How do you get talented engineers to work for startups in a world field at a time when you are paying for more and more interesting companies well and aggressively hiring? The answer to an insurance startup outside Poland is this Rid: Make the salary competitive, yes, but even more importantly, the license to these engineers to implement their abilities and restore how the field works.
Just 12 months ago, Botstrod Launching, Omanomo believes it has a different and better approach to understanding and pricing. It is already growing profitable and rapidly, Hungary’s first market has 300,000 policies. Now, it is taking its first foreign investment from a strategic baker, jewelry insurance group, to promote its next phase of life.
Tech Crunch sources understand that Zurich’s 5 % of the company is making a $ 10 million equity investment (about $ 11 million), which values Oenimo $ 200 million ($ 220 million). Neither Oenimo nor Zuric commented on the amount invested, but both have confirmed the price.
Oenimo’s financing is coming at a time when one of the most famous and well -investing insurance startups in Europe Once unicorn Woofoxes – is To sell some parts of his business And lift Lifeline financing Keep from Going under this.
It acts as a precautionary story about ways to enhance the insurance business, but also a clear opportunity. The reason for this is that the weifx has increased so fast because the market was due to demand (both consumers and investors), if only surfing the wave of this demand can be surfed.
Omanimo is already profitable in its current business, but this is a slight effort. Today, Oenimo is only active in a market, Hungary, and is focused on only one type of insurance, car insurance for consumers. The plan is to copy its model in more geography and category. Poland, Sweden and the Netherlands will expand to more than 10 new markets – Using Zurich as their risk carrier, usually becomes a broker, especially a Managing the general agentFor jewelry. Oenimo is initially focusing on automotive insurance but plans to add property over time.
The CEO of Dawson Commerce-OMMO, who laid the foundation of the company jointly with Dennis Van Binder (now Chief Prisoning and Data Officer) and Laslo Horwatt (CTO),-when he worked for McCain, the insurance industry faced the first hand challenges. He said, big insurance firms were caused by three important issues: tight, heritage systems that were challenging, if not impossible, use new services to start fast, and use with new innovations such as AI -based prices. Slow the decision -making process at the corporate level. And skills.
“No wonderful software engineer or data scientist dreams of working for an insurance company,” he said.
McKencies and others are usually called to try to fix these three together. She and her team will produce new products from the ground up and “give” the insurance client, “she said. “He worked to some extent, but not much that he would be expected.”
Of this, it was inevitable: Taking an indication from the world of Fantake and other insurance startups, the commerce and its two co -founders saw the opportunity to produce a product as a company instead of a client, the use of APIS is not to plug on the properties and functionality of other providers. And likewise, Omanimo was born.
The outline of what Omanimo is doing is applying some AI -based arguments around the Big Data Analytics. When the insurance quote costs and costs the price, a traditional insurance company can use five or six major parameters (person’s age, person’s economic bracket, vehicle type, past driving date, car location) to determine the price. A new insurance car can add another 10 or 15 parameters to it.
“But there are some unclear variables that are actually very important,” Komar said. For example, once you get a car’s license plate, you can actually tap in a database, which gives you about 100 different variables of the vehicle, which includes length and height and width and vehicle width and weight. “For example, it is interesting to see that the data shows a very strong connection between car length and the frequency of accidents during parking,” he said.
When it is passing by, Omanimo keeps the population density and maximum in addition to all these details.
Of course. There are many insurance startups in the market that eliminate the use of AI in their platforms, both for the previous end for decision -making and the front end to improve customer experience. (The existence of dozens of Startups in Fintak, a close sister of insurance tech, who also claims to be built on AI.)
The reaction of commerce is that the track record of Omanimo speaks itself. “I think what really means in the market, so if you compare our performance to Lemonide [a key competitor]He said, “You will really see the difference.
As the market is like a lot of nebinics – fantach and insurance are really very common – many “new” insurance players in the market are putting less obstruction under the hood because they are making more modern consumer experience.
“There is a difference between claiming to do data science in terms of risk diagnosis and in fact,” he said. He believes that many startup rivals have in fact focused on high consumer experiences, very good front ends, very lean and intuitive trips, but there was nothing. “
He claimed how to give talent a place for the kind of work he wants to do, he has made and maintained the key people. “We have eight medals from the Olympiads of Maths and Physics [prestigious competitions in these fields] In our data science team, “he said.” These are really brilliant young minds who will now, for the first time, will deploy their full potential globally. And this really appears in KPI that we see.
That is why he attracted his new strategic investor, who is looking for more diverse ways to bring new waves of consumers.
“Increasing our retail business in the cycle of Zuric’s 2025-12027 is an important ambition. That is why I am happy with the partition of Directorate’s Ommyumo, which will allow us to offer Zuric Insurance Insurance Solutions and increase our retail customer base in Europe.” “I am also happy that we are strengthening our relations with the minority stake in Omanimo.”