Digitization is advancing faster than ever. But the insurance industry – especially in the commercial space – has been slow to adapt. Complicated policies, lengthy consultations and tedious offline processes are still part of everyday life at many insurers. We – at insureQ – think that this is no longer in keeping with the times and have therefore come up with a digital insurance solution for freelancers, startups and SME.
Hello Alexander, thank you for taking the time talking to us. Can you tell us a little bit about yourself?
Sure! My name is Alexander Le Prince and I am co-founder and CEO of insureQ. Before that, I was Managing Director of OnePlus Germany and a consultant at BCG with a focus on the financial services industry.
insureQ is an insuretech startup with focus on commercial insurance. With what vision did you start the company?
Actually out of a personal concern. During my professional career, I experienced first-hand how complex, intransparent and outdated insurance processes of traditional insurance providers can be – for example as a managing director at OnePlus.
Questions that always came up for me were: Which insurance is essential for my business? What exactly is included in those insurance policies for which you definitely need prior knowlege in order to understand them?
That was the time when I thought: There must be an easier solution. So the reason for founding insureQ was to simplify a process that was very complicated for me and to make it more straightforward for others.
What is it exactly that makes insureQ more straightforward?
That we have developed an online process in which insurance policies are put together from various modules – tailored to the respective industry and the company’s requirements. Through a completely digital and simple process, our customers save time and find exactly the insurance they need – at the right time. While doing so, we always remain transparent and offer a fair deal. The calculation of an offer, notification of claims and administration of policies is completely handled online. We are the only insurance provider to offer the after-sales process completely online. But: In case that there are still questions, we also offer personal consultation.[AP1]
What distinguishes insureQ from other insurance providers?
I think that simplicity and transparency are the most important differences. A major advantage for potential policyholders is that they can simply take out the insurance package that suits them online – in doing so, they know the costs in advance and can protect themselves against risks as quickly as possible. In this respect, we meet the zeitgeist of modernization and digitalization. At the same time, we combine the best of both worlds: We bring innovation and reliability together by working with established insurance partners such as Hiscox, ARAG and R+V – our risk carriers.
How do I get my business insurance with insureQ? How exactly does your online process work?
The best thing about our online process is that no prior knowledge is needed – not even in regards to what insurance you are looking for. On our platform, we take our customers by the hand and guide them in nine minutes through an insurance process that would otherwise take several hours. We ask them what activities they do in their daily business and how risky they are. The rest is then calculated automatically. A transparent offer – including a price calculation – is created, which can be concluded afterwards and managed online at any time.
How has the pandemic impacted your business?
As in many areas, the pandemic has also resulted in greater demand for digital solutions in the insurance sector. In addition, risk awareness has increased for self-employed people and entrepreneurs. It became clear that a business interruption can become a problem and that legal protection can be useful, especially in the context of Corona aid and to defend oneself against allegations of fraud.
What are the most common claims for entrepreneurs and the self-employed? Which insurance products are essential?
In general, insurance coverage is not the same for every industry and every company. However, it can be said that professional and business liability insurance or company legal protection are essential for founders and self-employed persons. Public liability covers damage caused to third parties (injury, property damage and resulting financial losses). Those who carry out a consulting activity, should cover themselves with professional liability insurance, also known as pecuniary loss liability. Legal protection is important in the event of disputes with customers, employees or suppliers – and reimburses court, expert and lawyer fees.
What has been the biggest success for you so far? And what has been the biggest setback?
Initially, of course, the biggest success for us was that investors believed in our idea. In addition, it is the best motivation to support customers and partners. The fact that they place their trust in us is not at all a given for us. So far, there have been no real setbacks – knock on wood.
Where do you see insureQ in 5 years?
My vision for insureQ ist o continue to grow and support even more small businesses and self-employed people get a quick and easy insurance solution. That is why I see insureQ as one of the leading insurers for businesses in Europe in 5 years’ time.
Final question: How do people get involved into your mission?
Basically we have two lines of business at insureQ. On the one hand, self-employed people and companies can easily secure their business with customized insurance. On the other hand, we offer the partner solution iQ Embedded to integrate insurance solutions.
This means service platforms cooperate with us and can thus offer their customers a comprehensive range of services with an included insurance product. That way customers of our partners find the right insurance at the time they need it. We are always looking for new partners who want to integrate our solution for their freelancer platforms, accounting applications or real estate management platforms.
insureQ offers tailored insurance solutions for freelancers, startups and SME. To this end, we provide a digital process that guides customers to the right coverage for their risks in a simple and understandable way. Based in Munich, our rapidly growing team of experts is helping to revolutionize the commercial insurance market in Europe. By working as an innovative technology pioneer with insurance experts such as Hiscox, ARAG and R+V, we can combine experience and modernization.
What we offer:
– tailor-made insurance for freelancers, startups and SME
– all commercial insurance policies from a single source
– 100 % digital: offer calculation, claims reporting, and policy management
– understandable products and fast processes
– fair and transparent conditions
– Hiscox, ARAG and R+V as experienced risk carriers
Alexander Le Prince is founder and CEO of insureQ. Previously, he was Managing Director of OnePlus Germany, where he built the business from scratch. Alexander was also a consultant at Boston Consulting Group with a focus on the financial services industry.