Here is another European insurtech startups, which focuses on the mobile and customer experience, called FinanceFox, in Berlin and very recently has received an investment of 28 million dollars, which added to the 5.5 already collected just last January, bring the company to a total of 33.5 million dollars venture capital already raised.
FinanceFox has developed a mobile technology that at first glance may seem addressed to completely replace the role of traditional insurance agents. It is a platform for brokerage, but developed with some shrewdness, without stepping on anyone’s toes, indeed: FinanceFox is not just a startup that wants to carry insurance carriers in the digital era, but wants to include just the agents, presenting itself as a tool for them too.
“We are not a group of haughty “startupper” who think they can revolutionize insurance. We are working together with industry experts who are experienced,” said CEO and co-founder Julian Teicke to TechCrunch.
Actually, among the founders there is also Mr. Teicke senior, father of the young Julian, who is a veteran of the insurance industry; the third founder Michael John, chief executive officer for Switzerland, with decades of industry experience, is none other than the president of the Swiss National Association of Insurance Agents.
Julian Teicke explained that the brokerage world as we have known so far is quite outdated, but agents who will be able to evolve, perhaps using their app, will survive and will be able to perform their work more effectively.
The traditional broker, said Julian Teicke, are losing customers to the advantage of digitalized operators, have high administrative costs, have a lack of technology and efficiency in their processes, and have no way to communicate with customers in a truly innovative way. They are in a situation where they need to innovate.
FinanceFox mobile technology allows brokers to bring its customer base on the app, using the latter to manage the customer by identifying more precisely the insurance needs, which can be opportunities for additional coverage.
From the customer’s point of view, FinanceFox solves one of the problems raised by the first phase of the Insurance digitization, represented by the price comparison websites, which have led to the fragmentation (and hence complexity) of the insurance portfolio of people. Today many people have different insurance policies, for each car of the family, for the house, for health (perhaps related to a certain profession), and then those linked to the mortgage, the bank account, pets, the children’s school, the condo, to some particular goods. In short, the management is not easy, and we often forget to have a number of active insurance policies.
One of FinanceFox functionality is to become a single point of reference to take into account and manage many different insurance policies, functionality that is addressed both to the final customer and broker.
The video below shows how FinanceFox works.
