Insurtech on the path of glorious Fintech
3-in-1: 3 digital news in 1 minute. On Monday. Episode 243
Discover 3 original digital news, invest one minute and be a better professional!
News 1: Tencent in EU again — backing Clark and it means a lot
Clark is a digital insurance broker from Frankfurt. It offers an app to manage insurance in one place with a fast onboarding process (“no boring paperwork”) and personalised offers. Very similar to personal finance managers. Recently announced $69m round led by high profile investor Tencent and customer base of 250,000. Opinion for B2B: The growth of Clark is coming in a time where mobile and apps are the main tool for customers to manage everything, even insurances now. With the latest funding and backed by China tech leader Tencent it will get more traction. We already see it in the very many (too many) marketing campaigns.
Clark is well prepared for success! Remember that name!
News 2: Luko — twice as fast and transparent on profits
Luko is a French insurtech company for home insurance, with over 100.000 clients. It claims to be twice as fast on all levels; on-boarding, response/refunds and repairs workers. In addition, Luko offers products to prevent disasters with sensors on doors, electricity and water pipelines. Similar to US Lemonade — it puts up the fairness and transparency of its economics. The news: recently raised €50m for expansion into new markets and product improvements. Opinion for B2B: The winning strategy: grow in a niche and add more services. This is what Luko is doing and now backed with new money to broaden their audience. A mix somewhat similar to big US Lemonade insurance — a transparency on profits (fair share) and a fast case resolution.
Luko, an attack to traditional insurance models. At last.
News 3: Qover — insurance as a service
Qover is a digital insurance-as-a-service provider from Belgium. It offers an Open API infrastructure and a white label solution to provide insurance services for 3rd parties in e-commerce or banking. Even drivers or fleets of delivery and car sharing services use Qover. The news: The well-known neobank Revolut has integrated Qovers insurance services into its product which could possibly add 700.000 new customers. Opinion for B2B: Qover is not well known but it has the right recipe: Software. All made to give companies the opportunity to offer insurance in addition to products without developing it by themselves.
The further success of Qover depends on if they can keep pace with the latest funding of $8m in 2019.
Maybe we will see a big founding round in 2021!?
Author is the research team (10 trend scouters) at specialist Space and Lemon (Hamburg, Berlin) — scouting in main tech geographies, in AI development, virtual worlds and e-commerce. Excerpts of research are gathered here in original weekly news since 2016, always with a professional opinion — no re-write of TechCrunch. Research time: February 2021.
Come back next Monday and share your opinion.