Insurtech is increasingly becoming a megatrend. Liechtenstein property insurance company UNIQA has now teamed up with Swiss Insurtech Calingo and Swiss Re to create better products.
UNIQA Liechtenstein now cooperates with Insurtech startup Calingo. Calingo offers its customers personalized products and a straightforward, completely digital customer experience. The Swiss startup has developed an innovative B2B2C insurance model to offer personalized and optimized risk protection to private customers via real estate managers.
The sales launch of the first products, household, and personal liability insurance is scheduled for Q3 2021. On the sales side, Calingo works with property management company Tend AG. UNIQA Liechtenstein serves as risk carrier and Swiss Re as reinsurance partner. The cooperation with Calingo and Swiss Re is also an opportunity for UNIQA Liechtenstein to grow in innovation and digitalization in the future.
“It’s always great to learn. And it’s especially great to learn from highly motivated people like Anina, Daniel, Marlo, and Walter from Calingo. We are very excited to support their startup together with Swiss Re,” says Carsten Abraham, CEO of UNIQA Liechtenstein.
“We are enormously grateful for the support we have received in building Calingo. The team is highly motivated, and we are working flat out towards the start of sales this summer,” says Daniel Litscher, COO and Co-Founder of Calingo.
Calingo was founded in 2020 by Anina Lutz, Daniel Litscher, Marlo Hug, and Walter Rasa, who previously worked in different insurance companies. The company wants to rethink insurance and create better and more efficient products.
“Now is the time to revolutionize the insurance market and offer simple, transparent products and real convenience to the end customer. We want to create a world where people no longer have to worry about insurance,” says Anina Lutz, CEO and Co-Founder of Calingo.
The company just recently closed its pre-seed funding round. The interest on the investor side was remarkably high, and Calingo exceeded the maximum investment target with more than CHF 800,000. Investors in the company include private venture investors and the Swiss business angel network Swiss ICT Investor Club (SICTIC). UNIQA Liechtenstein participates in the startup in the form of convertible loans.
Opportunity for domestic startups
Insurtech is growing fast, not only in Liechtenstein and Switzerland but also in neighboring Germany. Firms like Coya, Neodigital, Element, and Ottonova have raised funds and experience high growth rates. Coya raised more than 30 million euros and has doubled insurance revenues this year. Most German Insurtech startups do well in terms of sales.
Meanwhile, the planned EU expansion of US-company Lemonade didn’t work out well. In its first year in Germany, the company has generated just over have a million euro in insurance sales. The company has now entered the markets in Germany, France, and the Netherlands, with rather low earnings.
The absence of big international players in the European market creates an opportunity for domestic Insurtech startups. Insurance is a very private topic, and it seems consumers prefer to deal with domestic instead of international companies. The German market demonstrates that small players can grow fast.