This article showcases our top picks for the best Germany based InsurTech companies. These startups and companies are taking a variety of approaches to innovating the InsurTech industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top Germany InsurTech Companies
Clark is an insurance platform providing transparent, cheap and comprehensive insurance coverage. By combining technology and insurance expertise, Clark offers users simple, fair and customer-centric insurance advice.
The Berlin-based company was founded in June 2015 by Dr. Christopher Oster and Steffen Glomb.
Clark is supported by FinTech incubator FinLeap and the insurance think tank ITA – “Institute for Transparency”.. .
Getsafe is a digital-first insurance startup offering a platform of data-driven insurance products that users can subscribe to. Using technology and machine learning, the company offers digital insurance products in all lines of business on the property, health, and life.
The Getsafe app is available to customers 24/7 and 365 days a year, allowing them to file claims or change their coverage in real-time.. .
wefox Group is an insurtech company in Europe. It operates two businesses: wefox and ONE.
wefox is the first service platform for all your insurance needs, which enables you to easily access all your insurance contracts at any time from anywhere and request and enter into new contracts or quit the old ones with just one click. All services are available online and you can choose your personal assistant by yourself, who supports you if wanted or needed – vendor-neutral.
they offer that all-around service web-based or as an app – for free! ONE is the first digital insurance carrier in Europe fully integrated into the wefox wallet.. .
Coya offers a new hope, by redesigning and extending the insurance value chain, working backward from the customers’ real-life needs. Coya will offer scalable protection at the point of need with an AI risk guardian and simple, transparent and personalized insurance cover.
Designed from the ground up to manage life’s risks and join their customer’s journey.. .
Simplesurance develops innovative cross-selling solutions for e-commerce shops to combine traditional insurance industries with fast-paced digital business. Simplesurance’s solution enables e-tailors to cross-sell product insurances within but not only the checkout processes and even before.
Therewith online-shops are able to monetize customers twice in one process and gain additional margins and profit. More than 2,000 partners including many well-known e-commerce platforms and mobile electronic manufacturers, use the innovative power and flexibility of the company’s cross-selling platform.
In addition, Simplesurance offers to all customers an innovative digital broker service to manage all of the insurances on smartphones, easy and completely paperless. Simplesurance was founded on 2012 and is headquartered in Berlin, Germany..
With omni:us, insurers can develop their own modules with the omni:us Platform and quickly deploy AI into their processes using the Cognitive Claims Kit (CCK), which tackles specific use cases throughout the claims value chain. Document intake, digital claims, coverage check and beyond are enhanced and accelerated by leveraging cutting-edge natural language processing (NLP) and computer vision techniques.
Importantly, omni:us creates an environment where both human and machine complement each other in a thriving hybrid workflow. The omni:us Suite sits efficiently on top of legacy software, and requires no inhouse AI/data science expertise to operate.
omni:us is proud to count Allianz, Baloise, and AmTrust among its clients. The company is headquartered in Berlin, with a research partnership in Barcelona and representations in the UK, France and the United States.
For further information visit omnius.com. .
Thinksurance is a distribution technology platform for business insurance in Germany. It connects insurers, distributors from several sales channels and business customers on its platform.
Business insurance distributors such as the majority of (online-)brokers and broker pools, agencies, banks, and others use the offering as SaaS to search, compare and conclude the right insurance coverage for their clients. Thinksurance leverages its proprietary technology to make the process as easy as possible, e.g.
with several APIs to distributors CRMs and insurer systems. All relevant insurers already partner with the platform leading to an unrivaled market coverage in the commercial insurance space for small and medium-sized enterprises.
Also, insurers are offered adjacent services such as Data Analytics, Portfolio Transfer, After Sales Processes or White-Label-Solutions for their internal use. Thinksurance also includes an own Online-Broker “Gewerbeversicherung24” which operates on www.gewerbeversicherung.de to get direct feedback from businesses to improve their service for partnering distributors and insurers..
