Only a few months after having announced the last financing round simplesurance receives the next high investment in the double-digit millions.
The Berlin-based InsurTech raises 11.5 Million Dollar. Investors are the multinational insurance company TMHD and the Franco-German financial group ODDO BHF. This finance round increases the total funding of simplesurance to 60 Million Dollar and marks simplesurance’s position as best-funded InsurTech from Europe.
TMHD who is a multinational insurance holding company and the largest insurance group in Japan will support simplesurance’s market entry into Japan. The Asian expansion is also planned.
"We are confident that through our collaboration with simplesurance, a world leading insurtech company that provides an insurance platform utilising innovative technology, we will be able to bring innovation to the Japanese and Asian insurance markets.", says Mr. Osamu Kanda, Managing Executive Officer and Chief Commercial Company Officer at Tokio Marine and Nichido Fire Insurance Co., Ltd.
The Japanese insurance landscape looks promising: Though people have an affinity for insurance products, digital insurance processes are still at the very beginning and so is the InsurTech market. That’s why simplesurance comes in. By using their years of expertise and know-how for cross-selling solutions, simplesurance will be able to scale its platform for e-commerce and FinTech providers in Japan.
In the past, Rakuten, a global innovation company and Japan's leader in e-commerce and fintech services already started a cooperation with simplesurance and has also become a financial shareholder. In the course of the expansion, simplesurance will also open an office in Tokio and build a team
Founder Robin von Hein is proud of the development of the company. “Six years after the founding we are already active in 28 European countries and are now capture the Japanese market”, says von Hein and Chief Insurance Officer Dominik Bark adds: “The Japanese market is very attractive. However, digital change hasn’t arrived yet in the industry although the people are very tech-savvy. By using our first mover advantage for digital insurance solutions we will be able to build an entirely new InsurTech market in Japan.”
Within the InsurTech branch the wheat is separating from the chaff in recent times. Few companies establish on the market while others disappear. Simplesurance has become a market leader for its insurance platform. More than 2.500 partner from the e-commerce and banking industry use the cross-selling integration to offer their customers insurance at the point of sale.
While the integration partners benefit from the digital solution and increase their margin, customers enjoy a digital and fully automated customer journey, starting from the purchase of insurance to claim handling.
The second investor is ODDO BHF. ODDO BHF is an independent Franco-German financial services group, with a history stretching back over 160 years. It was created from the alliance of a French family-owned business built up by five generations of stockbrokers and a German bank specialising in Mittelstand companies. With 2,300 employees (1,300 in Germany and 1,000 in France and Tunisia), and more than 100 billion euros in assets under management, ODDO BHF operates in three main businesses, based on significant investment in market expertise: private banking, asset management and corporate and investment banking. The Group has a specific ownership structure as 60% of its capital is held by the Oddo family and 30 % by employees. This “partnership” ethos guarantees the long-term involvement of its teams. In 2017, ODDO BHF generated net banking income of 591 million euros, and at 31 December 2017, the Group had over 844 million euros of shareholders' equity.
The financing into simplesurance proves excellent trust and marks the start of a long-term partnership. Phillipe Oddo, Managing Partner at ODDO BHF: ““In our innovation process, we have decided to invest in Fintechs. We have already invested in two Fintechs in France - Lydia and Bankin. simplesurance is our first investment in the German FinTech market. We are convinced by its management and its unique business model.”
“Winning ODDO BHF – the family-owned unique Franco-German financial group – as an investment partner strengthens our competitive position as a leading insurance service provider around the world and facilitates our diversification and expansion strategy”, says founder and CEO Robin von Hein.