Allianz X, the digital investment arm of insurance giant Allianz, is to acquire embedded insurance pioneer Simplesurance.
Allianz says the Berlin-based insurtech has become one of the leading providers of embedded insurance, a field which is expected to be worth as much as US$700bn by 2030.
Simplesurance focuses on fast-moving ecosystems like mobility, ecommerce, travel, fintech and banking and boasts the likes of N26, heycar and OnePlus among its existing customers.
The deal to acquire Simplesurance outright follows several years in which Allianz Partners collaborated with the insurtech firm, culminating in a scalable integration technology for both digital sales and offline distribution channels.
Simplesurance has recorded exponential growth since it was founded a decade ago, employing 120 people with head offices in Berlin and Tokyo and maintaining a physical presence in more than 30 different countries.
Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too. With Simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment.Carsten Middendorf, Allianz X CIO
Robin von Hein, CEO and Co-Founder of Simplesurance, adds: “With our innovative technology, we have been able to win over numerous large partners and their end-customers in recent years and have grown strongly. Now it is time for the next developmental step. With the full backing of a global market leader in the insurance industry, we can play to the strengths of our technology even better and drive global expansion more effectively.”
And Tomas Kunzmann, CEO at Allianz Partners, says: “With a closer collaboration, we will leverage Simplesurance’s digital capabilities even more effectively and achieve a really competitive speed to market. Combined with the strong relationship with our own B2B2C partners, this sets the foundations for a digitally powered customer experience that truly creates peace of mind for our customers.”