OroraTech provides global real-time information services. The first target market is early detection and monitoring of wildfires, extended by a proprietary constellation of thermal imaging nanosatellites equipped with in-space AI image processing.
In beginning of 2020, OroraTech launched an MVP called Wildfire Service (WFS) that enables quick detection and monitoring of wildfires on a global scale. The combination of existing thermal-infrared satellite data with external data layers, such as fuel, wind, and risk maps results in an automatic generation of fire alerts and the display of current fire perimeters for users.
The MVP was launched in early 2020 and has gained increasing traction with governmental and large corporate customers all over the world.. .
xbAV AG (“Xpension”)
Xpension is a trademark of xbAV AG, the German market leader in the digitalization of corporate pension & life insurance. Its software-as-a-service solutions allow life insurers, insurance agents, corporates and consumers to buy and manage pension & life insurance online.
They benefit from user-friendly information and customer journeys, transparent and efficient processes, and a single platform to connect all stakeholders. Offices are located in Munich (headquarters), Berlin und Saarbruecken.
For more information, please visit: www.xbav.de.. .
INZMO is an advanced insurance platform creating value and enhancing the experience of insuring for all parties involved in all key stages. They help insurers to become digital; corporates to increase their value proposition with insurance; and customers to enjoy instant experience in managing their insurance.
INZMO is offering a fully-digitalised insurance platform covering all the key stages. The aim of the multi-award-winning start-up is to create efficiency on costs, administration, claims-processing and underwriting for insurers and a pleasant experience for the consumers.
INZMO’s solutions have acquired the recognition and investments from several insurers in Europe (incl. investment from Helvetia Venture Fund) and in 2016, the company was also recognized as the best fintech company in the StartUp Europe Awards by European Commission..
Finanzchef24 is Germany’s first online broker and comparison platform for business insurance. Whether it is a physiotherapist, a self-employed IT-consultant or a lawyer – every business is different and requires an individual risk analysis to cover all its potential company risks.
To make this process as easy as possible Finanzchef24 offers an innovative digital service for small and medium-sized enterprises by combining the benefits of robo-advice and traditional advice into an effective hybrid solution: The customer can use online self-service to determine his individual need of insurance or get personal phone-based consulting with an in-house insurance expert. With its proprietary technology, Finanzchef24 makes it possible to compare and buy insurance coverage almost instantaneously, thus rendering manual underwriting obsolete.
In order to achieve this Finanzchef24 created a dynamic rules engine that queries all company-specific factors directly to determine the individual need of insurance. In the second step, the algorithm compares the results with all available insurance rates, selects suitable offers and provides the user with custom-fit business insurance quotes.
Finanzchef24 works directly with 46 business insurers in Germany, serving over 40.000 clients. The Munich based insurtech start-up ranked number 1 fast-growing company on “FOCUS Wachstumschampions” list 2019 in the category “Financial Services” and is a two-time winner of the Deloitte Technology Fast 50 Award..
YAS.life develops digital health services for health insurance companies, insurance companies and corporate health management companies. Our Mission: Change Habits! We support users and employees in permanently integrating health-conscious behaviour into their everyday lives.
We have already successfully positioned ourselves in our target market with our motivation app YAS.. .
Getsurance offers digital life insurance that people can buy online in 5 minutes. They’re a small Berlin-based team of innovators who are reshaping the insurance industry.
They develop their products from scratch using cutting edge technology to create a user-centric experience. Getsurance was founded in 2016 and has been moving fast ever since with the support of their partner and risk carrier, the Reinsurance Group of America..
FRIDAY is the first digital insurer in Germany to offer its own car fares. The team consists of more than 40 employees, including PhDs, business economics, experienced founders and digital experts.
FRIDAY has developed a cloud-based insurance platform and since March 2017 has been offering innovative products completely paperless, mobile and fully digital. With the number-per-kilometer tariff, customers can already benefit from the FRIDAY insurance cover starting at 1 cent per kilometer.
The pay-per-kilometer fare appeals particularly to low-driver, second-car drivers and customers who value flexibility and fairness.. .
