zimmermann, Co-Founder and CEO of Sustema, stated: "We are excited to have successfully completed our first financing round. Having demonstrated the effectiveness of our technology in our work with insurers in Switzerland, Germany, the UK and the US, we now look forward to further developing our offering and to accelerating our expansion into new markets."
Sustema, which is headquartered in Zurich, was selected by Lloyd’s Lab as one of the most promising insurtechs in 2019 and by Venturelab as one of the top-five insurtechs in Switzerland in 2020.
(Press release / SK)