Omocom’s staff has truly put collectively most of their go-to-market methods in a baby-playroom of … [+]
Sara Forsberg
Even when sharing belongings amongst trusted-peers, people would possibly really feel an underlying unease within the potential battle that might come up, ought to the item be damaged. Traditional insurance coverage insurance policies are additionally constructed on a premise of an possession which has been a problem in peer-to-peer transactions. According to a research by Lloyds, which investigated the present state of threat administration on sharing economic system platforms, 74% of customers don’t really feel protected to share belongings with different people if insurance coverage shouldn’t be offered.
Today’s launch of Omocom – the Stockholm-based B2B Insurtech resolution which wishes to fill within the belief hole and supply on-demand insurance coverage for each round and sharing economic system platforms.
As of at this time, the Insurtech Omocom has partnered with a Swedish peer-to-peer market app, the place customers can optionally insure belongings when getting assist to maneuver issues from one place to a different. The premium ranges between €2 – €6 and covers damages as much as €150 – €1000 with no deductible funds.
“We had several discussions with incumbents to carry the risk of our services, and after months we decided to cooperate with W.R. Berkley and white labeled a product with them. So Berkley carries the risk and we do the rest. However, to avoid bottlenecks, we have cooperation in place with Van Ameyde to carry on claims management in our systems when needed. It seems that the traditional Swedish insurance business had difficulties to absorb innovations like ours.”
International companions
Omocom has already accomplished a pre-seed spherical in Q1 2019 of 1.1M EUR to create methods for threat evaluation, fraud detection, underwriting, reporting, funds and claims administration and broaden the staff whereas hiring from the opposite Swedish Tech Unicorns like Klarna and Spotify.
The thought of closing the trust-gap within the round economic system originated whereas compelling a report on sharing economic system in numerous Swedish Ministries, the place each founders have been lively professionally earlier than launching Omocom. The founders had the privilege to make use of the 180 days paternity go away offered by the Swedish state to deal with their youngsters collectively whereas engaging in extra road-map targets at Omocom.
Following Omocom’s CEO, you don’t have to hesitate to deliver children to work when wanted as almost certainly … [+]
Sara Forsberg
“Thanks to the generous paternity leave of the Swedish state and the support from our wives and each other, we have been able to get this business started while taking care of our children. We have literally changed diapers during pitches and my daughter took her first steps at the SUP46 co-working space. It really turned out to be a bonding experience for our entire team.” –
From a enterprise course of perspective, Omocom integrates their product by an API to calculate threat in real-time on the rental platform. That permits an insurance coverage premium which is tailored to renting reasonably than proudly owning objects. The proprietor of the item pays the insurance coverage premium which relies on the rental interval. The threat is roofed by Berkley by which Omocom can act as an affiliated insurance coverage distributor.
This signifies that Berkley is the insurer and bears the insurance-related threat whereas Omocom develops insurance coverage insurance policies, fashions threat, develops new software program and insurance coverage options. Foremost, Omocom collaborates with platforms that eagerly want insurance coverage to spice up their enterprise.
The firm wishes to broaden firstly to the Nordics throughout H1 2020 and supply a handful of various insurance coverage options to P2P-, B2B- & B2C-platforms. By the top of 2020 the purpose is to broaden to different nations in Europe, reminiscent of France, Germany and the Netherlands.