French startup Liocare Has raised a funding round of € 15 million. Felix Capital, Vantec and Daffney are participating in today’s funding round. The company is selling a portfolio of insurance products with a focus on the signup process and user experience. You can control your insurance products from the mobile app.
Chances are you already pay for many insurance products. But when was the last time you checked your coverage and adjusted your contract? When people sign up for a new insurance product, they set it and forget it.
This is why insurance companies do not invest a ton on mobile apps, control panels, and user-facing features. Liocare believes there is room for a player to the contrary.
Liocare can insure your home, your car, your motorcycle and your smartphone. You can sign up from the company’s website or install a mobile app. The company has tried to optimize the onboarding process with easy-to-understand questions and an indicator that tells you if you’re choosing one option or another that you’re going to pay a bit more or a lot more .
When you sign up, you immediately get your insurance contract. That way, you can send it to a landlord a few minutes later. But Liocare also helps you manage your contract later down the road. For example, many Liocare customers opted to reduce their car insurance premiums during lockdown. You can also add another driver for a few weeks.
Behind the scenes, Liocare acts as a managing general agent. The startup partners with several insurance companies and sells its insurance products under its own brand. The company currently charges € 1 million in premiums per month and has 20,000 customers.
63% of contracts cover a car, 26% of contracts cover a house, 7% of contracts are for motorcycle drivers and 4% of contracts are focused on smartphones. And Liocare is growing rapidly with the current month-to-month growth rate of 38%.
Next, the company wants to launch new features, such as a bot that lets you check the status of your case. Liocare is also working on a facility from which you can get a notification while driving and there are usually road accidents in the area.
Finally, the startup wants to start a professional market. This can be helpful if you are looking for a plumber for example. And it may represent a new revenue stream for startups.
Liocare plans to increase its insurance portfolio sevenfold by the end of 2021. The team will grow from 35 to 80 people.