Undo shows the way in the insurance jungle
The insurance industry is hard to rethink. But nonetheless, that’s exactly what Undo is doing. With a tremendous drive and payment assistance from Clearhaus, Undo has made insurance easy and understandable.
Since launching in 2018, Undo’s app has sold insurance to 16,000 households. The success is due to the fact that Undo has solved an important but very tedious problem. Especially for young people under 35. According to Undo, almost 40 percent of these young people are underinsured or completely uninsured. Undo’s founder, Anders Valentin, was himself part of the statistics.
“When we started Undo, I did not even know where I was insured. So it quickly became clear to me that this was a problem that needed to be solved,” says Anders Valentin.
After examining the insurance habits of several hundred young Danes, Undo was able to conclude that many young people perceive the insurance industry as an impassable and incomprehensible jungle, where wrong decisions can have unmanageable consequences.
“As an entrepreneur, you are always looking for a wedge in the market that you can grow from, and the existing insurance companies were very, very far behind on the digital front. So we chose to create a digital platform where the customer owns more of the experience of buying insurance. This means that we can help customers faster and scale the company faster,” says Anders Valentin.
With Undo you only buy the insurance you need. Everything from travel to bicycle insurance is purchased with a swipe. Using that business model, Undo has become a benchmark for successful digitisation of insurance.
“The digital transformation has clearly risen on the agenda in the insurance industry, and more and more competitors are on the way. There is so much data and automation potential in this industry that you can really gain a lot by creating a proper platform that gives people the opportunity to get quick insurance and then get on with their life,” says Anders Valentin.
After just two years on the market, Undo today insures over 16,000 households, and the founder himself is surprised at how quickly Undo has created a place for itself in the insurance market.
“It has surprised me that we were able to build a strong brand so quickly. Our marketing strategy started with quantity but we ended up finding quality is worth much more,” says Anders Valentin.
With 60 million investment kroner from the insurance giant Tryg, Undo rumbles towards their growth goals. This year alone, the company has hired a third of the total staff, which now numbers 33 employees. In the future, Undo aims to insure 50,000 Danes under the age of 30.