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CURATED INSURTECH NEWS | What’s going on in the D-A-CH region?

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What is new and what is hot in the InsurTech space? I have selected some interesting and groundbreaking news and information from the past few months from startups and incumbents in the insurance space in the German-speaking countries (D-A-CH region). A lot has been happening. Here is just a small selection, however, let’s start with FinTech!

FinTech further on the rise

Tech Tour published its Top 50 list of the fastest-growing venture capital financed technology companies in Europe. Germany is represented in this list by eleven companies. According to this list 20% of the mentioned companies are (already) FinTechs1.

German startup Evergreen is on the market and thus the market for digital asset managers has a new player2. The asset management of Evergreen relies on two investment funds. Depending on the risk tolerance and return expectations of the investor the individual composition of the two funds is carried out.

Erste Bank in Austria has launched its new digital investment manager named “George”3. With the help of George, private clients can create their individual investment mix by taking into account their risk tolerance, their financial situation and their asset preferences. By the way, for the implementation of George the bank is cooperating with the well-known Swiss Robo-Advisor Truewealth4.

The German competitor Scalable Capital has just announced that they manage more than EUR 2 billion5. In addition, and this is quite interesting, it is said that Scalable Capital has a new partner on their white-label platform in Austria: Raiffeisen-Gruppe6. Raiffeisen has launched its individual, digital asset management under the name “Will”7. It seems that Robo-Advisors must have male names.

This development in Austria also shows two things:

  • Cooperation is getting more and more important.
  • Successful players today have switched from a pure B2C to a mixed approach – strongly focusing B2B and acting as white-label solution provider.

In my opinion, this is also the direction we will see more in the InsurTech area.

InsurTech accelerates and catches up

The Berlin-based insurtech Wefox Group is disclosing USD 110 million in a second tranche of Series B funding8. It is said that this gives the company a pre-money valuation of USD 1.65 billion – a new unicorn is born! Are you curious to learn more about what they do with all their money? Here some news:

  • WeFox acquired an insurance broker in Austria (Die Maklergruppe)9.
  • WeFox acquired an insurance broker in Switzerland (SAM Versicherungen AG)10.

Besides that, WeFox Group is pushing its digital insurer (One Insurance) and, of course, their international activities. According to latest news, they prepare for entering the US market11. Yessir!

The HealthTech and InsurTech startup dacadoo completed its C-round. The company has now raised total funding of CHF 70 million (about USD 75 million) over the past years12. Almost in the same breath dacadoo announced the cooperation with Swiss Life Global Solutions. The CEO of dacadoo commented this as follows: “We are very proud to be strategic partners for digital health engagement and health risk quantification with Swiss Life Global Solutions. This is another major client commitment after already announcing Aon, Irish Life and Oracle, among others, in 2019. The digitalisation of Life & Health Insurers is becoming mainstream.”13. HealthTech is on its way to insurance, for good. In modern ecosystems risk prevention and rehabilitation are essential, and better done by HealthTech.

Bancassurance? InsurBanking!

Allianz, again and again, Allianz. More and more details are disclosed about their Multi-Banking-App. Back in 2019, Allianz already announced that they plan to build their own financial platform. The project ran for some time under the name “ICONIC”. In fact, Iconic Finance is a company that is running the project. Now, the name of the related brand is revealed: heymoney14, 15. Those who follow this newsletter and my postings on social media know-how fond I am of #finsurtech and #financialcockpit. Will the other insurers follow?

Forget about Brexit | My spotlight on Getsafe

Mid of January, Getsafe has launched its first product – a digital contents insurance – in the United Kingdom16. The right time to have a closer look at this InsurTech.

The move to UK probably marks the beginning of the company’s expansion: in the coming years, the German InsurTech based in Heidelberg wants to serve the whole of Europe. Getsafe is according to its own press release the fastest growing insurance provider for millennials in Germany. Christian Wiens (CEO and founder) is looking forward to the competitive market environment in the UK: “Over the last two years, we have shown that our product meets a core need for the young, tech-savvy generation. With our insurance delivered through your smartphone, we are developing a product that fits perfectly with the living and communication habits of this generation.”

A look behind the scene: Getsafe is using technology and artificial intelligence to help people identify, organize and protect what they care most about in life. With a few clicks, customers can learn about, buy, and manage insurance on their smartphone – simple, social and fair by design. Together with partners such as Munich Re and venture capital investors such as Earlybird, Getsafe is building one of the world’s leading digital insurance providers.

So, what’s next?

Truth or wishful thinking: we will definitely see more tech activities in life insurance, especially in the “saving” space. The future is #finsurtech.

All mentioned sources are listed below. All thoughts and opinions are my own. All information without any liability. No claim to completeness.


Sources

1 https://www.it-finanzmagazin.de/fintechs-vormarsch-top-50-tech-unternehmen-101403/

2 https://www.institutional-money.com/news/produkte/headline/fintech-evergreen-ui-legen-fonds-mit-verschiedenen-risikobudgets-auf-193812/

3 https://futurezone.at/produkte/online-geld-anlegen-erste-launcht-invest-manager-in-george/400679810

4 https://futurezone.at/produkte/online-geld-anlegen-erste-launcht-invest-manager-in-george/400679810

5 https://finanz-szene.de/fintech/scalable-capital-durchbricht-die-2-milliarden-euro-marke/

6 https://finanz-szene.de/fintech/scalable-capital-bandelt-mit-oesi-raiffeisen-gruppe-an/

7 https://www.raiffeisen.at/noew/de/privatkunden/anlegen/will-digitale-vermoegensverwaltung.html

8 https://techcrunch.com/2019/12/10/wefox-unicorn/

9 https://www.derbrutkasten.com/insuretech-wefox-die-maklergruppe/

10 https://www.handelszeitung.ch/unternehmen/insuretech-wefox-baut-der-schweiz-aus

11 https://www.handelsblatt.com/finanzen/banken-versicherungen/versicherungs-startup-so-plant-wefox-seine-expansion-in-die-usa/25594010.html

12 https://fintechnews.ch/insurtech/swiss-health-insurtech-startup-raised-in-total-70-million-swiss-francs/32274

13 https://www.verdict.co.uk/life-insurance-international/news/dacadoo-swiss-life-global-solutions/

14 https://financefwd.com/de/iconic-allianz-heymoney/

15 https://heymoney.de/

16 https://www.fondsprofessionell.de/versicherungen/news/headline/digitalversicherer-startet-angebot-in-grossbritannien-194559/

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