Qover allows businesses to grab a slice of the insurance market
Founded: March, 2016
Bona Fide: Sliced on-demand digital insurance infrastructure .
Let’s explain. ‘Sliced’ as in pick and choose from a full range of insurance products. On-Demand as in microduration policies starting with 1-day policies, that can be canceled anytime. Digital as in ‘web-enabled’. Insurance as in Qover will start by offering auto insurance and will look to expand to additional non-life insurance products. Infrastructure as in easy-to-integrate APIs.
In essence, Qover, which back in Dec. 2016 was granted a Coverholder status of the Lloyds of London, is pursuing a B2B2C market entry strategy by allowing businesses to integrate the co-branded Qover platform into their online channels and earn a lead gen fee for every insurance prospect sent. In turn, Qover, which is regulated by the Belgian Financial Services and Markets Authority (FSMA) and has the full authority to define, price and market insurance products, will find a home for the risk. Last, Qover will work with a third party administrator to settle claims. So there you have it, an end-to-end solution to allow businesses to generate more revenue by connecting customers with Qover’s insurance products. Bottom Line: Qover is expected to launch its first product in March in Belgium. Recall European brands with an API offering below.