MotionsCloud using computer vision technology, to analyzes car and property damage for insurance companies thereby streamlining and automating property and vehicle insurance claims. MotionsCloud reduces claim cycle time from 10 days to 3 hours and saves up to 75% on claims processing cost.
MotionsCloud has already signed insurance companies in US, Europe and South East Asia.. .
Wetterheld protects your business against rain, temperature or snow. They want to change the weather insurance market.
After two years of research and development, they want to offer you the best weather insurance for small and medium businesses in Germany. The contracts are closed with a leading German digital insurer and are re-insured with an industry giant re-insurer, one of the largest worldwide.
With their partners, they combine innovative power and financial strength, traditional know-how of weather insurance and cutting edge big data technology.. .
Dandelin is a FinTech startup that’s using sharing economy principles in order to democratise health care. They are combining sharing economy, AI/ML and blockchain to democratise access to health care.
Now people can have access to unlimited consultations and exams for the lowest price on the market, while doctors get to increase their earnings up to 70%.. .
Hepster is an MGA operating in Germany and Austria, aiming to become Europe’s leading embedded insurance player. Its B2B model is complimented by a B2C webshop.
Hepster’s strength is its fully API-driven, cloud based & modular insurance solutions – it can quickly build and deploy digital insurance products as per its partners requirements. It is expanding its current product portfolio which includes bike, ebike, electronics and sports equipment insurance..
Neodigital is new insurance and insurtech start-up that provides digital insurance services for companies. They use a high degree of automation helping in tailor-making of products for individuals like private liability, accident, and household products via independent brokers, helping market participants to quickly and easily develop digitized insurance products and bring them to the market immediately.
Neodigital distributes private liability, accident, and household products via independent brokers in Germany. It was founded in 2017 and is headquartered in Neunkirchen, Rheinland-Pfalz, Germany..
BANKSapi Technology GmbH
Die BANKSapi Technology GmbH ist ein Banking-as-a-Service Provider mit Sitz in München. Das Unternehmen stellt eine API bereit, nach dessen Anbindung Endkunden auf ihre Konten, Kreditkarten und Depots über das Frontend der Lizenznehmer zugreifen können.
Finanzdienstleister erhalten damit die Möglichkeit, Banking-Leistungen neu zu definieren, Bancassurance-Services zu verbessern und die Alltagsrelevanz zu erhöhen. Mit Hilfe von Künstlicher Intelligenz analysiert BANKSapi nach Zustimmung der Nutzer deren Kontobewegungen und erstellt in Folge ein finanzielles Blutbild.
BANKSapi ein ein Venture der Finconomy AG. Impressum: https://banksapi.de/impressum/.
Ryskex provides an approach based on the symbiosis of Alternative Rysk Transfer tools and Blockchain technology. It provides a platform and marketplace to the B2B insurance market, allowing to cover and transfer rysks faster, cheaper, and more transparent.
RYSKEX builds upon blockchain contracts to handle the closing of contracts and further processing, such as claims in the case of damages. It was founded in 2016 and is based in Berlin, Germany..
Finconomy fundamentally changes how we experience financial services in the future. Finconomy is a company builder, rather than just a financial investor.
We support our ventures throughout every stage of the growth process. Finconomy specializes in the B2B segment, as an ideal partner for insurance companies, banks, independent financial distributors, wealth managers and fintechs.
With our ventures we create the leading ecosystem for technology-driven business models.. .
RealRate: Insurance Ratings based on Artificial Intelligence We have some unique characteristics, contrasting the traditional rating approach: * Independence: We do not work on behalf of the insurers * Use of artificial intelligence, enabling causal analysis of financial strength * Holistic company analysis, instead of just a bunch of key ratios * Fast and deep: our graphs let you understand a company within 2 minutes Insurance companies can purchase the RealRate seal of approval to show their customers their highly competitive market position. For insurance customers, financial strength is the most important indicator of return on their premiums paid.
