The founders of Kostenex see themselves as pioneers of retirement planning in the InsurTech industry. They want to ensure that you no longer have to worry about your pension. They answered how they plan to do this in our seven questions.
1. Who are you and what do you do? Please briefly introduce yourself and your company!
– Dr. Carl Friedrich, 49, physician and founder, doctorate in cardiac surgery at the University of Freiburg, assistant physician to Prof. Siewert in the “Rechts der Isar”, founder of “FinTechs” and “InsurTechs” (not called that back then!) for 27 years after many years working for JP Morgan
– Prof. Axel Steuernagel (Business Administration), 49, Head of Eastern Europe at Quelle and later Otto; Lecturer; Economic Advisory Board of Kostenex
Costex reviews existing company and private pension plans, stops capital investment costs, and thereby optimizes pensions. On average, the monthly pension increases by 30 percent through Kostenex. US FinTechs such as FEEX served as a model for this.
Reimbursement is always provided by the respective insurance company through credits for fund shares during the contract term. We recently launched a cost calculator on our website that allows anyone to easily calculate the costs of their private/company pension plans and see the savings potential at a glance. This creates unprecedented levels of information and transparency. We then convert the contracts to full reimbursement within one month.
Potential for conflict exists
2. But that's been around for a long time!
This has never happened before in Germany! Most people can't figure out the investment costs of retirement plans from their insurance terms and conditions. Even Googling doesn't help. Insurance companies are very secretive about the topic of costs.
3. What has been your biggest challenge so far?
To generate profits for expansion with our low margins, as we strictly reject venture capital. This would bring us into conflict with the banking and insurance industries, which we want to fundamentally transform.
4. Let’s get down to business: How is business going?
With over 5,000 customers, we're adding a larger medium-sized business every two weeks. And that's despite our new B2C online platform and cost calculator only recently going live. So we can't complain!
Pioneer in the field of retirement provision
5. What does Munich mean to you?
Munich is an InsurTech hub—this naturally boosted our InsurTech costs and our motivation. We believe the location is perfect for finding the right employees for our expansion. The only downside: Affordable and attractive office space is in short supply in this beautiful city.
6. How will your startup become the next unicorn? Or will we see you soon at Epic Fail Night?
The insurance industry has long been fiercely competitive. It's not easy to hold your own. On the other hand, the industry is moving very slowly toward change and innovation. We are the first company in Germany to operate with the "100 percent cost reimbursement" concept. This innovative approach makes us an absolute pioneer in the field of retirement planning, and that's why I can confidently say: Yes, we will be the next unicorn.
7. In Munich: Car or bike?
Our company Smart is unbeatable. Parking problems are a thing of the past, and we even do a little marketing for Kostenex on the side.
