French insurtech startup Orus nabs in $5.08 million to provide professional insurance to small businesses
Meet Orus, a French insurtech startup that wants to reinvent specialty professional insurances for small businesses. Instead of focusing on the big insurance market, Orus decided to pick a different path. It wants to provide tailored insurance services to underserved small businesses.
Even with all the technological advancements of the 21st century, the insurance industry is still plagued with paperwork and antiquated processes. In addition, the specialty professional insurance sector is also dominated by big players with little to no innovation. And that’s about to change.
Today, specialty professional insurance is to some extent a bit murky. As a small business, you never really know if it’s worth getting one and how much it’s going to cost your business and what to do if something goes wrong, and many other questions. That’s where Orus comes in–to do the heavy lifting so small businesses can focus on growing their businesses and supporting their customers.
Launched in May 2021, Orus is aiming to capture the professional insurance market which is estimated to be worth about $70.1 billion. “Our goal is to enable professionals to develop their business with complete peace of mind, without spending too much time on administration,” Orus said on its website.
Today, Orus announced it has raised $5.08 million (€5 million) in its first fundraising to help small businesses with their insurance needs. up the market. The round was backed by VC firms Frst, Partech, Portage Ventures and around twenty business angels such as Pierre-Olivier Desaulle (ex-CEO of Hiscox Europe), Raphaël Vullierme (CEO of Luko), Arthur Waller (CEO of Pennylane), and Christophe Triquet (ex-founder of MeilleureAssurance).
Over the years, traditional insurers have neglected small businesses because they’re considered too small and too costly to be able to create tailor-made products, adapted to their needs. As a result, about 24 million European small businesses (99% of all businesses) are still struggling to find simple, flexible, and tailored insurance offers. In France alone, these small businesses represent more than 45% of jobs and 40% of added value.
The founders of Orus saw the neglect as an opportunity to address these issues and also make a difference by helping small businesses. So In May 2021, Côme Dartiguenave, Tom Le Bras, and Samuel Rossille dediced to launch Orus.
In a statement, Orus co-founder and CEO Côme Dartiguenave said: “We believe that insurance is a social good to protect businesses. SMEs are the lifeblood of our economy and must be able to access the most suitable offer for their needs. Our mission is to create simple, efficient and affordable insurance to allow professionals to focus on what matters.”
Fast forward a year since its launch, several dozen restaurant owners now trust the Partech-backed startup to insure their businesses 100% online. Orius now enables customers to purchase insurance directly online in less than 5 minutes, without any commitment, and with all the essential guarantees brought together under a single policy.
Commenting on the funding, Alison Imbert, Principal at Partech, said: “Orus is tackling the professional insurance market, which is more complex than others due to the multitude of insurance products but also generates more value. Customers are more loyal and willing to pay a fair price for an efficient and transparent service. Orus has assembled an exceptional and complementary team to build a competitive product that is tailored to the many needs of its customers.”
“Our technology will allow us to offer products, assistance, and prevention services to many small businesses, with a seamless experience and affordable prices,” Côme Dartiguenave added.
Meanwhile, Orius said it plans to develop new products in the coming months in order to rapidly cover most business sectors and become a leader in professional insurance in Europe.