Portuguese insurtech startup FRANK has raised €2.9 million in a new funding round. The round was led by Armilar and Start Ventures. The company will use the funding to improve its AI-powered platform for insurance brokers and prepare for international expansion.
FRANK was founded by Antonio Castro, Ricardo Vallejo, and Alexandre Silva. The company focuses on reducing the administrative work that insurance brokers handle every day.
Insurance brokers often spend time requesting home insurance quotes, following up on claims, and updating customer information. These tasks can require them to work across email and several insurance company systems and portals, each with different processes. FRANK uses AI to help make these tasks simpler and more efficient.
“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, “said António Castro, co-founder and CEO of FRANK.
FRANK has developed an AI Operator, a virtual assistant that can carry out tasks across insurance systems and online portals. It works much like a human employee handling routine brokerage tasks.
The platform connects with tools such as email and WhatsApp. It can read documents, understand which process is being handled, and identify any missing information. It then alerts the broker when something is needed.
FRANK can also access the required insurance systems, enter the necessary information, and complete the task. It can then send the result back to the broker, such as an insurance quote or an update on a claim.
FRANK started selling its platform less than 12 months ago and is now used by more than 350 insurance agencies and brokerages across Portugal. The platform has more than 1,500 users and handles around 70,000 back-office tasks every month. Brokers using FRANK report saving about 10 hours of administrative work per week.
FRANK will use the new funding to improve support for its brokerage customers and invest more in research and development. Most of the funding will go toward developing and training its AI technology. The company plans to enter international markets in 2027 while continuing to grow its business in Portugal.