For brokers our rating service allows for a qualified and independent financial advice. RealRate combines a self developed expert system for insurance companies with innovative methods of artificial intelligence.
We use structural neural networks to determine the causal effects of financial strengths. This allows for a fast and deep understanding of the analyzed companies, saving time and work for reading and analyzing the year-end reports, which is a difficult task.
RealRate’s business model is highly scalable. Reports are generated automatically.
In August 2019 we published ratings of all German life insurers. There are already more than 300 rating reports available.
Next steps will be German health and property/casualty insurers. The approach finally will be adapted to other countries and branches like banks, industry etc.
Manage solves the business and technology related challenges banks and financial firms are facing everyday. Respond and adapt to the industry changes – as well as clients’ and authorities’ new demands.
Magton can help you to stay on the front-line of the digital world.. .
With feelix you are your own financial expert. Create transparency in your financial and insurance situation and save time for annoying consultation appointments.
Additionally, improve your contractual benefits and save money through our independent and fair referrals.. .
Insurninja offers the first gaming-insurance. Providing tailor-made services for gamers, esport-organisations and streamers.
From hardware insurance in DIY-building to epic insurance bundles – fully modifiable, professional and easy to handle.. .
Policen Direkt specializes in life insurance for the secondary market in Germany and Austria. The Group consists of Policen Direkt Versicherungsvermittlung GmbH and its subsidiary Frankfurter Fondsverwaltung GmbH, both of which are based in Frankfurt, and the English affiliate European Policy Exchange Limited (EPEX) in London.
The business model is primarily the brokering, buying and selling and administration of German and Austrian capital insurance. The group employs around 90 people and manages an insurance portfolio of around € 1 billion..
InsurLab Germany is the networking platform connecting institutions, universities, consultancy companies, insurance companies, and corporates with startups, developing digital products and services for the ecosystem. We are a think tank for innovation and digitization of the German insurance industry.
Our aim is to provide insurance companies and corporates easy and direct access to national and international startups, and to actively support them in planning and implementing cooperation projects to transform and digitize the German insurance industry in the long term. Through events, workshops, an accelerator program, a co-working space, and match-making, InsurLab Germany connects established insurers with innovative founders and offers a space to create, grow, and develop.
Founded in 2017 by the City of Cologne, the Cologne Chamber of Industry and Commerce (IHK), the University of Cologne, the Cologne Technical University and established insurance companies and startups, we have grown to become Germany’s largest insurance industry initiative within a year.. .
Cognotekt has functioned as an artificial intelligence company since 2013. Cognotekt optimises business processes with the help of artificial intelligence.Their projects start on a rock-solid foundation.
With exact problem analyses, prototypisation of the solution and the creation of a business plan. On request, they can provide you with simulations and parts of the source code.
Established standards, such as Linux and C++, and tried-and-tested developments, such as Go, form the basis of their software and cloud platform. They offer you high levels of data and process reliability.
They record client data in an anonymous manner using SSL encoding. In addition, the process sequence is memoryless and occurs in an isolated, very flexible infrastructure.
Because their cloud solution is based on an ultra-secure, certified computer centre.. .
EDUBAO is a digitally-driven service provider aimed at covering all the needs of young people wishing to study abroad. Its end-to-end advice, services, and support include a straightforward, mobile-friendly app that guides the user through the entire process – from selecting the ideal form of education and school to checklists of actions required.
The app remains the student’s companion while abroad, offering practical help in day-to-day life along with social media and messaging functions. The package includes visa application support, setup of a block account, health insurance, and more financial solutions..
Unfallfuchs is an approved according to the legal service law. Unfallfuchs is specializing in traffic and insurance law.
They will be your strong, reliable partner who can rely on you even in an uncomfortable accident situation that gives you a sense of security & works for you and your rights. .
StaMAX is the partner for the protection of vacationers. With its completely new approach StaMAX determines the perfect insurance for single travelers, couples and families.
Based on the typical holiday risks, StaMAX has developed the customized insurance protection for every holidaymaker with the Rhion insurance.. .
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