No one likes to deal with insurance: too much paperwork, long queues in hotlines and cumbersome notice periods. The digital insurer Coya shows that things can be done differently. The low-priced products of the Berlin-based InsurTech come without representatives and are limited to the essentials. Here you will find out what lies behind this novel concept that wants to completely redefine insurance.
One of the most stable insurTechs in Europe
The insurance industry and digitization are not getting very warm with each other. While banks now have a lot of things running smoothly in the digital world, complicated insurance policies are often handed out in the insurance industry and claims are handled ineffectively.
It took time to redefine insurance, thought Andrew Shaw, Peter Hagen and Sebastin Villarroel and sent Coya AG to the grid in 2016. The official market entry took place in September 2019.
Today, Coya has around 70 employees, coming from 20 different nations, and can refer to investments of around $ 40 million after the Series-A. Licensing of BaFin is also available.
This success story is due to a start-up idea that absolutely hits the nerve of the time.
Transparent and cheap insurance for Internet affine
In short, Coya has the counterpart to the marketplace insurance. We offer fair and transparent products on favorable terms. The insurance companies have flexible contract periods and can be terminated on a daily basis.
The conditions are reduced to the essentials and written intelligibly; Contract conclusion such as damage reports are even possible on the smartphone. The classic insurance agent Coya has abolished, which additionally reduces the cost.
The focus is on just the right product for the self-sufficient customer of today. He can conclude his contract with a few clicks.
Only basic information such as name, address and the relevant information for the respective insurance policy such as living space or the value of the object to be insured are necessary.
Once the insurance has been taken out, there are no folders with contract documentation piling up at home – you manage everything digitally.
Next coup: the micro-policy
Initially, Coya started with home contents insurance, which due to the slender structures is already available for € 1.79 per month.
Meanwhile, a personal liability insurance, a bicycle theft insurance and an e-bike theft insurance complement the product portfolio.
In order to become Europe’s leading digital insurance company, the Berlin-based company is still working hard on promising solutions. The products are to be offered increasingly via co-operation partners from e-commerce or travel industry.
In addition, Coya would soon send the micro-policy into the race. So you do not have to insure the entire household contents, but a single item can get for a few days or even just a few hours appropriate insurance coverage – for example, your expensive ski equipment for winter holidays or the surfboard in the summer.
However, the insurer checks exactly what idea the market needs. The goal is organic growth with perfectly coordinated building blocks and lateral thinking with a system to define insurance in a truly new and sustainable way.
Digital everyday companion instead of necessary evil
What drives Coya to success is one of the fundamental problems of the insurance industry. Nobody likes to deal with prices, policies and insurance brokers.
Contact with insurance is felt to be necessary but annoying. Maybe you have already experienced that in case of damage everything is done to prevent or minimize payments.
Through digitalization, it is possible, as an insurance company, to pick up the customer back where he is – and accompany him individually and in the spirit of the original meaning of insurance through everyday life.
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