PriyaPatel
TLDR:
- New York-based insurtech startup Korr has raised $3.2m in seed funding to modernize insurance technology.
- Investors in the funding round included Motive Ventures and Tokio Marine Future Fund.
- Korr’s cloud-native core operating system helps insurance carriers migrate legacy systems to the cloud and improve customer experience while reducing operational costs.
- The company is currently undergoing a transformation initiative for a TPA in the US insurance market.
New York-based insurtech startup Korr has raised $3.2m in seed funding to modernize insurance technology. The funding round was led by Motive Ventures and Tokio Marine Future Fund Financial IT.
Korr’s cloud-native core operating system is designed to help insurance carriers migrate their legacy systems to the cloud, resulting in improved customer experience and reduced operational costs. The platform is specifically designed to reduce switching costs and enable carriers to easily convert historical data to the cloud.
The startup was founded in 2021 and aims to address the challenges faced by insurance carriers in modernizing their existing infrastructure. The company is currently undertaking a large transformation initiative for a TPA in the US insurance market.
Korr’s CEO and Founder Gregory Ritchie said, “We started Korr two years ago with the thesis that cloud-native architecture and innovation will drive positive change in insurance, particularly in the post-COVID workplace and marketplace. We have invented a forward-thinking product that drives competitive advantage, cutting legacy costs and constraints, and converting decades of historical data out-of-the-box. We continue to execute on our vision, building Korr on AWS along with our early corporate design partners.”
Motive Ventures Principal Harsh Govil commented that Korr’s platform will transform insurance data and business processes with a highly flexible cloud-native architecture. Robert Pick, EVP & Chief Information Officer at Tokio Marine North America Services, added that Korr’s approach is focused on ease of integration and migration, particularly for complex environments.
The funding round will help Korr accelerate the development and implementation of its cloud-native technology in the insurance industry.
