Qover: Sliced On-Demand Digital Insurance Infrastructure for consumer businesses

Qover: Sliced On-Demand Digital Insurance Infrastructure for consumer businesses

Written by Roger Peverelli and Reggy de Feniks on 27 Nov, 2017

Qover, winner of the DIAmond Award Munich is a Belgium based insurance technology startup. They have built the world’s first ‘Insurance-As-A-Service’ platform to change the way insurance is designed, managed and distributed. As a cover holder of Lloyd's of London, Qover acts as a digital wholesaler of proprietary white label insurance, allowing any business or Insurtech to seamlessly integrate their library of insurance products into its digital ecosystem via their open API's. Qover manages digitally the whole stack of insurance: product design, pricing, risk and claims. The startup offers innovative products - backed by the bests.

Qover acts as an insurance wholesaler offering ‘Insurance As-A-Service’ to digital business partners, the B2B2C business model. The customer receives a price in real time and can immediately purchase an insurance product and the digital contract is instantly issued. Qover also innovates in insurance products, offering "Sliced On-Demand coverage" alongside traditional coverage. Cutting conventional products into more targeted by-products and varying the duration of coverage on demand from one day to one year.

Motor GAP policy: Protect 100% of the purchase price of a car for up to 5 years.
The first live product is a motor GAP policy underwritten by AmTrust Syndicate 5820 at Lloyd’s for the Belgian market. This policy is available for the owners of new and used cars bought in the last 6 months and covered by a full casco insurance. In case of total loss or theft of the car, the customer receives the difference between the original price he paid and the indemnity paid by the casco insurer. Full protection up to the 5th anniversary of the vehicle. Qover is also building the full motor insurance product line with sliced and on-demand features along with more traditional insurance products.

Next to the GAP policy, Qover is working hard to build a full range of non-life insurance products.

Qover targets 3 different distribution channels:

  • Traditional brokers that want to digitize: many brokers are struggling to digitize “organically”. Some are therefore using the Qover platform, which can be white-labelled, in parallel to their core systems.
  • Large non-insurance distributors: Qover’s platform can be used by third parties as a customer- or agent-facing system.  Qover believes that “comfortably over 50%” of the car sales market in Belgium is speaking to him about a possible integration.
  • InsurTechs: Qover can be accessed by InsurTechs looking for capacity.

Rethinking insurance
Traditional insurers are going digital by simply putting their complex processes and products online. Qover believes digital insurance is about re-thinking everything from an empty sheet. They have completely rethought the insurance product and processes. They want to change people’s opinions about insurance completely. For a lot of customers, the insurance process is a painful process with impersonal, incomprehensible policies, expensive product packages and an unsatisfying claims service. It is in Qover’s DNA to elevate the customer experience with on-demand made-to-measure insurance handled through a fully digital process. Thanks to Qover’s top-notch customer care, users feel supported and listened to in any situation and they pay only for what they really need and they can cancel anytime.

Offering a better service by adding complementary insurance solutions
Businesses like e-commerce or online retailers can offer a better service by adding easy to use complementary insurance solutions to their product offering while gaining additional revenue. Qover can create personalized insurances. Offering Qover on-demand, made-to-measure insurance products is easy because Qover’s easy-to-use and robust APIs are designed for seamless integration with any ecosystem, website or app. In return businesses receive a lead fee and Qover takes care of the rest.

Why we selected Qover for DIA Amsterdam
Qover operates at the crossroads of technology and insurance, providing a comprehensive library of digital insurance APIs that allow any company to build and sell digital insurance products complementary to their core line of business. The company has a whole new outlook on insurance with new roles in the value chain and superb customer engagement.

The Qover’s platform makes the insurance experience better for the customer, easier and more profitable for the affinity partner, and cheaper for the insurer. At DIA Munich they gave a live demo of their vertical integration via their proprietary set of insurance API’s. At DIA Munich they have been rewarded with a DIAmond Award as insurtech with the most strategic impact.

Who is Qover?
Jean-Charles Velge (34) co-founded Qover in March 2016 with Quentin Colmant (34). Before founding Qover, Jean Charles held several key positions in the private equity industry both in Europe and Hong Kong. Quentin pursued a successful career in the insurance industry, fulfilling a series of top management positions at Allianz Benelux.

In April 2017, they announced the startup has raised € 5.5 million in a Series A investment round led by global leading FinTech VC fund Anthemis. The round follows a seed investment of € 1.5 million from BelCube and Callataÿ & Wouters Ventures in April 2016.

“In stand-alone, a conventional insurer is no longer capable of being at the forefront of technology in all areas.”
Quentin Colmant, Co-founder Qover

Winner of the DIAmond award 2017 with Roger Peverelli (left) Quentin Colmant, Jean-Charles Velge and Reggy de Feniks (right)

Website: www.qover.com

Presenter 1: Jean-Charles Velge
Presenter 2: Quentin Colmant

Contact info: JC velge
Email: jc@qover.com
Telephone: +32 483 09 22 88

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