Continuing our series of new investment announcements, we’re excited to present you Insurello — a Stockholm-based company on a mission of making the insurance industry more efficient, transparent and fair.
In Sweden, it is estimated that over 75% of possible insurance claims for personal injuries are never actually claimed. The reason? The amount of friction and hassle in the claims process, and consumers being unaware of what they can claim compensation for in the first place. Typically, many of them have insurance cover from insurances they are not even aware of. Not claiming the compensations they rightly could, consumers are missing out on $1bn in insurance claims. That is, in Sweden alone.
What Is Insurello?
Insurello acts as an intermediary between insurance companies and their customers. By analysing and integrating several available datasets, the company assists insurance customers in finding insurances they were not aware of having, and handles their claims in exchange for a success fee.
Imagine you have had an accident while doing sports and suffer from knee injury. As a result of this damage, you should have the right for an insurance compensation from your insurance company. However, the usual case is that you are insured in several places: through your school, your regional sports club, and even through an union and/or municipality that would allow for additional insurance compensation.
By handling the claims process through Insurello’s simple yet effective digital platform, you will not have to navigate through the different hurdles of figuring out which insurance compensations you are entitled to, nor start a claims process and follow up with the multiple insurance providers. Instead, Insurello will take care of these — and better yet, practising the “No win no fee” mentality, they only charge you a success fee, should the claims process be successful.
Why Did We Invest?
At Wave Ventures, we can’t help but love entrepreneurs who solve problems that scratch their own itch, so to say, believing that founders who have experienced the pain points themselves are best suited to solve them. This is definitely the case with Insurello’s founder Marcus, who as a former elite level American football player has had his fair share of first-hand experience on sports injuries and of navigating the jungle of different insurance policies and extensive claims processes.
Strong initial consumer demand was yet another sign that Insurello is solving a real pain point through clearing the fog in the claims process. Insurello’s mission of making the insurance industry more efficient and transparent also resonated strongly with our thesis according to which industries with broken consumer interfaces are essentially just opportunities for entrepreneurs to create better customer experiences and so proceed to owning the valuable end-customer relationships. As fans of general efficiency, we are keen on supporting any initiatives that free up time for more productive tasks than tilting at windmills — which it may feel like when finding yourself in the middle of the claims process.
So far, the solid Insurello team supported by superb advisors and co-investors alike, has shown a high sense of urgency and outstanding ability to execute. Excited about the journey ahead, we are proud to welcome our second Swedish investment to the family.
Wave Ventures is dedicated to supporting the boldest founders across the Nordics. Working on a startup? Read more at wave.ventures and get in touch with us at email@example.com.