Allianz acquires embedded insurance insurtech simplesurance in strategic move
Global re/insurer Allianz Group’s digital investments arm Allianz X is to acquire 100 percent of the shares in Berlin-based insurtech simplesurance, having been a financial and strategic investor in the company since 2016 and most recently expanded its involvement in 2019.
The acquisition will allow a further deepening in the partnership between Allianz Partners and simplesurance to leverage business synergies in the use of technology and in customer service.
Simplesurance provides embedded insurance, a field expected to be worth $700 billion by 2030 (9X more than it is today), according to Allainz. The insurtech focuses on “fast moving ecosystems” such as mobility, e-commerce, travel, fintech, and banking.
“Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too. With simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment,” said Carsten Middendorf, CIO of Allianz X.
Robin von Hein, CEO and co-founder of simplesurance, said: “With our innovative technology, we have been able to win over numerous large partners and their end customers in recent years and have grown strongly. Now it is time for the next developmental step. With the full backing of a global market leader in the insurance industry, we can play to the strengths of our technology even better and drive global expansion more effectively.”
Tomas Kunzmann, CEO of Allianz Partners, added: “The strategic cooperation with simplesurance has been excellent. Simplesurance’s capabilities bring us the digital know-how and platform expertise to shape the different digital ecosystems and seize opportunities. So with a closer collaboration, we will leverage simplesurance’s digital capabilities even more effectively and achieve a really competitive speed to market. Combined with the strong relationship with our own B2B2C partners, this sets the foundations for a digitally powered customer experience that truly creates peace of mind for our customers.”
Joachim von Bonin, CFO and co-founder of simplesurance, commented: “We are incredibly proud of what our team has achieved over the past 10 years. We look forward to further develop our platform as part of the Allianz Group with the same spirit and passion.”
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