We are living in a digital world which has changed major parts in our day-to-day and business life fundamentally. Journeys are getting shorter, decisions are taken faster and the way of buying and selling things has evolved sustainably. While insurance policies sold through agents was and still is prevalent practice, the customers already know what they want – directly at the point of sale. What’s needed today is meeting the customers’ needs by clubbing it to the products they are going to buy. With no hurdles, as direct as it gets.
Today’s times don’t accept complex paperwork, information has to be clear and provided at the exact right time. These aspects of our daily lives were one of the reasons for founding bsurance back in 2017, with a clear message: realizing an embedded insurance where it really matters.
Long story short – here’s how it works
Offering a suitable insurance ALONG the process of buying a product. Neither BEFOREs, nor AFTERs – only right at the time. When Apple is selling an iPhone, AppleCare provides an accidental damage insurance option ALONG with the purchase.
But we didn’t stop thinking and continued our thought-process to underline our idea. We didn’t just want to sell insurance along with a product or a service. What we believe is that such a combination of insurance and services significantly enhances the product’s value. Increasing the overall sales numbers of insurance and generating an additional revenue stream for our cooperation partners is just the business driver behind it.
With bsurance we take it to an even higher level by providing a solution which empowers us to offer our clients a customized insurance solution. Based on the requirements needed, a tailor-made solution can be provided for the given POS.
We created our first MVP (Minimum Viable Product) together with the London-based startup Playbrush for their IoT device: an application that turns a tooth brush into a game controller. While Playbrush is selling digital add-ons for children’s toothbrushes – bsurance enriches the offer with an easy to effect dental accident insurance. Not after, but right at the time when the customer decides to add this product to his cart.
The all-in-one solution makes the difference
We developed a digital insurance platform that allows insurance products to be implemented directly via APIs – meaning easy-to-use interfaces with the core competence of policy, product and claims management in real-time. bsurance additionally focuses on creating relevant products matching the given requirements at the POS, going hand-in-hand with the benefits of the retailer’s offers.
The result is an efficient symbiosis of the core product strength and the additional major boost by a perfectly matching insurance offer. The one-stop-buy-experience is not touched, and the product can be enriched with an additional benefit.
As a result, both the insurance carriers as well as the POS partners can gain equally and enormously from our digital platform and products.
B2B2C is the way to go
The key difference? bsurance empowers companies to scale with constantly enhancing the features of their offerings. In addition, this approach assists bsurance in developing simpler and more secure products in a fitting context. Our partnership with UNIQA helps us deliver products across central and eastern Europe while Munich Re — one of the biggest reinsurers in the world — leads us further to Asia and America. Starting in Austria and Germany, bsurance is now heading to expand to the rest of Europe.
The Leading Digital B2B2C Insurance Provider in Europe
bsurance was able to raise an investment over €4m in the Series A funding round at the end of the first operational year in 2018. This investment will certainly accelerate the expected growth. The next goal is to become the leading digital B2B2C insurance provider in Europe.