Rakuten joins Allianz in insurtech investment

Rakuten joins Allianz in insurtech investment | Insurance Business Asia

Rakuten joins Allianz in insurtech investment
Japanese firm Rakuten has been announced as the latest investor in a major insurtech firm, which has become one of the most well-funded firms of its kind in the world.

The e-commerce and tech services giant has joined Allianz as an investor in start-up simpleinsurance, which has taken its funding figures to over €30 million (US$32 million).

Based in Berlin, simpleinsurance develops cross-selling software that allows customers to purchase insurance online via retail outlets as they buy a new product. The insurtech business is already partnered with more than 2,000 online retailers

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“With insurtech quickly becoming a growth area within fintech, the investment in simpleinsurance as one of its most innovative and promising players makes perfect sense for us,” said Oskar Mielczarek de la Miel, managing partner of the Rakuten FinTech Fund.

“We’re looking forward to exploring possibilities for growth and synergies with Rakuten services.”
Rakuten launched its $100 million FinTech Fund in 2015 and has invested in a number of early to mid-stage start-ups over the past two years.

The additional funding will allow simpleinsurance to continue to develop its online offering and expand its digital consumer broking services, Robin von Hein, CEO of simpleinsurance-group, said.

The firm recently launched a broker-based app which allows customers to compare, purchase and manage insurance products with access to an insurance expert to help choose the right product.

Solmaz Altin, chief digital officer of Allianz SE, said that the company is pleased to continue its support of the start-up and will support the firm as it scales its digital business internationally.

Alongside Allianz, Rakuten joins a team of investors, including Rhengau Founders and Route 66.

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