Auckland insurtech Simfuni is planning a funding round in March to raise more than $10 million as it eyes new markets in Asia.

CEO and founder Shaun Quincey says the group also plans to expand further in Australia, focusing on life insurers.

“Our initial success in New Zealand has validated our approach, and we’re now bringing our technology to the broader Australian market,” he said.

“We’re particularly excited about the opportunities we see in the life insurance sector, where there’s a strong demand for solutions that can modernise customer interactions and streamline operations.”

In August, Simfuni was named Australian and New Zealand Institute of Insurance and Finance insurtech start-up of the year.

Its premium payment platform launched a year ago after it raised $NZ2.8 million ($2.6 million). It is designed to save brokers administrative time and cost, and can integrate with any insurer, broker group or premium funder’s quoting and invoicing software.

Simfuni says the platform offers flexible payment options for policyholders while improving back-office efficiency through automated reconciliation and arrears management with digital workflows.

It features e-invoicing, customer self-service tools and AI-driven automation.

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