FRANK raises €2.9M to cut paperwork for insurance brokers
Tech.eu Tamara Djurickovic ● Covered by 2 sources
FRANK just raised €2.9M to automate insurance brokers’ paperwork. It says brokers can reclaim hours a week and spend less time trapped in admin.
Based on reporting by Tech.eu, Tamara Djurickovic — read the original for the full story.
Summary, retelling and take written by AI under human oversight; images are AI-generated illustrations. How we work · Report an error
Portuguese insurtech FRANK has raised €2.9 million in fresh funding to push its AI platform further and set up an international expansion. Armilar and Start Ventures led the round. The company wants to take a chunk out of the dull, repetitive work that clogs up insurance brokerage: quote requests, claim follow-ups, client updates and all the back-and-forth that happens across email and insurer portals.
That pain point is the whole pitch. FRANK says brokers often spend 80% of their time on back-office tasks rather than client-facing work. António Castro, the company’s co-founder and CEO, frames the product as a way to free brokers for risk advice and for explaining insurance more clearly to customers. In other words, the software is supposed to do the keyboard work so humans can do the human work.
The company calls its system an AI Operator, and the name is pretty literal. It connects to email and WhatsApp, reads documents, figures out which process is in play, spots missing information, then logs into the relevant systems and portals to complete the task. The result goes back to the broker as something concrete, like a quote or a claim update.
FRANK says it only started commercialising the platform less than 12 months ago, yet it is already being used by more than 350 insurance agencies and brokerages across Portugal, with over 1,500 users. The company says the platform handles 70,000 back-office tasks each month, and brokers using it report saving about ten hours of admin work per week.
The new money will go into customer support, research and development, and more training for the technology. Most of the capital is aimed at getting the company ready to enter international markets in 2027 while it keeps building at home in Portugal. That’s the real test now: not whether brokers hate paperwork, but whether FRANK can turn that hatred into a business that travels.
My take — AI-written commentary, not fact-checked reporting
This is the kind of AI that actually earns its keep: boring, specific, and aimed straight at a miserable workflow. The industry loves shiny assistant demos; insurance brokers need something that can wrestle with portals and missing fields without pretending to be magic. That’s a far better use of AI than yet another chatbot with confidence issues.
Read more about this at: Tech.eu