Portuguese insurtech startup FRANK has secured new financing that brings its total investment to €2.9 million, with Armilar Venture Partners and Start Ventures backing the company as it expands its AI-powered platform for insurance brokers. The startup is developing technology designed to automate administrative processes that traditionally require brokers to move between emails, documents, insurer portals, and other disconnected systems. FRANK plans to use the capital to advance its technology, strengthen its presence in Portugal, and prepare for international expansion beginning in 2027.
Reducing Administrative Work for Insurance Brokers
Founded by António Castro, Ricardo Vallejo, and Alexandre Silva, FRANK is targeting the substantial amount of operational work involved in managing insurance policies and serving clients. Brokers routinely handle activities such as requesting quotes, updating customer information, tracking claims, and entering information into multiple insurer systems, leaving less time for advisory work and direct client relationships. FRANK aims to shift more of these repetitive processes to automated software while allowing brokers to remain responsible for customer-facing decisions.
An AI Operator for Insurance Workflows
At the center of the company's platform is an AI Operator designed to carry out tasks across the systems and digital portals already used by insurance professionals. The technology can interact with communication channels such as email and WhatsApp, interpret documents, identify the insurance process being requested, and determine whether additional information is required before proceeding. It can then access the relevant platforms, enter information, complete operational steps, and return outputs such as insurance quotations or updates on the status of claims.
Growing Adoption in Portugal
FRANK began commercializing its technology less than a year ago and has already expanded its customer base across the Portuguese insurance market. The platform is currently used by more than 350 insurance agencies and brokerages representing over 1,500 users, while the company says its systems process approximately 70,000 back-office tasks every month. According to FRANK, brokers using the platform report saving an average of around ten hours of administrative work per broker each week.
Building Technology Around Existing Systems
Rather than requiring insurance firms to replace their existing infrastructure, FRANK's approach is designed to operate across the tools, portals, and communication channels brokers already use. This allows the software to automate workflows that would otherwise involve transferring information manually between customer communications and insurer systems with different technical requirements. The model reflects a broader effort within enterprise AI to automate complex operational processes by enabling software agents to interact directly with existing digital environments.
Funding to Support Product Development and Expansion
FRANK intends to direct much of its new capital toward research and development, including further development and training of its AI technology. The company will also invest in supporting its insurance brokerage customers as it consolidates its position in its domestic market and prepares the platform for deployment beyond Portugal. International expansion is planned for 2027, providing the startup with an opportunity to test whether its approach to brokerage automation can be replicated across insurance markets with different systems and operational structures.
FRANK's latest financing brings its total investment to €2.9 million as the company seeks to turn early adoption in Portugal into a broader insurance technology business. By automating administrative work across insurer portals, documents, email, and messaging channels, the startup is positioning its AI Operator as an operational layer that can give brokers more time for advisory and client-facing activities. Its next phase will focus on improving the platform, supporting its growing customer base, and laying the groundwork for international expansion from 2027.