Which insuretechs survive in the insurance industry ..
The digital insurance market is one of the fastest growing and perhaps most interesting areas of the fintech industry. While America has been working at the highest level with digital insurance for several years now, Germany has developed a wide variety of start-ups with very different strategies. In the meantime, some of them are making successful rounds of financing and can also attract international partners for their expansion; other start-up companies are failing because of the sometimes high costs of the acquisition. Nevertheless, experts see opportunities for big growth.
German start-ups are paving the way for the digital insurance market
It is no recent development that more and more digital companies are taking the shares of major service providers, such as insurers and banks . Last but not least, it was the companies in this industry who missed the entry into the Internet or started late. The start-ups in this area therefore offer innovations and comfort for the customer. However, it is above all two big names in Germany who have been able to further expand their market shares in recent years. The online brokers Clark and Schutzklick with seats in Frankfurt and Berlin are the big names who have been able to attract new customers in recent years and have developed strategic partnerships .
The digital insurance industry is new and offers a variety of approaches that can be equally interesting to businesses and investors. One possibility is, for example, the mediation of insurance. When purchasing products on the Internet or consulting for new services, insurance service providers can work directly with e-commerce presences. For example, protection clicks provide merchants with an interface. For every mediated insurance in cooperation with the shops, the company receives a normal commission. However, they are now working openly with the Allianz Group and are no longer providing information about actual insurance or customer numbers.
Clark, on the other hand, acts as a substitute for the classic broker. Via the provider's app, customers can search for insurance while comparing prices and services with just a few clicks. At the same time, administration of the various policies is possible via an app. This saves the user time and also Clark gets, of course, according to the insurance completed a corresponding commission from the providers.
The growth opportunities in the market of digital insurance
In fact, the providers with their future forecasts convince above all by being able to collect money from well-known lenders in several investment rounds . For example, an expansion to Asian markets is now possible. Both providers are pursuing the same model: they see themselves as suppliers of technologies and do not want to enter the insurance business themselves. By working with big industry partners, there is no repression on the market, but rather the mood of investment and outbreak. This can be seen, for example, in the cooperation with the Rakuten Group and the associated expansion into the Asian market .
All in all, the field of digital insurance services still offers many opportunities. The experts also see potential for several new providers, which could further boost the market. It remains exciting with the small German startups, which have now become important players on the international trading floor with insurance companies.