The insurance market for self-employed and SMEs has historically been underserved in Germany. The startup states that according to a study by Kubi/ FH Dortmund, only 45% have liability insurance, while a study by Gothar suggests that only 13% of SMEs have cyber insurance although cyber risks are the top fear by these companies. Founded in 2019, insureQ is aimed specifically at this underserved self-employed and SME market including SaaS and e-commerce startups; insureQ’s embedded insurance platform offers simple, transparent, and tailor-made insurance packages for its customers.
With insureQ, insurance quotes are individually tailored to the day-to-day trade and industry needs based on answers given by the policy seeker. Once some online questions are completed, insureQ automatically creates a transparently structured insurance cover within 9 minutes. Moreover, through the dedicated customer portal, policyholders can update, change, and review their policies directly through insureQ.
Co-founder and CEO, Alexander Le Prince explained: “Within the next five years there will be 2-3 dominant players in the digital SME insurance market and together with our partners and our team we see ourselves perfectly positioned to be one of the players. Insurance products for SMEs are traditionally very complex and hard to understand. So by digitising and offering tailored smart insurance solutions we have eliminated this complexity and created a simple solution that will save small businesses both time and money.”
Acting as an insurance agent, insureQ partners with leading insurers such as Hiscox, R + V Versicherung and ARAG, in order to offer a comprehensive suite of insurance products ranging from general liability, financial loss to cyber risks and business disruption cover, all from a single platform.
insureQ also enables B2B marketplaces such as Hallo Marta, Moss and Packator to offer their self-employed users insurance products via API-integrations which are dynamically adjusted.
The startup will use the additional capital to accelerate growth, enhance its tailor-made insurance products as well as expand both its partner network and the SME segments it serves. In the last few months, insureQ has strengthened its core team with new members who were previously working at companies such as Allianz, Google or AIG joining the company.
“With the investment, we can continue to pursue our vision to build a simple and customer-centric digital insurance solution for the self-employed and SMEs. We are working intensively on the further development of our products and services and are very pleased that we have now also been able to convince Nauta Capital of our innovative concept,” added co-founder and CEO Alexander Le Prince.
Commenting on the investment Guillem Sague, Partner at Nauta Capital said: “We are strong believers in the attractiveness of the SME segment, both in software and in financial services such as insurance. We think insureQ’s hybrid distribution approach, direct and embedded in third-party platforms, is the right model for the SME market.”
Source: EU Startups
