Why we invested in Insurello
In Sweden, it is estimated that about 75% of insurance claims from accidents are never actually claimed, an estimated 1’000’000’000 Euros (yes that’s 1 billion or 100euros per citizen per year lost in the unknown). Not sure what I am talking about? Well, that’s part of the problem.
Let’s assume you or your child have had an accident and suffer damage and/or lasting scars you have the right to claim money from your insurance. Usually, you might even be insured in several places, via your regional sports club, via your school, a union etc. which would allow you to claim extra. We are talking about several thousands of euros here.
Handling this process is not necessarily rocket science but it takes time, research and knowledge of your legal rights. Insurello helps customers free of charge to check if you have the right to get money back and takes a success fee in case they can successfully claim and close the case on your behalf. Instead of wasting hours on lengthy processes and potentially miss money from unknown insurances you significantly increase your chances to maximise the net claim with Insurello.
Today, the insurance industry is one of the most conservative in terms of digital maturity and many processes are run inefficiently. A survey from SIFO has shown that more than half of Swedes find insurance information hard to understand and rather avoid digging into it. That’s where Insurello comes in.
Insurello’s mission is to change the industry to become more transparent, fair and efficient. Their first product is a digital platform where people like you and me can in a simplified way understand, maximise and receive an insurance claim when we deserve it. Just like your family lawyer would (who really has one anyway?!), they help you navigate the system on your behalf.
The market for insurance claims from accidents alone is more than one billion EUR in Sweden, most of which are left on the table today. Of course, the problem persists outside of little Sweden and also in other types of insurances. A multi-billion opportunity literally left in the dark.
The founders, Marcus and Nima, have been great communicators along our process of closing the investment round and receptive (and reactive!) to feedback. Thanks to their leadership skill they managed to quickly attract talent to their journey and are now working harder than ever before. Impressed by the team, DHS decided to lead the angel round with the Venture Partner Anna Ulriksson in the forefront (who previously worked together with CEO Marcus at Tele2 by the way). Erik Saers, former director of the financial regulatory authority in Sweden, is taking on the role as chairman.
In a few months, Insurello has proven that they can build and improve a digital platform that converts customers all the way to a finalized claim. They can cost-efficiently attract and handle new cases and are now ready to grow. We are proud to welcome them to our family and are excited for the journey ahead! Nu kör vi!
Watch a 60 seconds elevator pitch (literally)