Bitesize InsurTech: Kasko
May 14, 2016 Chris Sandilands
Kasko is an insurance intermediary which enables digital businesses to seamlessly connect with insurers to offer insurance products at point of demand.
There are numerous digital businesses out there with large numbers of retail customers and thousands, if not millions, of touch points. Increasingly these businesses are looking to leverage their customer base with cross selling opportunities, and insurance fits the box.
As we move more and more towards an on demand economy, insurers have responded and are busy developing on demand products and strategies to distribute. However, many, if not all, suffer with legacy IT systems which lack the flexibility to integrate with these businesses. Kasko’s platform takes the pain out of the marriage and allows easy connection between insurer and digital businesses offering three levels of integration from an app through an IFrame to APIs and claims.
This is good news for all stakeholders. Digital businesses add a new revenue stream, insurers can access customers through a new channel and precisely at the moment when customers are most likely to purchase cover. Customers get to buy insurance in a seamless and fast manner at the moment that it is likely to be top of mind. Everyone’s a winner!
Kasko, which raised $455k seed funding from UK-based Angels Den last year, is now trialling with insurance for those test-driving a new car and plans to move quickly into the underserved on demand markets in motor, home, travel and services, such as tradesmen.
This is a great idea and potentially addresses one of the big headaches faced by distributors of insurance, namely the inflexible nature of insurer systems and the broad range of systems being used by them. Other models are evolving so Kasko will have to act fast – however, they are well placed. One other consideration would be the focus of consumer protection laws on the sale of insurance add-ons in recent years. As long as sales are made in the right way, we see this as a winning proposition.
Make sure to read out TechExec interview with Nikolaus Sühr, CEO at KASKO.