Qover builds InsurTech in 5 minutes, Munich Re partnership announced

1 min to read
In a nutshell

Las Vegas, Nevada: Qover has just demonstrated their full insurance solution on stage at InsureTech Connect in Las Vegas, where an insurance product is no longer a stack of papers, but a piece of code in the form of an Open API.

Any company, broker or retailer can now offer a fully digitalized insurance service in a matter of minutes to their customers. This unique technology combined with perfectly designed insurance products is the reason why this startup has gained the trust of premium risk carriers, like Lloyd’s of London (Qover is the first and only InsurTech in the world to have obtained this) and now Munich Re Digital Partners.

“We are a digital insurer enabling digital brokers.”, says co-founder Jean-Charles Velge. Unlike other InsurTech companies Qover’s focus isn’t just on the user experience. They deliver the entire digital back-end that is connected in real-time to the risk carriers.

“By thinking ”Insurance-As-A-Service”, you can start to embed insurance in any eco system. It becomes an invisible layer present in all aspects of day-to-day life,” according to co-founder Quentin Colmant. Qover is building insurance for the usage based economy, offering anybody, be it a website, a car or a connected TV product, the opportunity to integrate complementary insurance products into their offering.

The opportunities for Open API-based, fully-embedded insurance are huge and Qover is building the infrastructure to make it happen. To do this, Qover has raised $9 million, obtained licenses to sell in 34 European countries and recruited a team of 30 (and still counting). Qover is also building an additional 5 products and has offices in London and Brussels. They’re ready to scale up and transform the insurance world as we know it.

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