AI ENSURTECH OMINIMO its first investment bag, rating of $ 220 million

How do you make talented engineers work to start operating in a worldly field at a time when the most exciting companies pay well and hire strongly? Below is an answer from one insurance company from Poland called Ominimo: Make competitive payment, yes, but most importantly, give these engineers a license to apply their talents and re -invent how the field works.

After the launch of Bootstraped only 12 months ago, Ominomo believes that a different and better approach has been found to understand the risk of pricing. It is already profitable and growing quickly, as 300,000 policies were registered in its first Hungary market. Now, to provide the next stage of life, it takes the first external investment from a strategic supporter, Zurich Insurance Group.

Techcrunch realizes from the sources that Zurich is investing in stocks of 10 million euros (about 11 million dollars) compared to 5 % of the company, and Ominimo is estimated at 200 million euros ($ 220 million). Neither ominimo nor Zurich commented on the invested amount, but both confirmed the evaluation.

Ominimo financing will come at a time when one of the most famous startups in Europe was- Europe- Once Unicorn Wefox – is Sell ​​parts of her business And pick up Life artery financing To keep Going below.

This is a warning story on how to develop the insurance company, but also a clear opportunity. It can be said that the reason that made Wefox grew very quickly due to demand in the market (both consumers and investors), if it is possible to browse the demand wave only without wiping.

OMINIMO is already profitable in its current business, but it can be said that it is a modest effort. Today ominimo is active in only one market, Hungary, and focuses on only one type of insurance, car insurance for consumers. The plan is to repeat its model for more geographical areas and groups. It will expand to more than 10 other markets, starting with Poland, Sweden and the Netherlands – using Zurich as a risk holder, as Ominimo has become a mediator, specifically a Public Prosecutor AdministrationFor Zurich. Ominimo initially focuses on car insurance, but it intends to add a property to that over time.

Dusan Komar-The CEO of OMINIMO, who participated in the establishment of the company with Dennis Weinbnder (now the chief pricing and data officials) and Lao Horfath (CTO)-witnessed the challenges that the insurance industry faced directly while working for MCKINSEY. He said that the major insurance companies were stuck due to three main issues: the solid and old systems that were difficult, if not impossible, to use them to launch new services quickly, and use them with the latest innovations such as pricing on artificial intelligence; Slow decision -making operations at the company level; And talent.

“There is no great software engineer or a data world dreaming of working in an insurance company,” he said.

MCKINSEY and others are usually called to try to fix the three once. He and his team will build new products from A to Z and “hand over the code” to the insurance customer. “I have worked to some extent, but not as well as he was hoping.”

Among this, the inevitability came: taking a braid from the worlds of Fintech and other insurance companies, KOMAR and the participants saw an opportunity to develop a product as their own company instead of a customer, using application programming facades to connect features and jobs from other service providers that may not be built from the lands themselves; This is the way Ominimo was born.

The essence of what Ominimo is doing is the application of some of the artificial intelligence -based thinking about large data analyzes. When building and pricing insurance quotation, a traditional insurance company may use five or six main parameters (the age of the person, the person’s economic category, the type of vehicles, the date of the past driving, the car site) to determine the price. The latest insurance company may add 10 or 15 other teachers to it.

“But there are some unclear variables that are actually very important,” said Kumar. For example, once you get a car license board, you can already take advantage of a database, he said, which gives you 100 different variables around the car, including length, height, width and weight of the car. He said: “It is interesting, for example, seeing that the data shows a very strong connection between the length of the car and the frequency of accidents while parking.”

Ominimo takes all these details, as well as population density and more, considering when it passes its accounts.

Of course, there are a lot of startups in the market already that tells the use of artificial intelligence through their platforms, both to make decisions at the end of the back and improve customer experience at the front end. (Also, dozens of emerging companies have already been in Fintech, the close brother of insurance technology, which also demands a building on artificial intelligence.)

Kumar’s response to this is that the record or ominimo speaks for itself. He said: “I think what really matters is performance in the market, so if you compare our performance with Lemonade (a major competitor), you will see the difference already.” He claimed that the “loss rate” of Umeenimo is less than the average market, and it has already obtained a 7 % market share in Hungary, the only country that was launched.

As with many new areas on the market – Fintech and insurance are in fact – many “new” insurance players in the market suffer from less disruption under Hood because they create a more modern user experience.

“There is a difference between demanding data science in terms of risk assessing and doing this already,” he said. It is believed that many of the startup competitors, “have already focused on the experience of superior customers, the very pleasant front ends, very meager and intuitive trips, but there was not much under the cover.”

He claimed that giving talents a place to do the type of work they want to do is how they attracted them and kept major people. He said: “We have eight medals from the Mathematics and Physics Olympics (prestigious competitions in these areas) between our Data Science team.” “These are really wonderful young minds, for the first time, to spread their full potential on a global scale. This really appears in the main performance indicators that we see.”

This is what attracted his new strategic investor, which is looking for more diverse ways to bring new waves of customers.

“Our retail cultivation is a major ambition in the Zurich course in 2025-2027. For this reason I am pleased to distribute Da Direkt distribution with Omitimo, which will allow us to provide insurance solutions to innovative cars and expand the base of retail customers in Europe, along with the markets where Zurich is already located.” “I am also happy that we are strengthening our relationship with the minority share in Ominimo.”