Seyna sustains its strong growth, building a new-generation of insurance services

Paris, 11th of April 2024,

Seyna, the insurance and technology platform for brokers, sustains its growth and releases solid 2023 financial results. Seyna reached 71 million euros in written premiums in 2023, up 55% vs 2022, or be it 400% growth since 2021. This performance validates Seyna's strategy to focus on technological innovation and operational excellence.
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A year of strong performance across all verticals

In 2023, Seyna focused on supporting specialist, wholesale and general brokers of all sizes. Its business model is based on both insurance and software revenues, relying both on strong innovation and operational excellence.

• Seyna indicates a 49% growth rate in its "Affinity" business line, in an effort to support the democratization of travel (flight delays, trip cancellations, baggage loss), technological consumer goods (accidental damage or theft of smartphones, laptops, etc.), motor protection and leisure activities. At year end, Seyna appears among industry leaders in tailormade affinity offers, which provide a way for brokers to increase their margins and build customer loyalty.

• In the health sector, Seyna already counts numerous partnerships with key industry leaders such as April, Soluprev and Yonivers, just one year after obtaining its license. This applies to both individual and group health products, validating the platform’s value proposition in this vertical. 

• Seyna operates thus as a risk carrier for brokers looking to create tailor-made insurance products and experiences in both individual and group health schemes. 

• In the field of rental risks, Seyna saw its premiums grow by 26% over the year, indicating the company’s ability to address the market’s needs. Pet insurance also experienced strong growth with a 20% revenue increase. The market still holds promising prospects with a penetration rate of 8% in France,compared with nearly 80% in Sweden, for example.
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The unique technological platform wins over key accounts

Over 2023, Seyna also managed to boost its sales momentum by winning over major industry accounts. Marsh, Allianz and Willis Tower Watson have all opted for Seyna's technological platform.
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This platform enables brokers to digitalize their operations:

• Seyna Insurance, a solution for insurance product creation, risk carrying and actuarial analysis,
  
  
• Seyna Sell, an underwriting solution already used by global insurance and brokerage leaders such as Allianz,
  
  
• Seyna AML, an LCB-FT compliance solution deployed by insurers, mutual insurers and brokers such as Lovys,
  
  
• Seyna Policy Management, a policy management tool implemented, for example, at Roole, France's leading Motor Club, and Willis Towers Watson.
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"2023 has been a great year for Seyna. We've proved our ability to grow by positioning ourselves as a strategic ally for insurance players, with major names, both national and international. They trust us and share our conviction: the future of insurance will not happen without the help of technology. 2023 was also the year of European expansion, in Germany, Poland and Spain. This expansion is only starting and will be accelerated to make Seyna a leader on the continent." explains Stephen Leguillon, CEO of Seyna.
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Building a European leader

Seyna has extended the scope of its activities by supporting its partners in Europe for the first time in 2023. Germany, Spain and Poland are among the countries across which Seyna now operates its programs.

Seyna's ambition to become a European leader will be achieved not only through geographic expansion, but also by developing its business lines to cover as many insurance verticals as possible. Given the revolution underway in the sector (climate change, cyber risk, need for personalization, price rationalization, reduction in health portage, etc.), there are major growth opportunities at stake. 

With this in mind, Seyna has continued to strengthen its management team: Nicolas Mirail (Chief Revenue Officer, ex-Microsoft and LinkedIn), Nicolas Foo (CFO, ex-CFO of Direct Assurance) and Elodie Champagnat (Chief Marketing Officer, ex-Talentsoft), all with experience of fast-growing companies in IT or insurance.

"Certain businesses have the potential to transform an entire sector. Rather than attempting to replace the incumbents, these companies generally position themselves as enablers radically transforming the operations of established players. Elaia has seen this potential in Mirakl, or Shift Technology, and now sees it in Seyna." explains Armelle de Tinguy, Partner at Elaia

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"By combining insurance capacity and SaaS technology, Seyna brings a great deal of value to its customers, and is already enabling some brokers to radically reduce their time-to-market and boost their profitability tenfold. It's an ambitious project that we're delighted to support, and one that will take insurance into another technological sphere.", she adds.
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About Seyna

Seyna empowers insurance brokers to grow their business. It provides a platform which combines tailor-made insurance products and advanced SaaS (Software as a Service). Brokers using the Seyna platform are equipped to focus on what matters most: their customers. 

By building their business on Seyna’s platform, brokers can create unique and personalized insurance experiences, from underwriting to claims handling. The platform automates administrative and compliance tasks, freeing up brokers’ time to spend with policyholders. Additionally, Seyna is built as an open infrastructure, enabling brokers to adopt it according to their specific requirements.

Since its launch in 2019, when Seyna acquired an insurance company license, the platform has enabled over 100 insurance brokers who use Seyna to protect over 2 million policyholders. With €47 million raised in funding from GFC, WhiteStar Capital, and Elaia, Seyna has ambitious global plans to revolutionize the insurance industry by modernizing the design, distribution, and management of insurance programs, all with the ultimate goal of enhancing customer protection.
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