Virado: One app. 250 niche product insurances for Millennials

Virado: One app. 250 niche product insurances for Millennials

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 26 Jan, 2017

German tech startup Virado is successfully creating new sources of income for insurance brokers. By offering 250 insurance products, mainly for niche policies on one platform. Targetting German Millennials. For example, insurance for an apartment share, DJ-equipment, or a travel backpack. These kind of products were not available for the insurance broker due to high connection and transaction costs of the insurer. The Virado all in one app for smartphones and tablet is based on Virado technology. The on-demand platform offers insurance brokers structured access to all insurances. Easy. Fast. Free.

Virado puts the insurance broker back in the middle
Millennials do not use a traditional insurance broker. They go online to find an insurance solution to fit their lifestyle. The on-demand platform Virado puts the insurance broker back in the middle by giving him the opportunity to not only protect but also to create new sources of income by serving the Millennials with insurance products they need.  ‘On the spot’ insurance products will significantly increase the customer’s loyalty and customer lifetime. The tech startup offers also digital business expertise and the app is suitable for the insurance brokers homepage and its own social media channels.

Free of charge
Virado is completely free of charge and user-friendly. All the insurance broker needs to do is download the app and register. Within minutes the login-data is available and the broker can start selling insurances. The complete purchase process is digital and real-time. After closure all information is send by email to the customer. The whole process only takes a few minutes. Insurance brokers receive commission on all sales.

The data is hosted in Germany with common standards such as BiPro. Virado partnered with trusted insurance companies like Berlin Direkt, Muncher Verein Versicherungsgruppe, ERV, German Assistance, GAV, Barmenia Versicherungen, Wertgarantie and so on.

Why we selected Virado for DIA Barcelona
Virado fulfills a new role in the insurance value chain. It empowers insurance brokers to sell ‘on the spot’ insurance products to German millennials. With modern app technology, thereby bringing together the evolved needs and expectations of customers, insurance brokers and insurance companies. Leveraging to the max what digital has to offer.

Digitalization completely overloads the IT systems of insurance companies and they frequently lack specialized digital marketing knowledge. Virado provides speed, flexibility, and new business for the young and purely digital target audiences. Where traditional insurance still discusses business plans, Virado just puts a product on the market, tests it and collects feedback.

Who is Virado?
Founded in 2014 in Cologne by Armin Molla (CEO), Christian Berlage and Achim Hepp. Together they have decades of knowledge gained in insurance and digital markets. The team consists of 10 members, focusing on the development of the Virado Middleware, the Virado app, plugins and sales.
Armin Molla saw the opportunity when he worked at ERGO. If a small partner has an innovative idea most of the time the big insurers can’t co-operate. If they want to integrate these kind of products, then IT and portfolio management need between two and four years. There is market potential for a lot of products, but no underwriters for many of them.

Investors:

  • Ergo Group, ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide. The Group’s asset manager and fund provider, MEAG, also manages the investments of ERGO amounting to 123 billion euros.
  • Gero Presser co-founder and CEO of QuinScape GmbH, a German company focussed on portal solutions for extranets and intranets.    
  • Mehrdad Piroozram founder/partner InsurTech.vc.

The tech startup won second price in the pitch contest of DMK 2016.

foto-virado-2
Achim Hepp (CDO), Armin Molla (CEO), Christian Berlage (CTO)

“Failure is part of the process and needs to be embraced”. Armin Molla, CEO Virado

“You simply can’t operate at maximum efficiency in innovation. You need to deliver results. Quick.
In a standard organization you can expect to deliver in two years. We needed to show that inside nine months”. Armin Molla, CEO Virado

Website http://en.virado.de/

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