The Portuguese insurtech company FRANK has announced a €2.9 million funding round backed by Armilar and Start Ventures. The investment will accelerate development of its AI-driven system designed to streamline administrative processes for insurance brokers and support the company's expansion beyond Portugal.
Co-founded by Antonio Castro, Ricardo Vallejo and Alexandre Silva, FRANK tackles a persistent pain point in insurance brokerage: the time brokers spend juggling paperwork across fragmented systems. Obtaining quotes for home insurance, tracking claim status and maintaining client records typically demands brokers to navigate email chains and multiple insurer portals, each operating under distinct workflows.
Most brokers spend 80% of their time on back-office tasks instead of being with clients. Brokers need to be freed from operational work so they can focus on risk advisory and on their clients, bring more insurance literacy to consumers, and help protect people better
António Castro, co-founder and CEO of FRANK
FRANK's response is what the company terms an AI Operator—a digital assistant capable of mimicking human interactions within insurance systems and platforms. The tool integrates with messaging services like email and WhatsApp, processes documents, recognises the task at hand, and alerts brokers to any gaps in required information.
Once activated, the system can access the necessary portals, input data and deliver results back to the broker—whether that's a fresh insurance quote or an update on a pending claim.
Since launching its commercial offering less than a year ago, FRANK has attracted more than 350 insurance agencies and brokerages as customers, serving a combined user base exceeding 1,500 people throughout Portugal. The platform currently processes roughly 70,000 administrative tasks monthly, and brokers report cutting approximately ten hours of paperwork per person each week.
The company intends to deploy the fresh capital toward bolstering customer support, expanding its research and development efforts, and laying groundwork for geographic expansion. The bulk of investment will concentrate on advancing the technology and enhancing its capabilities as FRANK prepares to enter new markets in 2027 while strengthening its foothold in Portugal.
Source: Tech.eu
