Portuguese insurtech FRANK has raised €2.9 million to develop its AI-based system for handling administrative work for insurance mediation agencies.
The round was backed by Armilar and Start Ventures, according to the company.
Automating back-office work
Founded in December 2024, the company is developing what it calls an AI Operator, a virtual assistant designed to replicate human actions across insurance mediation systems and portals.
The system integrates contact channels including email and WhatsApp, reads documents, identifies the relevant process, and flags missing information to the intermediary. It can then enter insurer systems and portals, submit the required information, and return the result, such as a commercial proposal or an update on the status of a claim.
FRANK says the product is intended to reduce the time intermediaries spend moving between different insurer platforms, each with its own logins, forms, and processes.
Co-founder and CEO António Castro said administrative work is a major constraint on intermediaries’ ability to serve clients and grow.
“Most mediators spend 80% of their time on back-office tasks, rather than being with clients,” Castro said. “The intermediary needs to free itself from the operational to focus on risk and customer consulting, to bring more insurance literacy to the consumer, and help protect more and better.”
More than 1,500 users
FRANK is currently used across more than 350 branches or stores in Portugal and has more than 1,500 users, less than 12 months after it began selling the product.
According to the company, its customers report saving an average of around ten administrative hours per intermediary each week. The platform is currently completing around 70,000 back-office tasks per month.
Carlos Siqueira, FRANK’s commercial manager, said some customers interact with the system as they would with another member of their team, with usage taking place both during and outside normal working hours.
The company says the system can also help intermediaries provide faster service around the clock, while supporting commercial follow-up and customer management.
Team grows to 20
FRANK was founded by Castro, Ricardo Vallejo, and Alexandre Silva, three long-time friends whose backgrounds span insurance, artificial intelligence, and technology.
The company now employs 20 people. FRANK says the team has an average of more than ten years of experience in insurance and technology, with previous experience at companies including Lovys, J.P. Morgan, McKinsey, SAP, Accenture, Indie Campers, and Bolt.
Funding to support product development and expansion
FRANK plans to use the new funding across support for insurance intermediaries, research and development, and preparations for international expansion.
The company said it intends to continue working closely with intermediaries across Portugal, including on the islands, while expanding the support it provides to existing customers.
Most of the investment will go toward research and development and the continued training of its AI system, with the company aiming to make the product more scalable and difficult to replicate.
FRANK is also preparing for international expansion, with plans to begin entering markets outside Portugal in 2027. Before then, the company intends to focus on preparing its team, product, and processes while consolidating its presence in Portugal.
Featured photo: The FRANK team (Photo courtesy of FRANK)
