Switzerland is becoming something of an incubator for digital brokerages. First Knip, the mobile-centric broker that scored US$15.7m in series B funding in October, and now FinanceFox, which has just raised US$5.5m in a bid to move the brokerage process online.
The funding round for the Zurich-based business was led by Salesforce Ventures, with participation from AngelList, Idinvest, Seedcamp and Speedinvest.
Like Knip, which aims to move the insurance brokerage and policy management process onto the customer’s mobile phone, FinanceFox also has some lofty ambitions, claiming to be: “30 years of insurance expertise brought to the 21st century.
“You can now handle all your insurance matters and get expert advice in one simple app - anytime, anywhere,” the company said, adding that its app is designed to be a complete overview over a customer’s insurances in one click, from current contracts, coverage and rates, to filing claims and sending medical bills completely paper-free.
But the company isn’t digitalizing the entire process. It still relies on a team of experts and is officially registered as an insurance consultancy.
“Personal, made-to-measure consultancy is our main objective. Communicate directly with your support team in our service center - digitally or in person, whichever you prefer. We're there to guide you along every step of the way, from insurance enquiries to claims, all the way to a new insurance plan or provider,” the company said.
But it does look like FinanceFox has traditional brokers in its crosshairs. Although the company claims that “upon request [its services] can also be handled in collaboration with your existing insurance consultant,” it does say that its aim is to become the consumer partner in all insurance matters. “Previous additional support from insurance agents and other insurance brokers will be transferred to us,” the company said.