Luko started as a home insurance company for both homeowners and renters. It’s a big market as you have to prove that your home is insured when you rent or buy a home in France. Since then, the company has expanded with new insurance products and services.
Compared to traditional insurance companies, Luko has chosen a direct-to-customer model. People sign up on Luko’s website or in the company’s app directly.
After that, Luko tries to be as efficient as possible. You can chat with the company in the app directly. When the insurance pays you back, it tries to send you the money as quickly as possible. For instance, you can receive money instantly on a Lydia account.
When it comes to transparency, Luko takes a 30% cut on monthly payments. Everything else is pooled together to pay compensation. If there’s money left at the end of the year, you can choose to donate your portion of what’s left of the 70% share.
And the startup has been quite successful. It has attracted 220,000 customers — in particular, the customer base has doubled between November 2020 and November 2021. Luko started accepting clients in Spain a few months ago as well.
Coya, on the other hand, offers various insurance products for the German market. Insurance products include home content, private liability, dog liability and bike insurance.
Source: Tech Crunch
