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Start-up association: Insurtechs join forces

Founders from the insurance industry network in the Federal Association of German Startups. The group hopes, however, still on feed.

The Federal Association of German Startups

The Federal Association of German Startups has established a working platform for start-ups from the insurance industry. The goal is to promote the exchange of knowledge and experiences among founders, but also to establish contacts between established companies and start-ups. So far, ten of these so-called insurance companies (“Insurance Technology”) have expressed interest in cooperation, as the start-up association at the request of WirtschaftsWoche founders announced. Six members met for a first meeting. The group is now looking forward to joining other industry groups, such as the fintech platform in the start-up association.

In the future, the Insurtechs want to personally exchange information every two to three months in order to promote common interests. With the help of the new interest group, the start-ups want to promote innovations in the insurance industry. In addition, the industry group advocates for the interests of the founders in politics and administration.

Contact exchange for potential partnerships

The contact to established insurance companies should come through the platform of the association founded in 2012 easier and more targeted. As a supporter and sponsor of the industry group, the insurance broker Ecclesia hopes to gain valuable insights into current market developments. He also finances a job organizing network meetings.

The section tries to attract founders accordingly. According to the start-up association, for example, it wants to get involved with Insurtech Getsurance from Berlin, which is well-known for its online occupational disability insurance, as well as insurance intermediary Simplesurance, also based in the capital. The Heidelberg insurance platform Getsafe is also included. From the legal industry, the Düsseldorf-based online legal advisor Helpcheck wants to work, which takes care of disputes in the revocation of life insurance – and recently collected eleven million euros in fresh capital. So far missing known names from the Insurtech scene are still partly organized in the much larger fintech section, it is said by the start-up association.

Against weaknesses in the B2C business

A joint appearance should also help the Insurtechs become better known to consumers. “Networking among the start-ups is also essential in the Insurtech sector, in order to increase the visibility of the industry and to be able to tackle joint issues stronger,” Hanna Bachmann, co-founder of Hepster and group spokeswoman, cited in a press release. Tim Fabian Besser, founder of Novasurance, hopes to share some of the industry’s specific problem areas: “The Insurtech industry is very diverse, but there are a number of issues, especially in the regulatory and image sectors, that are relevant to almost all Insurtechs.”

The start-ups are trying to shake up the old-fashioned insurance market, but are moving in an industry that is traditionally regarded as risk-averse. A recent survey by the digital association Bitkom shows that young companies are catching up competing with established insurers: A small majority of under-30s in Germany can imagine concluding a policy with a digital company instead of a traditional provider. The majority of young people would like to handle communication and claims settlement exclusively online, according to a survey among around 1,000 German citizens.

The Insurtechs, who recently talked about lucrative financings, include the insurance manager Clark from Frankfurt, the Berlin property insurer Coya and the agency portal Wefox.

Also published on Medium.

Published inStartups

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