Orus, a tech innovator and rising star within the insurtech industry, has just raised €25 million in a Series B funding round. Their new, today’s announcement brings their total funding up to €41 million over three rounds. It demonstrates that investors are incredibly confident in their vision to change the small and medium-sized business (SMB) insurance ecosystem in Europe’s old-world. This round was led by prominent European funds including Notion Capital, VR Ventures/Redstone, Singular, Partech, Frst and Portage. Thanks to their support, Orus is poised to scale its footprint and further develop its tech-forward insurance solutions.

The success of Orus highlights a growing trend: the demand for modern, flexible, and digital insurance options for SMBs. Incumbent insurers have failed to keep pace with the growing demands of these businesses, burdened by legacy technology and bureaucracy. Startups like Orus are moving to fill this gap. They advertise truly 100% online insurtech products that you can get in less than 5 minutes and no long-term contract needed. This rapid onboarding process is a welcome change from the weeks it sometimes takes with legacy insurers. They have the industry’s quickest quote turnaround, getting you an online quote in under 3 minutes.

Orus’s mission is to deliver modular insurance solutions to serve the distinct needs of each individual SMB. This allows companies to choose exactly the right amount of coverage without wasting money on things that go beyond their immediate but essential needs. Orus's insurance coverage includes health, disability, and life insurance for employees, as well as general liability, business owners' policy, and decennial liability insurance. It’s this degree of bespoke artistry that drives a cutting-edge, customer-focused web experience. Combined with clear and straightforward pricing, it provides an all-in-one experience that really connects with today’s SMB owners.

The Challenges Faced by Traditional Insurers

These are a few of many challenges traditional insurers are experiencing in today’s hardening market. One of the biggest is what we’re calling the “data and transparency gap.” SMBs have a hard time knowing what’s in their insurance policies and determining what they actually need to be covered. This lack of transparency breeds resentment and a desire to seek other options. The last few years have proven insurance is more important than ever to small and medium-sized businesses (SMBs). Traditional insurers are struggling to keep up with their changing needs and expectations.

On the hunt for better options, SMBs are looking for more flexible, digital, and self-service-centric insurance experiences. They want the flexibility to make changes to their policies online. They expect to be able to change their coverage on the fly, getting simple and fast claims processing seamlessly. The problem is, most incumbents have maintained status quo distribution approaches. They fail to provide the connected experience that SMBs want. This has opened the door to non-traditional providers—companies like Orus. In truth, 85% of surveyed SMBs are ready to purchase insurance from these exciting upstarts. This increasing trend presents an existential threat to legacy insurers which could result in worsening renewal rates and loss of market share.

Orus's Competitive Advantage

What sets Orus apart is their unique blend of technology, customer-centricity and strong market knowledge of the SMB sector. Their digital platform provides a comprehensive range of insurance products tailored to the diverse needs of small businesses, from independent professionals to construction crews and retail shops. Orus uses technology to build easy and transparent insurance solutions. These solutions are exactly designed to suit the needs of small businesses.

Orus is truly growing by leaps and bounds! In fact, over 2,500 new customers sign up every month, fueling a 10x revenue growth in under 18 months and serving more than 30,000 small businesses. Plus, they hold a 4.9/5 Trustpilot rating, based on reviews from real Bluecrew employees. This success can be attributed to several key factors:

  • Digitization of Insurance Products: Orus offers 100% online insurance products, allowing customers to purchase insurance directly online in less than 5 minutes, without any commitment.
  • Modular Insurance Solutions: Orus provides modular insurance solutions for SMBs in Europe, which can be tailored to specific business needs.
  • Seamless Customer Experience: Orus aims to provide a seamless experience for its customers, with a user-friendly online platform and affordable prices.
  • Technology-Enabled Distribution: Orus is using technology to enable the distribution of insurance products, making it easier for SMBs to access insurance.

Expansion Plans and Future Outlook

We are pleased to officially share Orus’ Series B raise! With this investment, the company will accelerate its European expansion, beginning with Spain, and double its workforce to drive continued growth. This aggressive expansion plan is a testimony to the investor’s faith and belief in the company’s future and vision. Orus employs a data-driven approach to risk assessment, underwriting, and claims processing. This key strategy provides them a substantial competitive edge by allowing them to price more accurately and provide more efficient service.

For SMBs, Orus is the new way to get insurance – a simple, faster, more convenient way that saves small businesses time and money. For investors, Orus represents everything that is great about the insurtech revolution bringing change to what has historically been a slow-moving industry. Those words couldn’t ring truer now as Orus is in hyper growth and development mode. It will certainly have a long-term impact on the future of European SMB insurance, ushering in an era of transparency, flexibility and digital convenience. The ascent of Orus also marks the awakening of enchanted protocols. Brave new startups are navigating new trails in this digital wilderness, while the VC guilds seed funding realms unseen, and Web3 prophecy foretells of worlds unchained.