The insurance market has an immense backlog demand for the digitalisation of business models and operating processes. Neodigital offers the market an Insurance-as-a-Service model with market-leading digital processes and an individually configurable insurance building block that is unrivalled in terms of modularity and performance. As an insurer, Neodigital works with a high degree of automation in day-to-day operations and in claims processing. But also through digital end-to-end communication, Neodigital is a pioneer in a market that is often only oriented towards new business and is recommended as an alternative to pure portfolio management systems. Market participants can use Neodigital to quickly and easily develop their own completely digitalized insurance products and bring them to market immediately. In order to catch up with the digital backlog, the insurance industry in Germany will be even more dependent on digital as-a-service solutions in the future. The venture capital fund ALSTIN Capital and Deutsche Rückversicherung AG have therefore invested in Neodigital.
„We are very pleased that our completely digital approach not only convinces customers, sales partners and other insurance companies, but also that we were able to inspire the new investors for our unique Insurance-as-a-Service model“, explains Stephen Voss, founder and Chief Marketing and Sales Officer of Neodigital. „The expanded circle of investors confirms the success of our end-to-end digital business model and enables us – just one and a half years after entering the market – to significantly expand our offering“.
„The insurance industry is facing the biggest upheaval in its history,“ explains Carsten Maschmeyer, Managing Partner of ALSTIN Capital. „Many insurers are currently coming under enormous pressure. They have to implement digitalisation in their own organisation and at the same time customer requirements are changing radically. This is where Neodigital supports with its digital insurance factory. Because it can provide insurers with a ready-to-use digital solution. This allows insurers to focus fully on their core competencies. With ALSTIN Capital, we are there when Neodigital gives the insurance industry a digital push. And of course I will use my decades of experience and my network in the insurance industry to help this innovative pacesetter wherever possible,“ Maschmeyer continues.
„Both companies will benefit equally from the new reinsurance partnership between Neodigital and Deutsche Rück. In addition, we expect the cooperation to lead to a deeper understanding of the opportunities offered by insurance-as-a-service offerings from a fully digital insurance company. Convinced by the management and its understanding of the business, it seemed logical to us to underpin our reinsurance partnership with an equity participation“, said Achim Bosch, member of the Board of Executive Directors of Deutsche Rück.
The founding investors Coparion and the Schneider-Golling Group also increased their shares in Neodigital as part of the financing round. In addition, the BA4V fund also holds a stake in the company.
Neodigital was founded as a consistently digital insurance company in 2016 by Dirk Wittling and Stephen Voss and was the first fully digital insurance company with a BaFin licence in the German market.
IEG Investment Banking Group, ARQIS Rechtsanwälte Düsseldorf as well as the strategy and transaction consultancy EY were involved in the initiation, processing and closing of the investment in Neodigital.
