ITC DIA Europe

bsurance: developing embedded insurance solutions for the point-of-need

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Dec 16, 2020

The digital transformation of insurance carriers is moving forward, but is it going fast enough? Insurance companies are well aware of today’s customer needs, not only on the B2C-side, but also on the B2B-side. However, decades of established processes and infrastructure make it difficult to execute the required changes with the necessary speed in order to fulfill these customer needs. This is where bsurance can help.

bsurance has developed 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 available directly at the point of sale in the right context. bsurance goes even further by offering the possibility to customize insurance products that fully meet the partners’ and their customers’ expectations and needs.

How it works
bsurance operates with a B2B2C business model and digitalises, individualises and develops innovative insurance products. bsurance embeds these products in the simplest way possible into existing sales processes, products or services, and right where it matters: in apps, web shops, or cashier systems – directly at the Point-of-Sale. This way end-customers can easily access fair and relevant insurance products.

Access to the end-customers is exclusively via B2C cooperation partners. Insurance partners act as insurance product providers and/or risk carriers. B2C partners and insurance partners are connected to a cloud-based insurance management platform developed by bsurance, using REST APIs. The entire insurance management process is 100% digital, end-to-end. The platform issues policies in real-time and takes care of both billing, as well as the handling of claims.

A recent example is the digital insurance solution that bsurance developed for kika/Leiner’s furniture stores, enabling customers to take out extended warranty insurance directly upon purchasing electrical appliances. bsurance worked closely together with kika/Leiner to tailor the insurance product to their customers’ needs, with UNIQA acting as the risk carrier.
Thanks to the bsurance insurance platform, all processes are handled digitally. This includes policy creation, premium collection and claims handling.

Advantages for B2C partners and insurers
Offering embedded insurance solutions through the bsurance platform offers several advantages, both for the B2C partners, as well as the insurance partners. It helps B2C partners to offer a unique added value on top of their product or service – something that can help them to differentiate themselves from their competitors. Eventually, this will lead to stronger customer loyalty and an increase in sales. It will also help them to develop a sustainable ecosystem that goes beyond their product or service.

The bsurance approach offers considerable advantages for insurers as well. It enables them to reach new customer segments and increase their sales. With its end-to-end digital processes, bsurance is able to create fast connections to any B2C sales platform, resulting in a short time-to-market for any new offer.
And finally, bsurance helps insurers become part of “contextual ecosystems”, where consumers’ real problems are being solved.

Adding value is all about solving the real problem. People don’t want a mortgage: they want a nice house to live in. Insurance is usually just part of a solution, but rarely the entire solution to the real problem a customer is facing. To help solve the real problem, insurers need to become part of the context, and the ecosystem of companies and organisations that play a part in that context. bsurance’s business model and embedded insurance enable insurers to do just that: become part of the contextual ecosystem and help solve consumers’ real problems.

Who is bsurance
The Austrian insurtech start-up bsurance was founded in November 2017 and specialises in B2B2C business models in the insurance sector. It was founded by Lorenz Gräff, Franz-Xaver Burner, Manfred Schmiedl and Andreas Struggl. bsurance focuses on implementing customised insurance products directly into the sales channels of companies with a high transaction volume or a large customer base.

It successfully closed its Series A at the end of 2018. Series B is currently in preparation. bsurance is already operational and in the growth phase. The team currently consists of 25 employees. bsurance has more than 15 insurance products ready for implementation and already cooperates with 5 insurance companies, serving over 20,000 end-customers through 7 B2C business partners. Strategic partners, product providers and risk carriers include UNIQA, Munich Re, AXA Partners, R+V and Allianz Partners. bsurance operates with 3 models: MGA, I-SaaS and as digital enabler for Insurance partners. bsurance is based in Vienna, Austria.

“My personal vision is to bring the insurance industry back 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 and Co-Founder, bsurance 

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