Digital Insurance Agenda

bsurance: enabling the consumerization of insurance for B2C partners and insurers

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 17, 2019

bsurance connects customers with fair and relevant insurance products in the right context, at the right time and place, directly at the point of sale, online and offline. The Insurtech startup from Austria partners with companies that possess a sizeable number of customers or handle a large amount of transactions. They grew their core business by enriching embedded insurance products. bsurance provides a customizable cloud-based platform to distribute tailor-made insurance products in real-time to serve the commercial activities of their partners, and to satisfy the high expectations and needs of today’s customers.

bsurance has developed a solution to support and serve the B2B sector with a customizable and simple digital cloud-based platform that connects insurance companies and their products with business partners and their B2C platforms. The result: embedded insurance products directly at the point of sale in the right context. The startup goes even further by offering the possibility to customize insurance products that fully meet the partners’ and their customers’ expectations and needs.

bsurance is already cooperating with UNIQA, Munich Rem AXA, and Allianz Partners. The product pipeline shows several projects that will go live soon: a buyer protection, a bike insurance, a mobile device insurance and a boat charter deposit and travel insurance. The successful startup was selected as “Company of the Year” by the CIO Outlook Magazine in 2018, it was listed by Klein Blue Ratings among the Top 100 Insurtechs in the EMEA region and also selected among the Top 100 DIA Insurtechs 2018.

Dental insurance
For the first B2C partner, Playbrush, a leading digital disrupter in the health care industry, bsurance embedded a dental accident insurance for kids into their product. Sales numbers increased by almost 60% and the conversion rate, from buying the application to upgrading to the subscription model, increased by almost 40%.

In this project with Playbrush they added the insurance to make the product better. The kids’ product was to encourage them to brush through gamification with the insurance as part of the full protection. For the second cooperation the focus was on a product for adults. The goal: to make them brush their teeth better. Better brushed teeth mean heathier teeth, less dentist costs and less costs for the insurer. The insurance product to support this goal is a customized parametric dental Insurance consisting of two components: the parametric part should encourage you to regularly brush your teeth: your brushing activities generate points that define the refund you are entitled to for a yearly professional dental prophylaxis. The health-part is a refund option for white fillings.

bsurance programmed its platform to also monitor and evaluate the parametric aspects via APIs, besides its capabilities to manage policies, claims and products in real-time. This opens up a completely new range of possibilities of customized and embedded insurance.

How it works

Why we selected bsurance for DIA Amsterdam
bsurance focuses on the implementation of tailor-made insurance products directly into the sales channels of companies with a large client base or transactions. On top of that bsurance B2B2C embedded insurance solution, offered as an embedded add-on product or as part of product-bundles and can be completed within a very short time. This benefits the consumer but also the respective partner company.

At DIA Amsterdam Lorenz Gräff, CEO & CO-founder bsurance and Paul Varga, CEO & Co-Founder Playbrush will showcase the insurance they developed with Playbrush.

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/iot-embedded-solution-offers-an-unique-combination-of-health-travel-and-parametric-insurance/

Who is bsurance?
Founded in 2017 by Lorenz Graeff, Manfred Schmiedl and Andreas Struggl in Vienna, Austria. Key partners are Munich Re and UNIQA Insurance Group AG. bsurance closed its Series A financing round end of 2018 raising four million Euros.

In addition to the existing UNIQA Insurance Group AG partnership, the strategic partnership with Munich Re that also includes risk transfer. Allowing bsurance to benefit from Munich Re’s product knowhow and enable to develop and create new and innovative insurance products in a very efficient setup. The startup has already a large number of partner companies in Austria and Germany, and as a result, also in the rest of Europe. The cooperation with Munich Re greatly helps in acquiring new affiliates in Europe.

 

Lorenz Gräff CEO bsurance                              bsurance team

“My personal vision is to bring back the insurance industry to their cooperative roots – helping people to tackle the risks of life. This leads directly to our company mission – fair and relevant insurance products in the right context.” Lorenz Gräff CEO bsurance

https://www.bsurance.tech/en/

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