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This year, according to our Munich Startup Insights has already raised €105 million – more than ever before. This puts 2022 well ahead of second place, as it only raised €60 million in 2019. The year also marked another interesting milestone: 2022 was the first year since 2014 in which significant sums were invested in Munich-based insurtechs from outside Europe.
The insurance startups can be divided into three large groups, according to the strategy consultancy Oliver Wyman: Offering, Sales, and Operations. Startups in the "Offering" category offer insurance products themselves, while those in the "Sales" category distribute the products of other insurers. The "Operations" category, in turn, encompasses young companies that are changing the processes and methods in the insurance industry.
In episode 10 of the Munich Startup Podcast, we already presented a selection of Munich-based insurtech startups, which we'll continue with in this episode. We take a closer look at two veterans and two newcomers that have only recently been around.
Old hands in the insurtech industry
Finanzchef24 was founded in 2012. The startup operates an online insurance comparison platform for the self-employed and small business owners. Finanzchef24 has also been offering its own insurance solutions under the name Senzara since 2021, such as commercial liability insurance for online retailers. However, the startup only developed this additional offering after the founders left. You can hear all the details starting at minute 3:00.
Also at Ndgit (from minute 6:30) Not all of the founders are still on board. Founded in 2015, the startup offers banks and insurance companies an API platform and an API marketplace to help them meet the open banking requirements of the Payment Services Directive (PSD2). According to Ndgit, over 30 European banks now use its services.
New insurance products from Munich startups
One of the youngsters among Munich’s Insurtech startups is GarentiLaunched in 2021, the startup offers tenants the option of replacing their security deposit with a guarantee. They pay a monthly fee for this, and in cases where the deposit is likely to be lost, an insurance policy will cover the costs. We report on the founding team, financing, and valuation starting at minute 9:00.
Another newcomer in the insurance industry is HakunaAlso founded in 2021, this Munich-based startup focuses on e-commerce. Hakuna offers online retailers a simple way to integrate product protection insurance into the shopping process. We explain how retailers and customers will benefit from this starting at minute 11:35.
The investor HW Capital
HW Capital, the investor in this episode, is also closely linked to the insurtech industry. Not only was the investor co-founded by one of the founders of Finanzchef24, but the two founders of HW Capital also founded the consumer portal Finanztip, which offers independent and free financial advice. The investor's portfolio consists almost exclusively of fintech and insurtech startups. We take a closer look starting at minute 14:00.
