Allianz X, the digital investments arm of Allianz Group, is to acquire 100% of the shares in InsurTech simplesurance.
Simplesurance provides embedded insurance, a field expected to be worth $700bn by 2030–9 times more than it is today.
Simplesurance focuses on “fast moving ecosystems†such as mobility, e-commerce, travel, FinTech, and banking.
Companies such as N26, heycar, and OnePlus embed insurance into their customer journeys via simplesurance.
Allianz X has been a strategic investor in the Berlin-based InsurTech since 2016 and most recently expanded its involvement in 2019. The acquisition will allow a further deepening in the partnership between Allianz Partners and simplesurance to leverage business synergies in the use of technology and in customer service.
Carsten Middendorf, CIO of Allianz X, said, “Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too. With simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment.â€
Robin von Hein, CEO and co-founder of simplesurance, added, “With our innovative technology, we have been able to win over numerous large partners and their end customers in recent years and have grown strongly. Now it is time for the next developmental step. With the full backing of a global market leader in the insurance industry, we can play to the strengths of our technology even better and drive global expansion more effectively.â€
Last year, German challenger bank N26 entered the insurance space, with customers now able to buy cover, manage plans and initiate claims. The service was created in partnership with simplesurance.
At the time, N26 said the new service will bring “the same simplicity and ease to insurance that it has brought to its 100% digital banking experience.â€
Copyright © 2022 FinTech Global
