Coya, the Insurtech braving traditional companies

It has just collected a $30 million investment and Peter Thiel, Paypal’s founding venture capitalist, is one of its funders. New resources are intended to consolidate its position in Germany and expand throughout Europe, in a bid to challenge traditional carriers

17 Jul 2018

In Germany, it is about to obtain a BaFin license to operate as an insurance company, as reported in a press release, then the new Insurtech Company will be able to enter a market of 550 million residents of the European Union unhindered, aiming to become the leading digital insurer in the old continent, at least for Millennials.

Coya, with 55 employees, was founded in Berlin by Andrew Shaw, Peter Hagen, Sebastian Villarroel and has just collected a super investment of $ 30 million less than a year after a previous seed investment of $ 10 million ranking it among the best financed insurtech in Europe.

Valar Ventures, the venture capital fund of Peter Thiel, one of the founders of Paypal and the first investors of Facebook, is a very strong believer in this project and is now among the main investors. He is very active in the European market (perhaps because of his German origins), where he has already supported companies such as the fintech N26 and TransferWise, and the insurtech Brolly. An investor with a clear mindset on how to set up a disruptive business and relying on aggressive startups. Coya seems to be so and is not afraid to challenge mainstream insurance market.

“Thanks to Valar Ventures, e.venture (the other investor) and our other influential VCs and business angels, we have a strong community of investors supporting and providing long-term support. This funding provides us with the energy to tackle the development of new insurance products which will be better, fairer, faster and fit for the future,” said Coya’s founders.

The insurance industry has now begun to offer policies to tenants, but the startup has a big focus, of course, and plans to develop insurance products in the areas of P&C, third-party liability and personal finance. Moreover, from scratch, not relying on the products of other Carriers, but focusing on customer-centric products designed to meet Millennials’ needs.

Once the approval process by the German Federal Financial Supervisory Authority (BaFin) is completed, most likely by next summer, Coya will launch its first products as a licensed company, with the aim of making insurance less boring and burdensome, and more appealing to young people.

Christian Miele, by e.venture said: “New technologies will change the traditional insurance market in the short term and replace it completely in the mid-term. Anyone who accepts this now will be able to survive in the long-run. Today, companies like Coya are setting the standard for future industry and for us as investors, they are the perfect fellow travelers in one of the world’s largest markets”.

Coya’s business model is based entirely on a fully digital, paperless policy offering allowing customers to quickly obtain coverage without the need for intermediaries such as insurance agents and brokers. Coya has developed a one-of-a-kind technology to achieve this goal, including artificial intelligence, capable of offering flexible, customized, on-demand products for the mass market.

James Fitzgerald, by Valar Ventures said: “Coya has a huge potential. Building an insurance company for the current century requires a fair balance of insurance and technology skills, a mix that others – both long-established operators and many insurance startups – have failed to achieve. Coya’s founders are determined to build an integrated and fully licensed insurance offering from the outset, rather than rely on third parties, and this characterises them in the current marketplace.”

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