Berlin's Fintech Startup Factory FinLeap Expands Into the Insurance Market
FinLeap is now working in collaboration with insurance experts ITA Institut für Transparenz (Institute for Transparency, ITA), having become major stakeholders in the institute. In addition to alternative banking products, FinLeap now also provide digital solutions for the insurance market.
What seems difficult to achieve through the reform of German law or EU directives is now set to be delivered by the Berlin based startup factory, based on digitalization and industry expertise. The objective of the collaboration between serial entrepreneur Jan Beckers and insurance expert Dr. Mark Ortmann is the digital evolution of the insurance market. “Digitalization is the key to transparency. The collaboration between FinLeap and ITA will set new standards in the insurance sector”, explains Jan Beckers, FinLeap founder and partner.
“Digitalization is the key to transparency. The collaboration between FinLeap and ITA will set new standards in the insurance industry.” Jan Beckers, FinLeap Founder and Partner„ Jan Beckers
“Floods of papers and complexity not only shape the image of insurance companies in Germany – they are a sad reality”, says Dr. Mark Ortmann, ITA founder and managing partner. Incomprehensible documents, a lack of clarity and hidden costs make it impossible for customers to compare products reasonably. As a result, ITA has committed insurers to put a stronger focus on customer needs since 2006. “Together with FinLeap we will support insurance companies and insurers in managing their own digitalization efforts. We will identify different approaches and develop solutions to ensure consumers get a better overview, and insurance companies benefit from new communication channels and products”, says Dr. Mark Ortmann, who will become a venture partner of FinLeap’s insurance venture.
“Together with FinLeap we will support insurance companies and insurers in managing their own digitalization efforts. We will identify different approaches and develop solutions to ensure consumers get a better overview, and insurance companies benefit from new communication channels and products„ Mark Ortmann
Digitalization is not only transforming products and business models, but customer requirements as well. “Customers expect transparency and clarity. Meeting these needs requires the industry to focus on digital business models”, says Ortmann. “Throughout our collaboration with FinLeap we have especially been inspired by their entrepreneurial expertise and effective network. Once the right idea has been identified, it is swiftly implemented.” FinLeap is already expanding in many areas of banking. The most recent venture to be launched was Valendo, an online pawn broker. Another FinLeap venture, Savedo, has offered German savers attractive fixed deposit interest rates since its launch in 2014. “In a few weeks, FinLeap will present innovations for the insurance industry. In doing so, we rely on the experience and expertise of Mark Ortmann and ITA”, says Jan Beckers.
About the ITA Institut für Transparenz
The objective of the ITA Institut für Transparenz (Institute for Transparency, ITA) is the provision of a better understanding of finance and insurance products for consumers. The institute supports banks and insurance companies in creating transparency and enhancing the digital portfolio. Since its establishment, ITA has successfully translated many conditions of insurance, product information sheets and customer letters into comprehensible language. Dr. Mark Ortmann, managing partner of the institute, ensures the competence and independence of ITA. Since May 2015, FinLeap has held a 50 percent stake in ITA.