Is Qover a direct competitor of insurers? Separating Qover fact from fiction

Are we trying to eat their lunch? Where do we fall in the insurance value chain? And what does our orchestration actually include?

That’s why we decided to set the record straight by asking Qover experts to debunk some common myths about who we are and how we work.

‍

‍

1. Qover is a digital broker.

‍

False. Qover is an insurance agent.

'To put it simply, typically a broker represents the clients – or policyholders – so, the person taking out the insurance. We represent the risk carriers when performing insurance distribution activities. A good example is when we receive a delegation of authority from them to handle the claims on their behalf.' – Amandine de Lhoneux, Strategic Insurance Business Expert and Risk Carrier Manager

‍

2. Qover is an insurer.

‍

False. Qover is actually an untied agent, regulated by the Financial Services Markets Authority (FSMA in Belgium and the Financial Conduct Authority (FCA) in the UK.

'We are an insurance intermediary, executing insurance distribution activities in the name and on behalf of insurance companies. We have about 12 different insurance companies delegating to us, so we act in their name and on their behalf. If we look at a managing general agent (MGA), we can actually do most of the activities that an MGA can do. The difference is that we do not have the responsibility of underwriting.' – Caroline Hanotiau, General Counsel

‍

Read more about the legal side of embedded insurance →

‍

3. Qover is a software that you can purchase and own.

‍

False. We are an API-first Software-as-a-Service (SaaS) platform that enables insurance distribution and lifecycle management on behalf of our partners.

'Partners integrate our capabilities in their system by implementing our APIs and thus benefit from the power of our platform. We manage everything in our backend so they don’t have to focus on the various complexities of insurance.' – Romuald Deshayes, Platform Owner

'As a tech-first insurtech orchestrator, we are able to deploy, build and orchestrate insurance experiences. We do that on behalf of our partners, where we configure and manage the insurance solutions in our tech platform.' - Quentin Colmant, CEO and Co-founder

‍

‍

4. Orchestration is tech-only.

‍

False. Orchestration is made up of many parts, such as tech, claims and customer experience.

'Orchestration is tech-driven, but it’s made up of many parts. The essence of orchestration is that partners are offered a set of services that can be selected on a per needs basis. Think of it as a checklist of capabilities that the partner can choose from. The tech layer is only one of these items. Any of our insurance services can be selected: frontend and/or APIs for insurance distribution and full lifecycle, customer care operations, claims handling, balance sheet coordination, data, internationalisation capabilities, etc.' – Romuald Deshayes, Platform Owner

pro'People often think of orchestration as just the tech layer – but it’s much more than that. It covers the full insurance value chain, from product design and distribution all the way through to claims. That’s what helps insurers launch embedded programs quickly. They can stay focused on managing the portfolio and developing great products, while we take care of the rest.’ – Jonas von Oldenskiöld, Head of Partnerships

'The insurance experience is much broader than tech. It's about servicing, customer care, claims management, sourcing insurance capacity if needed, understanding the local requirements from a regulatory perspective and so on. As an orchestrator, we have all of those different activities. If a partner only wants our tech, it’s fine, we can do that – but we can do much more than that.' – Quentin Colmant, CEO & Co-founder

‍

5. Qover handles all claims.

‍

It depends on the partner’s needs. We can handle claims in-house or coordinate with third party providers.

'We handle a host of claims in-house. Depending on what the partner’s looking for, we can maintain those in-house, we can outsource to TPAs or we might recommend going out of house if you have something very complex and niche. But if you have simple, high-volume claims with a multilingual requirement, then those are the claims we handle really effectively within Qover.' - Ed Ackerman, Chief Customer Officer

'We’re flexible by design. Some partners want us to handle the full claims journey – others already work with a TPA and just want us to plug into that. Either way, they stay in control. We just make sure the experience is seamless.’ – Jonas von Oldenskiöld, Head of Partnerships

'We actually manage about 80% of the claim volume ourselves, with a very strong focus on efficiency, but also quality. When we insource claims, we provide all of our partners with an online dashboard where they can track the different claims, their status and also their service level agreement. We have very strict SLAs in place with all of our partners. It's very transparent, which is one of our key focuses.' – Quentin Colmant, CEO & Co-founder

‍

6. Qover goes direct to market.

‍

True. Qover has direct relationships with a host of business partners. 

‍'Qover goes direct to market, identifying prospects and potential customers. We discuss with them to understand their requirements and needs, and then we match that with our network of insurance companies. We know what they’re offering, as well as their appetite and strategy. We’ll use that to identify the best insurance company that matches the customer’s needs. We’ll ask for a quote and present that to the customer. Once the customer has selected the best offer, we will then contract directly with them as an agent of the selected insurance company.' - Caroline Hanotiau, General Counsel

‍

‍

7. Qover works with insurers & brokers where they own the client relationship.

‍

True. We’re happy to work behind the scenes. 

'In this case, the deal comes from the insurer or broker who already holds the client relationship. They contact us in order to support and orchestrate their program by using our insurance and tech expertise.' - Amandine de Lhoneux, Strategic Insurance Business Expert and Risk Carrier Manager

'Qover is not fussy about who owns the relationship. It really is about making sure that the partner gets the relationship they want and that their customers are best served by the overall relationship. So we’re more than happy to work with insurers, other intermediaries or third parties to deliver on that promise.' - Ed Ackerman, Chief Customer Officer

'It's one of our preferred and fastest-growing distribution channels. Risk carriers and brokers own the relationship with the client, and either we are totally invisible while orchestrating in the background, or if they want us to be a bit more visible, we can do that too.' – Quentin Colmant, CEO & Co-founder

‍

8. Qover is a direct competitor to insurers.

‍

False. We aim to enable insurers, not replace them.

'There’s sometimes this idea that Qover steps in to replace insurers or brokers – but that’s just not how it works. We enable insurers by powering their products in digital ecosystems. We help them distribute more efficiently and reach the right customers, without taking over their role.' – Jonas von Oldenskiöld, Head of Partnerships

'Through our orchestration services, we aim to enable insurers, not disrupt them. We are non-prescriptive when it comes to our platform: they can choose the elements that work best to complement their programs and skills. Basically, we focus on what we do best (orchestrating programs) so the insurers can focus on their core business (providing risk capacity).' - Amandine de Lhoneux, Strategic Insurance Business Expert and Risk Carrier Manager

'As an insurance orchestrator, we work hand-in-hand with insurers to deliver the overall proposition to business partners. Those partners can take as much or as little as they want from Qover or directly from the insurer, depending on the use case in question.' - Ed Ackerman, Chief Customer Officer

Qover has several ongoing collaborations with insurers. With Helvetia, for example, we combine Qover's tech expertise with Helvetia's insurance expertise and network to deliver embedded insurance solutions across multiple products and markets.

‍

9. Qover facilitates quick, multi-country rollouts.

‍

True. Our fully configurable platform means we can easily launch any product in any country for any partner.

‍'The platform is built from the ground up to manage complexity – whether that’s cross-border, cross-product or cross-partnership. Every time we configure something, we do it with those dimensions in mind. Because once you start rolling out a cross-border program, you’re dealing with different tax rules, commission structures and product coverages in each market. That’s already a challenge. Add in multiple balance sheets, bordereaux files or third-party claims handlers, and it gets messy fast. We simplify that by orchestrating everything in one place.’ – Jonas von Oldenskiöld, Head of Partnerships

‍

Curious what else we can do for the insurance ecosystem? Get more information or get in touch.