Germany insurtech start-up FinanzRitter secures investment
Reech Corporations Group has agreed a significant seed investment in German insurtech start-up FinanzRitter, in the latest addition to its growing pan-European portfolio of fintech businesses.
FinanzRitter is a next-generation digital insurance broker that combines consumer protection, artificial intelligence and handcrafted user interfaces to provide standardised, fast and intuitive insurance consultancy, policy management and handling of claims.
FinanzRitter was founded by Florian Kümper, who has more than ten years’ experience in the insurance industry, together with Dominic Siedhoff who holds a doctorate in Artificial Intelligence, experienced software engineer Sebastian Cordes and Till Sanders, a media and interface designer.
Customers are invited to fill in an anonymised questionnaire which evaluates their overall insurance needs and then can recommend the appropriate level of cover to suit the client’s precise circumstances using innovative machine learning technology.
If the customer then decides to go to the next stage, the app can handle the entire process of purchasing the policy through the verification process, and can even manage the entire claims process from start to finish via the smartphone app.
With an estimated €10 billion currently paid out by the German insurance industry in annual commissions, and 79 percent of customers saying they want to buy their insurance digitally by 2020, FinanzRitter believes it is well placed to capture a meaningful share of that revenue stream.
FinanzRitter has been one of a number of innovative companies to emerge from the Axel Springer Plug and Play Accelerator Programme, established by Axel Springer, the publishing group. With this investment, Odysseus will become the largest external shareholder, alongside Axel Springer, with the founders collectively retaining a majority share.
Christophe Reech, chairman of Reech Corporations Group said: “The global insurance market is huge – some $4.8 trillion in revenue, which is why we are so interested in the potential that insureTech has to disrupt this market. Within that world of new insureTech start-ups, we see FinanzRitter as one of the most innovative companies we have come across.
“Equally, importantly it meets a real need for customers of insurance to be sure they are buying the right product and furthermore to be able to hold that power to chose literally in their own hand.”
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