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FRANK Raises €2.9M to Automate Broker Tasks

FRANK raised €2.9M Seed led by Armilar to automate administrative tasks for insurance brokers, freeing them to focus on client advice.

By Raina Gimmel

António Castro, Co-founder and Chief Executive Officer of FRANK

The big picture: Portuguese insurtech company FRANK has secured €2.9 million in funding from Lisbon-based Armilar and Start Ventures to expand its AI assistant for insurance brokers.

Why it matters:

  • Efficiency gains: FRANK’s AI operator automates portal and administrative tasks, saving brokers an average of 10 hours per week and allowing them to focus on client-facing activities and risk advice.
  • Industry disruption: The insurance sector faces significant disruption from AI, with an estimated $15 billion in commissions at risk. FRANK aims to equip traditional brokers to navigate these changes by enhancing their operational efficiency.
  • Strategic expansion: The funding will fuel client acquisition, R&D, and international expansion, positioning FRANK to become a ‘Portuguese champion’ in the global insurtech market.

How it works:

  • AI Operator: FRANK’s flagship product is an AI Operator that connects to various brokerage systems, emails, and WhatsApp to read documents, determine procedures, identify missing data, log into insurer portals, and provide quotes or claim statuses.
  • Insurance-specific intelligence: The AI is deeply integrated with brokers’ ERP systems and understands insurance terminology, allowing it to accurately process claims and premiums across different carriers.
  • Broker oversight: Brokers retain full control and can review all work performed by the AI Operator, ensuring accuracy and compliance while benefiting from automation.

The catch: While FRANK addresses a critical need for efficiency, the insurtech market is increasingly crowded with AI solutions. Competitors like Waniwani, FurtherAI, and Artificial Labs are also innovating, with some focusing on direct-to-consumer AI applications or broader automation, potentially creating a competitive landscape for broker-focused tools.

Key Facts

  • Company: FRANK
  • Amount: €2.9M
  • Round: Seed
  • Investors: Armilar (lead), Start Ventures
  • Founders: António Castro, Ricardo Vallejo, Alexandre Silva
  • Sector: Insurtech AI Automation
  • Headquarters: Lisbon, Portugal

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