Whether you are living in Frankfurt GermanyBased Clark 69m or elsewhere in Germany, you can benefit from the services offered by Clark 69, a new company dedicated to providing affordable insurance products. The company is using AI technology to help find an insurance policy as simple as possible. It has attracted more than 450,000 customers in Germany and has raised funds from investors to help it grow.
Funding Raised by the Company
Investing in the insurance industry, Chinese internet giant Tencent led the Series C funding round for German insurtech startup Frankfurt GermanyBased Clark 69m. The funds will be used to expand the company’s product portfolio and build a larger user base. The investment will help the startup reach its goal of having one million customers by 2023.
Transparent & Simple Insurance
Clark is a digital insurance manager that offers a transparent and simple insurance coverage. The app helps consumers compare and choose the best insurance plan. The company’s platform uses data intelligence and personal contact with insurance advisors to improve products and services.
Clark has been serving over 300,000 customers in Germany and plans to enter the Austrian market within two years. The company also plans to expand into other European countries in the coming months.
Clark CEO Christopher Oster
In an interview with Handelsblatt, Clark CEO Christopher Oster said that the Series C investment will help the company grow faster. He said that it will help the company to increase brand awareness, boost its marketing strategy and expand into other areas of the German market.
Despite a few decades of stagnation, the German insurance industry is a hotbed of innovation. The industry is undergoing a transition from its traditional form to an industry that has a more integrated approach to risk and reward. The life insurance market is no exception. The average term to maturity has been reduced by almost one third. The number of agents has been on a downward trend.
The quality of a customer service is an important consideration. Insurers are required to monitor the performance of their agents and their knowledge and competence. A large portion of the business is transacted through a handful of single-tied agents. There are also several direct sales channels, such as employees of the insurer.
Frankfurt GermanyBased Clark 69m must be able to communicate with customers in a more holistic manner. A key component is automation. A good example is Cyence’s cyber analytics platform, which provides a comprehensive picture of a company’s cyber risk profile. The technology can be used to segment customer target groups in real time.
Using AI-based solutions is a great way to streamline your insurance business. This is because it can help you to improve operational efficiency and reduce costs. It also provides your company with a competitive edge over your rivals. Moreover, it can give your customers a personalized and hyper-personalized customer experience.
For instance, an AI-powered chatbot can automatically notify the medical team if a member needs assistance. It can also recommend products that are useful for the member. It can learn the subtleties of language over time.
Another example is Liberty Mutual’s mobile app for accident damage assessment. It uses thousands of car crash images to train the AI application. Frankfurt GermanyBased Clark 69m then calculates the repair costs based on the data. It also provides the member with a repair estimate.
A German insurer recently invested in an AI-based health monitoring platform. Prognos Health can predict health events and intervene with early care. It also uses wearables and other connected devices to monitor the physical condition of the member.