Panora, the AI platform for B2B insurance brokers, announces a $4.5M seed round led by ISAI, with participation from Kima Ventures, 100in, 199 Ventures and several fintech entrepreneurs.
Europe is home to 280,000 insurance brokers, intermediating €32 billion in commissions every year. But behind this market lies a little-known reality : brokers spend nearly 70% of their time on repetitive tasks such as emails, document collection, quoting, compliance, commission reconciliation and only 30% on advice, the part that truly requires their expertise. The culprit: insurance companies' infrastructure, with over 150 portals, each with its own login and logic, and 90% without an API.
"We sat alongside many brokers as they keyed the same information into fifteen different extranets. We met 150 firms and conducted over 200 hours of interviews. Everyone told us the same thing: their job has become 70% data entry and 30% advice. Our conviction is that AI should do the work while the broker keeps the advice, the control, and the responsibility". Diane du Paty, CEO & co-founder.
Within this large market, legacy software remains primarily a system of record, while emerging AI solutions often address specific use cases. Panora bets on an agentic platform able to orchestrate all broker workflows from information gathering to generating commercial proposals to maximise automation of time-consuming tasks across the entire value chain.
"90% of insurers price on mainframes that expose no API, and the profession cannot tolerate 5% hallucination on a premium. I experienced this problem first-hand at AXA. Our secret sauce is not an AI model, it's everything we encode around it: the workflow, compliance, and the logic specific to each insurer. That's something a general-purpose model cannot do without bearing the responsibility itself". Fabian Langlet, CTO & co-founder.
The $4.5 million will be used primarily to strengthen the engineering team and expand into new European markets beyond France, Belgium, and the United Kingdom. The round is led by ISAI, alongside Kima Ventures, 100in, and 199 Ventures. Panora was incubated within the Hexa startup studio (formerly eFounders).
"Insurance is one of the sectors where AI can generate the greatest productivity gains, but also one of the most complex to address due to regulation and the fragmentation of existing systems. We were won over by the quality of the team, the speed of execution demonstrated in the very first months of commercialisation, and their ambition to build a platform capable of becoming the operational system for European B2B brokers." William Vermont, Partner at ISAI
Founded by Diane du Paty and Fabian Langlet, Panora is the AI platform that handles repetitive work for insurance brokers in Europe, giving brokers back the time to advise and grow their business. Panora executes brokers' most time-consuming tasks: multi-company quoting, comparison, document generation, IDD compliance while keeping the broker responsible and in control. Incubated within the Hexa startup studio (formerly eFounders), Panora counts firms such as Howden among its clients, along with around fifty brokers in France and Belgium.