Foliume, which specialises in automating insurance processes, has secured a $1m seed funding round led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica.

The round also saw participation from key figures in insurance distribution and technology, according to InsurTech Insights.

The fresh capital will be used to enhance product development and support the European expansion of Foliume’s AI assistants.

These tools are designed to improve efficiency for brokers, agents, and bancassurance teams by streamlining processes such as quotes, policy renewals, and customer service.

Foliume is focused on tackling long-standing inefficiencies in the insurance sector. Traditional intermediaries often struggle with cumbersome workflows, from manually comparing quotes to handling slow policy renewals.

The company’s AI-powered automation aims to eliminate these bottlenecks, reducing quoting and renewal times from hours to minutes. By handling repetitive tasks such as form-filling and policy comparisons, the platform allows brokers to concentrate on high-value activities like client advisory and closing deals.

The funding will accelerate Foliume’s European expansion and improve its AI capabilities. The company plans to enhance its AI engine, introduce client-requested features, and establish strategic partnerships in key markets.

The goal is to further optimise insurance distribution by making quoting and policy renewal processes faster and more accurate.

Foliume’s platform is designed to integrate seamlessly into existing brokerage operations. It automates the quote-gathering process by aggregating and comparing offers from multiple insurers, accessible via WhatsApp, email, or API.

Additionally, its AI reduces human errors by auto-filling forms and validating data across documents. The system also streamlines policy renewals by automatically re-rating policies and identifying the best available alternatives.

Unlike general-purpose AI models, Foliume’s technology is tailored specifically for insurance, ensuring precise interpretation of industry terminology, coverage details, and underwriting rules.

This level of specialisation allows the AI to deliver more accurate outputs, such as risk evaluations and quote suggestions, improving efficiency and reliability for brokers.

Foliume CEO Martín Fagioli highlighted the company’s mission, stating, “Insurance intermediaries have been stuck with time-consuming processes for too long. Our AI assistants handle the repetitive work – from filling out forms to comparing policies – so brokers can focus on what really matters: advising clients and delivering a great customer experience.”

Pitchdrive Founder and Managing Partner Koen Christiaens expressed confidence in Foliume’s potential, saying, “We backed Foliume because they’re solving a real and urgent problem in the insurance industry. The team has built an innovative SaaS platform that helps brokers modernise their operations, drive efficiency, and unlock new revenue streams. Their rapid growth, strong customer engagement, and clear expansion roadmap showed us a business with both momentum and long-term potential. It’s exactly the kind of B2B SaaS company we love to support at Pitchdrive.”

Augusto Pérez Arbizu, corporate director of risk and insurance at Telefónica, highlighted the strategic importance of the investment, stating, “The investment in Foliume is part of our commitment to driving digitalisation and innovation in the insurance sector. Through this partnership, we not only support the industry’s digital transformation, but also provide insurance professionals with tools that enhance their productivity and effectiveness.”

With this latest backing, Foliume is poised to revolutionise insurance distribution by making it faster, more accurate, and more seamless.