Latest rounds in Insurtech companies

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Integral service around a transaction
BY : Diego GutiérrezJune Fri, 2019

Next, we look at the Insurtech sector, where a merger has taken place between the following companies y Acierto.comthe latter bought by the British insurer Admiral Groupbut also rounds of funding that have attracted Coverfy or Brokoli.

The insurance sales market is constantly changing. Although until recently distribution was mainly face-to-face, through brokers and agents of the different insurance companies, this practice has ended up extending to banks, which have become one of the largest insurance sales points at national level.

In addition, it has also spread to FinTechs, both from companies and from specialised insurance comparison websites. In this way, the market model of the large online travel retailers is being followed.

Against this backdrop, two of the most characteristic companies in the domestic InsurTech market emerged: y

Both conducted strong advertising campaigns in both traditional broadcast and online media, and succeeded in attracting a very heterogeneous clientele, as well as the trust of hundreds of thousands of citizens in these sites to make their insurance decisions.

However, there has been too much competition between the two companies, and it has been necessary to merge them in order not to eat into each other's margins and to be able to continue growing in a market with the characteristics of a digital blue ocean.

As a result, the British insurer Admiral Group has bought to the Spanish company, allowing the two companies to consolidate.

It is also worth mentioning that the sector in which they operate is growing steadily.. It has grown from a €37m market to €520m.The total amount of premiums for online insurance sales is very attractive, which has prompted the purchase and subsequent merger to allow this growth to continue.

Within this sector, another company that has been created to manage all the available insurance policies from a single application is Coverfywhich over the last few years has been able to raise more than €4.3m to convert it into the most widely used management tool at national level within its spectrum.

Finally, comment on how the company Brokoli is trying to compete with Coverfy. They have been able to raise more than €0.5mThey have designed with them an Artificial Intelligence-based chatbox that helps to understand the policies taken out and the most important loopholes in the law.

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