French startup Seyna is slowly building an all-in-one platform for insurance brokers so they can create, sell and manage insurance products from scratch. And the company is launching a new product called Seyna claims. As the name suggests, Seyna Claims enables insurance brokers to handle claims themselves.
Seyna is an insurtech startup that has obtained an insurance license from the French regulator (ACPR). The company has created a core insurance system, meaning it can quickly generate insurance policies with different clauses, helping brokers find the right balance between coverage and price. The startup has raised €47 million since its inception.
Some companies that work with Seyna include Dalmastarting up a pet insurance policy, or Guarantee, an unpaid rental insurance company. Seyna customers can build a subscription funnel with real-time quotes, instantly generate contracts and invoices, and more.
In addition to Seyna’s own balance sheet, the company also cooperates with major reinsurance companies such as Swiss Re, Scor or Munich Re. Some companies also have an existing relationship with insurance companies and therefore only use Seyna’s technology platform.
While brokers can now do many things, they often rely on third-party claims management companies. These companies pick up the phone, check whether an incident is covered by the policy and analyze documents. They also take a discount on insurance premiums.
With Seyna Claims, many insurance brokers can handle those tedious tasks directly. It’s a software-as-a-service product with a white-label interface that should cost less than working with a claims management partner.
Unlike other brokerage platforms, such as Courtigo and Sydia, Seyna is not just an administrative tool. It integrates with the rest of the Seyna insurance platform. For example, claims data can directly enrich the accounting tab that shows how your insurance products are doing.
Going forward, the startup hopes to enable third-party integrations into Seyna Claims to increase the product’s potential. For example, Seyna could offer integrations with Shift technology for fraud detection, Stripe or MangoPay for payouts with integrated KYC features, etc.
Insurance companies can also choose to use Seyna Claims independently from the rest of the Seyna platform. The startup wants to build a modular platform so that the insurance industry can pick a number of Seyna products if they think they could be relevant to improve their business. Essentially, Seyna is trying to modernize the underwriting stack.