Allianz X, the digital investments arm of Allianz Group, will acquire 100% of the shares in Berlin-based simplesurance. Allianz X has been a strategic investor in the Berlin-based insurtech company 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. (Allianz Partners is a B2B2C insurance and assistance provider, which embeds products into its partners’ businesses or sells directly to customers).
Financial details of the deal were not disclosed.
Simplesurance is one of the leading providers of embedded insurance, a field expected to be worth US$700 billion by 2030 – nine times more than it is today.
Simplesurance focuses on “fast moving ecosystems” such as mobility, e-commerce, travel, fintech, and banking. Companies like N26, heycar, and OnePlus embed insurance into their customer journeys via simplesurance, thereby streamlining and improving the customer experience.
“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,” said Carsten Middendorf, CIO of Allianz X, in a statement.
The collaboration between Allianz Partners and simplesurance strengthened over the last several years and has culminated in a new, scalable integration technology, not only for digital sales, but also traditionally strong offline distribution channels, such as automotive, Allianz X explained.
The first successes in leveraging these synergies have already been achieved, such as an embedded motor insurance solution for the quality used car platform heycar.
“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,” explained Robin von Hein, CEO and co-founder of simplesurance.
“The strategic cooperation with simplesurance has been excellent. Simplesurance’s capabilities bring us the digital know-how and platform expertise to shape the different digital eco-systems and seize opportunities,” said Tomas Kunzmann, CEO of Allianz Partners.
“So with a closer collaboration, we will leverage simplesurance’s digital capabilities even more effectively and achieve a really competitive speed to market. Combined with the strong relationship with our own B2B2C partners, this sets the foundations for a digitally powered customer experience that truly creates peace of mind for our customers,” Kunzmann continued.
Founded in 2012 by Robin von Hein and Joachim von Bonin, insurtech simplesurance develops and distributes software solutions for different market segments, such as e-commerce, OEM, travel, mobility, banking, and fintechs, at the interface between the traditional insurance industry and the digital world. Now operating in 32 countries, simplesurance employs over 120 people from 30 nations, with offices in Berlin and Tokyo, as well a techhub in Lisbon.
About Allianz Partners
Allianz Partners’ products are embedded into its partners’ businesses or sold directly to customers and are available through four commercial brands: Allianz Assistance, Allianz Automotive, Allianz Travel and Allianz Care.
About Allianz X
Investing in digital frontrunners in insurance and asset management, Allianz X has grown to a portfolio of more than 25 companies and assets under management of more than 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far.
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