4 Letter Word for Insurtech Gone Wrong
Swiss broker Knip is merging with Netherlands-based comparison-software provider Komparu to form a new company called the Digital Insurance Group. Knip is a mobile-first digital insurance manger turned digital broker that has raised ~$18M since inception.
It was founded by Dennis Just and Christina Kehl. Komparu is a SaaS provider from the Netherlands offering comparison platform. Two things to note. One. Dennis Just will step down as CEO of Knip. Two. The transaction has been supported with funding from existing investors Orange Growth Capital, Route 66 Ventures, Red Alpine and QED. The news comes after Knip lost its head of tech and head of product in the same month (April 2017), and announced it was seeking a new cash injection: “We are currently implementing another round of financing and have the full support of existing investors As well as new investors” – Dennis Just (May 2017). Moving on…remember when MaxPool CEO Oliver Drewes said he more impressed with Knip and less impressed with Friendsurance; suggesting the latter is about to change its business model? Good, because he wouldn’t want you to.