Insurtech: on the road to further consolidations. Part1.

Ilya Kosolapov
Nov 1 · 2 min read

Global insurtech market is going through a series of consolidations and mergers. One of the manifestations of this tendency — array of partnerships between insurtech projects. Let us discuss in more details.

1. Zego / Engineius partnership. Insurtech project Zego, incorporated in the UK, announced its partnership with Engineius, a company, providing vehicle delivery services. This deal resulted in the enlargement of the Engineius’ client base (by means of this partnership company enriched clients from over 30 European countries). In accordance with the agreement between two companies, Insurtech startup will deliver pay-by-the-mile policies to the Engineius’ clients. It covered its drivers on a range of vehicles up to 32 tones under one product. Due to the transborder business model, provided by the Insurtech project, Engineius made first step forward expansion. Moreover, this also gave it possibility to manage it costs and expenses more accurately, improve efficiency and scale up its existing business lines.

2. Trov / Suncorp partnership. Another big name in the insurtech field — Trov recently announced its partnership with Suncorp Group (one of the leading by means of client base and total turnover Australian insurer). According to the company’s representatives, this decision will lead to development and launch of personal motor insurance solutions, providing coverages, adapted to personal transportation preferences (Australian users only). The major innovation lies in the product formation field. Two spectrums, which are, from the first view not compiled: gamification and behavioral motivations combined in this insurance solution. This product has been produced by means of using Troy’s Powered by Trov platform and provides clients access to flexible, variable period, event-driven architecture.

3. FRISS / Munich Re partnership. One of the leading companies, providing anti-fraud products, powered by the artificial intelligence core, FRISS, announced its decision to extend its partnership with Munich Re (companies are already cooperating in the following regions: Latin America and Iberia) globally. German’s reinsurer will provide the above-mentioned joint products as subpart of its consultative portfolio, diversifying standard reinsurance business model.

Partnerships enumerated above are just few examples of the burgeoning cooperation within the Insurance/Insurtech market and in some case are early risers of the impending wave of consolidations in this field of global economy. Oval also develops strategic partnerships with insurance and non-insurance market companies. Contact us to know more about Oval partnerships and conditions for cooperation.

Written by

20+ years experience in insurance. Insurtech since 2007. Developed from scratch technological products and startups in insurance related areas.

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