The Munich-based startup Inxure.me offers an insurance package to cover existential risks in the areas of liability, household and accidents. It can be completed online at a fixed price of 7 euros per month and can be canceled on a monthly basis. They have 3 offers: basic: 7 euros per month, clever 9,99 euros per month and best for only 14.99 per month. Inxure.me wants to be more understandable and transparent than existing providers. The company acts as an Assekuradeur, risk carrier is Danish Gefion Insurance and SwissRe is the reinsurance partner.
Inxure.me tackles a core problem: insurance is a low-interest product. People don’t wake up and want to buy the red, green or yellow insurance they have been dreaming about all week. Insurance will always remain a push product, bought at a point of sale. There are only a few natural touchpoints for the basic insurances. People realize they need insurance when it is too late. The startup mission is to show customers that they always have a choice. And that one should be aware of this responsibility. Because then you take your life in your own hands and can realize his dreams. They want to give the necessary backing for the important things. Small things must not be insured they say.
Transparent, understandable, personal and cheap
New insurance structures, tariffs and insurance conditions, Inxure.me is different. Above all, they are safe and reliable. They have two strong partners: Gefion Insurance from Denmark and the world's largest reinsurer, Swiss Re. In Gefion, they found the partner who thinks as modern and simple as Inxure.me does. In addition, every risk is secured by the country Denmark and its government, one of the richest and most stable countries in the world. And SwissRe, the reinsurance partner is the largest and most powerful reinsurer in the world and is able to provide the necessary backing.
How do they do it?
At Inxure.me they want to make insurance back to what it once was: hedging against existential loss events and strokes of fate - the focus on it also enables them to be so cheap. Inxure.me realigns product and distribution, with a simple product that covers existential risks in P&C starting at just 75 EUR annually, or 7 EUR monthly. For underwriting, next to name and address, only 2 questions are asked. It can be bought in less than 60 seconds, even on mobile devices. No lock in, it can be cancelled every month. Because the claim process is so simple, customers get a very fast pay-out.
They recalculated all products from the bottom up, 70 million data points and eliminated statistically non-relevant covers and covers that were available in more than one policy (eg 120 pages T&C reduced to 7). On top they insurances are sold due to events, like marriage or accidents. With the advanced analytics engine from Inxure.me, they can easily filter those events and target the customers directly. ç
By focusing on existential risks, they cut out the high frequency claims, like the small risks and damages. Therefore, they can operate lean, and do not have huge costs in claims handling. The high frequency part of the premium covers the Fix and IT costs. Additionally, Inxure.me introduced trigger based covers. This does not have such a high impact on the client, but on the back-end, as they have a very simple claim handling process, which can be automated easily with a fast pay-out. On top, low cost claims are prone to fraud. Higher cost claims need much more criminal intent and have a much lower frequency as well. Inxure.me costs are reduced significantly by combining/bundling: Only one admin margin and one sales fee. If they slice their product, they can integrate it into other products, like credit cards for extremely low amounts (Cents and not Euros).
Why we selected Inxure.me for DIA Munich
The German startup covers large personal risks from multiple product lines for a flat fee. While this model is not yet that of a full risk partner, it does present the basic platform for providing the minimum cover needed. This can then be adapted by situational offerings to address evolving needs.
Customers have a latent demand for insurance products. The need is there, customers know they could or should think about protection products, it is just not strong enough to trigger an active search. A business model with an innovative approach like Inxure.me can change this.
Who is Inxure.me?
The startup is founded in 2016 by dr. Clemens Dietrich and dr. Fabian Seul. Inxure.me operates as an MGA, fronted by Gefrion Insurance, reinsured by SwissRe and is bootstrapped by founders for the first 1.000 customers. They have just started fundraising for scaling.
Fabian Seul (left) and Clemens Dietrich (right)