Neat Protect: Why we invested?
1. Embedded insurance is a growing market that will democratise insurance distribution
Embedded insurance is emerging as a significant driver of change in the global insurance industry. Currently contributing between 3-5% of global Gross Written Premium (GWP) being distributed, the market is expected to grow exponentially. With advancements in technology, integration through APIs, and digital-first approaches, insurers estimate that embedded insurance could capture up to 15% of global GWP in the next decade.
Neat is well-positioned to capitalise on this opportunity by offering distribution partners seamless, tailored insurance solutions integrated directly into their services. This growing market is ripe for transformation, and Neat’s platform is leading the charge.
2. Founders with deep insurance expertise and a strong track record in execution
At Mundi Ventures, we know that success in insurtech goes beyond growth or impressive cap tables—though Neat excels at both. What truly sets companies apart is leadership with deep industry insight. We've known Maximilien and Fabien well before our initial investment back in 2022, and they exemplify this perfectly. Their extensive experience and deep-rooted knowledge of the insurance landscape are the foundation of Neat’s success and continued growth.
Max brings extensive insurance experience, particularly in the distribution part of the value chain, having co-founded another insurance startup and led partnerships at Sena. His deep understanding of regulatory frameworks and insurance market dynamics allows him to navigate the complexities of a highly regulated industry, while leveraging his expertise in scaling insurance businesses and the driving force behind the strong growth of the company since its beginning.
Fabien has over 14 years of experience in the global insurance sector, with a strong background in mergers and acquisitions. His strategic growth expertise stems from leading roles in major banking and insurance firms, and as a former executive at Lovys, another French insurtech. Fabien’s extensive experience has sharpened his operational capabilities, helping the company scale and navigate the challenges of the fast-paced insurtech landscape. Together, Max and Fabien have crafted Neat into a leader in embedded insurance, not only overcoming market challenges but also redefining how insurance is embedded into everyday transactions. Their solutions benefit insurers, retailers, and consumers alike while delivering a deep understanding of risk management and the intricacies of insurance distribution.
With this combination of industry knowledge and strategic vision, Neat is poised to lead the transformation of embedded insurance, driven by founders who truly understand the market from the inside out.
Finally, but not at all the least important, Max and Fabien have demonstrated an incomparable capability to attract and retain top talent. As a matter of fact, Neat has excelled from month 1 by the level of profiles, personally and professionally, that has been able to attract and retain, way ahead of expectations when considering the stage of the company. This outstanding set of people, together with the founders, make for the perfect gunpowder to propel the explosion of Neat towards a global embedded insurance leader.
3. Comprehensive full-stack insurance tools for partners to choose what they need
Neat is built on the powerful synergy created by the clash of insurance with technology. As a Managing General Agent (MGA), Neat leverages its deep expertise to craft superior insurance products that not only enhance customer satisfaction but also offer highly attractive margins for merchants. Its cutting-edge, all-in-one platform streamlines the entire insurance process, making it more agile, efficient, accessible, and scalable for businesses and customers alike. This innovative combination of industry knowledge and tech-driven solutions firmly positions Neat as a leader in the embedded insurance space.
Neat's embedded insurance model is a true game-changer, offering a holistic, end-to-end solution that integrates every critical aspect of the insurance value chain. From product creation and pricing to seamless integration, monitoring, and claims management, Neat allows its partners to tailor the tools they need, maximising efficiency at every level. This comprehensive model empowers distributors to increase conversion rates, provide exceptional customer experiences, and streamline operations, all while driving higher margins. By owning and managing the entire process, Neat sets a new benchmark for embedded insurance innovation and flexibility, transforming how businesses and insurers collaborate.
4. Skyrocketing growth with strong unit economics
As an insurtech-focused fund, our investments are driven by crafted theses designed to identify the best opportunities leading the transformation of the insurance industry and adjacent spaces. In 2022, while conducting a deep dive into the mega-trend of embedded insurance, we found out about Neat’s mission. From the moment we flew to Paris in late July, it was clear that Neat wasn’t following the crowd—Max and Fabien were truly innovating.
Since then, Neat has proven us right time and again. They've grown from 5 commercial clients to over 1,500 distribution partners, having sold more than 1 million insurance policies. Their revenue surged by an incredible 5,000% over the past two years, all while improving margins and consistently beating their extremely ambitious Business Plan. And moreover, considering the innumerable exciting developments they still have in their pipeline, Neat is rock-solid positioned for the next stage of its accelerated journey.
The newly secured funding will further accelerate their goal of becoming the leading embedded insurance provider in Europe, solidifying their position as a key player in the insurtech space and the transformation of the European insurance industry panorama.
For more information about our investment in Neat please contact Lluis Viñas, Partner at Mundi Ventures, and Javier Sanchez, Principal, at Mundi Ventures.
