This week’s episode of Funding & Disrupting presented by Oura Collective welcomes Risto Rossar, CEO of Insly. Keith interviews Risto Rossar to know more about the unique idea behind Insly and what it offers to the customers.
Insly provides a fully extensible suite of software solutions that you can combine with your custom modules to simplify and automate all the tasks required to run a successful insurance company.
How the idea of Insly evolved?
The idea of digital insurance sounded vague to everyone a few years back. However, Risto was ready to bring a revolution in the insurance industry with Insly. In the podcast, Keith Herman asks Risto how he ended up in the insurance sector.
Risto Rossar tells how he got introduced to the insurance sector twenty years ago and never got out of it. However, initially, Risto was working in an insurance company and managed investments there. Even after being a part of an insurance company, Risto was not much involved in insurances specifically.
In 2000, banking started to turn online, and many banks started shifting to internet banking. During this time, Risto came up with the idea of selling insurance online. So, he built up a website selling online insurances. In this way, Risto Rossar established the first digital insurance broker in 2000. Risto also shares that he sold the broker business in 2014. That is when his journey as an investor at Insly began. Since 2014, Risto and his team help in digitizing other insurance companies.
Being a keen observer, Keith asks Risto about the idea behind a surfing image and insurance sector as described on Insly’s website. Risto gets all candid and shares how he is a true fan of surfing. He explains how many people consider surfing as an arduous activity, but it is quite simple in reality. Similarly, he feels that many people think digital insurance is arduous, but it is simple once you get into it.
What Insly offers that makes them unique?
Keith asks Risto more about the services offered by Insly and how it is any different from the other industries. For those of you who do not know, Insly uses ‘#insurtech’ term for insurance plus technology.
Risto opens up about the services provided by Insly and how they have helped many insurance businesses simplify their lives. He tells how Insly helps companies create digital insurance by offering software solutions. He also jokingly refers to himself as a ‘digital insurance superstar.’
To get a deeper insight, Keith asks Risto to explain what digital insurance means. You’ll love how patiently and honestly Risto explains everything a listener wants to know. He also tells how he believes in the next five years only digital insurances will exist everywhere.
Insly helps organizations by converting them digital internally. From digital records to digital invoices, Insly makes the insurance process hassle-free. Risto even claims that he can set up everything your organization needs to digitize in a week. Now, that is truly amazing!
How did Capital Raising Process Go for Insly?
In the podcast, Keith discusses the capital-raising process followed by Insly and how everything settled down for his firm. Also, you’ll be amazed to know that Insly raised 1.3 MM Euros in the seed round with Concentric as one of their long-term investors. If you’re wondering where you have heard the name before, then wonder no more. Funding & Disrupting interviewed Kjartan Rist, the Founder of Concentric, a short time back.
Risto tells how the first round with Concentric went in 2018. He also adds that before raising this, he had invested himself by selling his previous business. Insly also had funding from some Estonian angel investors in the beginning.
When Keith asks Risto how he came to know about Concentric, he says that they met through a UK investor. Rossar also tells how he believes in building good relationships with investors without the intent of seeking funds from them. He even advises budding entrepreneurs to focus on building connections and relations first and then on the money it brings.
Insly and Risto were lucky when it came to raising capital. Risto remembers having more than 300 investors in his database at one time. However, he also believes that one should set a range or a ticket size beforehand. He says you can eliminate 200 investors because they are not at the required stage yet.
Risto talks about the two types of investors, active and passive investors. He explains how active investors are not just there for the money but to help you. However, passive investors let you work on your own and only invest their money.
Risto Rossar: Bringing Change in the Insurance Sector
Risto Rossar, the CEO of Insly, talks about his journey from working in an insurance company to building Insly. A fan of surfing, Risto grew up on the beautiful island of Estonia. When Keith asks Risto about life in Estonia, he tells how stress-free and calm Estonia is. He talks about the four seasons and the cleanliness of the gorgeous island.
You’ll love the journey and how Risto never stopped exploring and helping others. In the candid conversation with Keith, Risto talks about investors and how some investors help other than providing money.
Risto advises entrepreneurs to consider two factors while raising funds. First, the geography or the area where the investor belongs. Second, the ticket size that you need and what they can offer. If the investor resonates with your idea, only then go ahead with the process.
Insly Story Notes:
- Evolution of idea and backstory
- What Insly offers?
- Capital raising process
- All about inbound VC’s