Firm to use the money to develop more products for brokers.

Azur has raised £13.3m to help it expand its product range, enter new markets and invest in technology.

The Managing Digital Agent (MDA) said the series B funding round was led by AIG, Hyperion Insurance Group, Ascot Group and angel investor Richard Little.

It noted that the investment was one of the largest funding rounds in the UKInsurTech sector in 2018.

Graham Elliott, chief executive officer at Azur, commented: “Azur created the category of Managing Digital Agent and the completion of our fundraise will enable us to scale our business to design, build and underwrite digital insurance products for brokers, clients and insurers.”

According to Elliott, Azur operates as a partner to the insurance market with a mission to work with major insurers to “help them digitally transform themselves”.

The MDA, which provides products for the high net worth insurance market in the UK, also builds end-to-end platforms for insurers with the aim of allowing them to operate more effectively with brokers and end customers.

Azur also pledged to launch new digital products on its platform on a regular basis for its broker partners.

The business first launched in May 2017.

It has since unveiled a HNW car collector product in March 2018 and a HNWhome renovation product earlier this month.

Elliott concluded: “Demand for what Azur can deliver is being driven by the problems inherent in legacy systems.

“Today’s customer demands a better user experience than legacy insurance technology platforms are able to deliver.”