Under the peer-to-peer approach, policyholders pay a monthly membership fee of EUR 1 and monthly premiums for the insured mobile phone, dependent on the model. Freshurance receives the membership fee and 25 percent of the premium. The remaining 75 percent of the premiums are pooled. Claims are paid from this pot. 75 percent of everything that remains in the pot is returned to the policyholder in the form of a cash back. The other 25 percent is donated to NGOs for charitable purposes.
Freshurance has participated in the Start-up Accelerator Program of the Startupbootcamp in Amsterdam in 2018 and has been awarded as the most innovative InsurTech. With the additional capital, Freshurance will participate in Sandbox Spain, as well as expand its marketing and develop the product technologically.
Insights into peer-to-peer business models
With its investment in Freshurance, Helvetia is gaining insights into the highly innovative Spanish InsurTech market and further knowledge of peer-to-peer business models. 'Helvetia has already gained a lot of experience in the insurance of items such as mobile phones. With Freshurance's peer-to-peer insurance, we are gaining further insights into an exciting market for Helvetia', explains Markus Gemperle, CEO Europe of Helvetia. Ricardo Sanchez, founder and CEO of Freshurance, adds: 'We have already worked successfully with Helvetia on previous projects. I am therefore very pleased that together we will be able to pursue our vision of a simple, transparent and collaborative insurance company that relies on state-of-the-art technological solutions.'
Attachments
- Original document
- Permalink
Disclaimer
Helvetia Holding AG published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 06:10:02 UTC