5 innovative InsurTech companies in Germany

By Leandra Monteiro

InsurTech combines ‘insurance’ and ‘technology’; it includes technology innovations to bring savings and efficiency to the insurance industry model. The InsurTech concept represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to expand and optimise the business model of an entire sector.

The recent application of innovative techniques such as artificial intelligence, machine learning, and big data to the insurance sector and the birth of startups focused on offering these types of solutions to create disruptive insurance products has strengthened and consolidated InsurTech.

The role of insurance is evolving; it is increasingly becoming embedded into platforms and coupled with other services, from repairs and maintenance to health services and prevention. Insurance is therefore moving beyond pure risk transfer to risk management and prevention, fueled by an exponential increase in data availability.

The following are 5 InsurTech companies in the German Market:

CLARK: CLARK, an Insurtech founded in 2015, makes it easy to get properly insured. CLARK has developed an application that makes it easier, simpler, and faster for consumers to manage their insurance – all in one central app.

CLARK combines its user experience with personalised and independent advice from insurance experts. The CLARK expert algorithm searches the insurance market for the best rates from over 180 providers. One can simply choose the right option and optimize their insurance situation. The company claims to have already served over 400,000 customers.

ELEMENT Insurance AG: ELEMENT, the digital insurance company is a white-label product factory for insurance and a leader in insurance digitalisation. It is the first young company licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzaufsicht) as a direct insurer for non-life insurance, which enables ELEMENT to act as a risk carrier, including claims settlement, in all EU-countries.

Founded in March 2017, ELEMENT offers a unique technology platform with a focus on the B2B2X value chain: ELEMENT develops for its more than fifteen partners from various industries – from e-commerce to established insurers – custom-made, innovative white-label insurance products. These products are then marketed by the partners under their own brand. ELEMENT has its headquarters in Berlin and operates across Europe.

Luko: Luko insurer is Luko Insurance AG, a Berlin-based property insurance company that is regulated by BaFin. From the inception of Luko, it has aspired to reinvent home insurance that is accessible to all. Luko, formerly Coya, offers various insurance products for the German market. Insurance products include home content, private liability, dog liability and bike insurance.

The integration of Coya into Luko created a pan-European brand that offers customers absolute customer focus, sustainability and simplicity. Coya AG as the insurer of the new group was renamed Luko Insurance AG and maintained its headquarters in Berlin.

omni:us: omni:us is one of the leading providers of intelligent insurance claim automation. The omni:us Digital Claims Adjuster enables seamlessly integrated end-2-end claims automation within existing insurance core systems and legacy applications. Integrated reference claims processes for relevant property and casualty lines of business, as well as a comprehensive, AI-powered claims decision catalog, helps reduce process costs by up to 35%- while noticeably increasing customer satisfaction and efficiency.

simplesurance GmbH: simplesurance, founded in 2012 creates a platform for simple access to insurance. The platform is continuously developed and optimised to offer transparent and efficient insurance service to connect people and businesses, anywhere and anytime.

The Insurtech company develops innovative cross-selling solutions for eCommerce that integrate into the checkout process of online shops and allow the purchase of insurance at the point-of-sale. simplesurance provides online retailers and electronic manufacturers in 30 countries a way to extend the level of service and increase their own margins. More than 2,000 partners including renowned companies such as OnePlus, Huawei Technologies, Rakuten, Revolut and many more use the innovative power and flexibility of the company’s cross-selling platform.

Moreover, simplesurance provides customers in 9 countries an easy and convenient way to purchase product insurance in its flagship stores. To all customers simplesurace, offers an innovative digital broker service to manage all of their insurances on their smartphones, easy and completely paperless.

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