German-Swiss digital insurance broker, Knip, and Netherlands-based comparison-software provider, Komparu, have completed a merger which will see new parent company, The Digital Insurance Group, become a European digital insurance platform.
The transaction has been supported with funding from existing investors Orange Growth Capital, Route 66 Ventures, Red Alpine and QED.
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Knip, which provides life and health insurance services, launched in 2014 and describes itself as Europe’s first truly-digital insurance broker, harnessing technology and data analytics to rollout supervised robo-advice to the consumer insurance market.
Its service allows customers to monitor and manage all of their insurance policies, from over 100 providers, in one app, using machine learning to identify gaps and provide on-demand products that meet consumers’ individual insurance needs.
Knip currently captures a large share of the mobile-first insurance brokerage market in both Germany and Switzerland and post-merger its platform will be serving a third of the nearly €1.1trn European insurance market.
Komparu launched in 2013, providing SaaS technology solutions for insurance companies, brokers and publishers, with partners including UMG group, Sanoma, Awin and Achmea.
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Komparu’s proprietary comparison platform became profitable in Q4 2016 after experiencing 400% growth over the previous twelve months. The Knip partnership will allow the Insurtech innovator to deliver an end-to-end solution for partners while broadening the group’s geographic reach.
Dennis Just will step down as CEO of Knip, while Ingo Weber becomes the new group CEO of the Digital Insurance Group.
Weber brings a strong insurance, technology and business building track record most recently serving as managing director at Verivox, a German comparison platform, as well as senior management posts at Swiss Re and GE Insurance.
Komparu’s Roeland Werring will become Group CTO and Ruben Troostwijk remains CEO of Komparu, focusing on B2B business opportunities as well as launching Knip in the Netherlands. The combined team will have 70 employees.
Commenting on the merger, Weber said it is an exciting step that will bring together two transformative InsurTech brands to create a major force in Europe’s insurance sector.
First Euro digital broker
Weber said: “By creating The Digital Insurance Group, we have created a platform that will accelerate the growth of both Komparu and Knip, the first-to-market digital insurance broker in Europe.
“Knip creates mobile-first products that give people confidence that they have the right cover, at the right time, from the most suitable provider, cutting through all the complexity in the insurance market to give people the peace of mind they are ultimately paying for.”
Ruben Troostwijk, CEO of Komparu, added: “Both our organisations share a strategic vision of the opportunity in the marketplace, and will together be able to share expertise and geographic footprints to create bigger and better innovations.
“Partnerships are a powerful way for InsurTech brands to increase market share in a competitive marketplace, and by working together, with established companies as well as emergent ones, we hope to create a sector that truly works for the consumer good.”
Orange Growth Capital (OGC) is a financial technology venture capital firm that was founded in 2013 and invests in Europe and South East Asia.
Its primary focus is the European FinTech hubs such as London, Amsterdam, Berlin, Stockholm, Basel and Zurich and it will also selectively invest in South East Asian hubs such as Singapore, Jakarta and Kuala Lumpur.
Operating out of offices in Amsterdam, London and Singapore, it makes significant minority investments in early-stage fintech businesses.
OGC has made 13 investments since its inception covering deposit and lending, fraud prevention, investments, payment and insurance businesses.
