Located in Frankfurt GermanyBased Clark 69M plans to become a global leader in digital insurance. The company has recently secured EUR69M in Series C funding from Tencent. The startup plans to use the money to expand around the world.
German Insurance Tech Startups
Among the German insurance tech startups, Frankfurt GermanyBased Clark 69M has made its mark in the digital insurance space in Frankfurt. With a solid concept, a unique distribution channel and a history of growth, the company is confident in expanding its business internationally. Its product is also geared to disrupt the protection industry.
The company’s business model combines data intelligence with personal contact from insurance advisors to improve products and services. The platform offers simple, customer-centric insurance advice. Its mobile application allows users to get quotes, request new offers and manage insurance contracts. Its platform also provides consumers information on tariffs and legal protection.
Frankfurt GermanyBased Clark 69M recently announced a tenfold increase in customers in the third quarter. Its goal is to reach one million customers by 2023.
Global Digital Insurance Leader
Clark plans to invest in technology to automate regulatory errands and reduce costs. The startup is also aiming to create a global digital insurance leader.
With the help of Tencent’s funding, Clark will be able to continue its international expansion. The company will also use the funds to boost brand awareness. It will also be able to expand its operations, hire more employees, and build its product portfolio.
Plans to Expand Around the World
Having raised a total of EUR69 million in Series C funding to date, German insurtech company Clark is now poised to expand its presence across the globe. The company intends to use the funds to accelerate its growth by investing in user acquisition, product development, and customer acquisition strategies.
Largest Insurance Broker
A key component of its business model is its app, which allows users to request new insurance offers and stay informed. The app allows customers to view current policies, create contract overviews, and scan the market for better rates. The company’s goal is to become the largest insurance broker in Europe.
As part of the deal, the company will pay a $104 million cash payment to Allianz, which is a subsidiary of the German insurance giant. The company is a good fit for Clark’s tech-driven business model.
One of the more impressive aspects of this deal is that Tencent, a Chinese internet giant and supplier to household names such as Sony Ericsson, participated. The company also led the Series C funding process for Clark.
Fill a Void in the Insurance Market
Despite its humble beginnings in the digital insurance brokerage industry, Clark is now in the big leagues. It boasts a $310 million contract volume and an enviable client list of close to 100,000 customers. This year, the company will make a big push in Germany and Austria. One of the company’s main drivers is its CEO, Christopher Oster. The tech-savvy exec has stated that his goal is to double the size of the brand in the near future. The biggest challenge will be in achieving the necessary synergy between the various stakeholders.
A recent article in the venerable Handelsblatt, the German business newspaper, has highlighted the company’s recent capital infusion. This will be a major boost to the company’s bottom line. Specifically, it will be used to fuel the company’s growth on a national scale. Aside from its headquarters in Frankfurt, the company is also looking to expand its presence across the pond in Vienna.
Chief Executive Officer
A recent press release from the company’s chief executive officer, Christopher Oster, is a good indicator of the company’s ambitions. Among other milestones, the company has a new office in Vienna, a new product offering, and a rebranding of its parent company, Finleap, which will now be known as Clark.
Aims to Become a Global Leader in Digital Insurance
Having a comprehensive digital insurance strategy allows insurers to take advantage of the growing number of data points. This includes big data, predictive analytics, and artificial intelligence. These tools can help insurers make more informed marketing decisions, optimize product offerings, and identify patterns of fraud.
Leading insurers are deploying digital enterprise portals that can provide a bird’s-eye view of their business. These solutions also allow insurers to track the financial performance of their products.
Consumers are using mobile apps for updates and payments. They are also recommending insurers on multiple channels. This creates an opportunity for carriers to increase sales and maximize profits. By integrating processes and systems, companies can increase productivity and reduce operating expenses by 50%.
As digital technology changes the nature of products, insurers will have more opportunities to develop new, more customized products. Some examples include “sharing economy” risks and protection against cyber risk. These types of policies can be marketed as “as-a-service” solutions to help carriers gain a competitive advantage.