ITI: Why is now an exciting time to be a rising insurtech?
Lorenz: With the rise of digital transactions, complex and high-value purchases online and the melting together of digital and offline into omnichannel embedded insurance bundling into omnichannel offerings has become a rising trend and the next logical step in revolutionising insurance distribution. Understanding the significance of customer-centric experience and relevant contextual offering availability at omnichannel POS, companies start recognising the embedded insurance potential, thriving in change.
ITI: What has been the highlight of your career to date?
Lorenz: After collecting 20 years of digitalization experience in different industries like finance, media and tourism I started 2014 my first startup eRecruiter – a split off of Austria´s leading job agency ePunkt and managed a successful exit by selling erecruiter to Austria’s leading job portal Karriere.at in 2017.
ITI: If you could meet yourself on the day you started your business, what would you tell yourself?
Lorenz: Be more patient, in the insurance industry everything takes at least double the time than anywhere else.
ITI: Name one mistake that you have made, and what you learned from it.
Lorenz: Before I started together with my Co-Founders bsurance, a ran for a couple of months a B2C insurance sales prototype. I totally underestimated the cost of customer acquisition – insurance is really hard to sell with a digital insurance store approach. We would have needed tons of cash to get any significant traction on the market.
Did you know bsurance was featured as part of our Future50 Europe. See the other the 49 insurtech unicorns of the future here.
With that knowledge it took us a couple of months business modelling to find an answer to this problem – the embedded insurance distribution b2b2c model which is now incorporated as bsurance.
ITI: What problem did you see in the market that led you to create bsurance?
Lorenz: In a world of personalized and digitalised services, it has become clear that traditional insurance models make way for a much slicker customer experience, representing insurance as complicated and boring. Embedded insurance could become a driver of change – making insurance simpler, understandable, and available.
ITI: What is the next step for your insurtech?
Lorenz: Having successfully demonstrated our business model scalability, we plan to bring embedded insurance forward, deepen our footprint in Europe further and expanding in a next step to North America and Asia with the help of existing and new partnerships and the next funding round.
