MyLucy Disrupts Europe’s InsurTech and FinTech Market

InsurTechs especially in traditional and conservative insurance markets like Germany and Switzerland, have been struggling to gain the support of major insurances because of a lack of industry experience, while major insurances have been reluctant to embrace the potential of modern technology. Liechtenstein’s myLucy AG has now brought together experienced industry professionals with high-end developers and a network of insurers in support of the new myLucy app and is hence able to combine the innovative spirit of a startup company with industry experience on various European markets. Also, myLucy AG has been able to learn from the mistakes of other InsurTech companies, many of which are struggling.

On-click instant insurance coverage and virtual insurance advisers

“We are on the side of the client by being independent and working with all major insurances,” says CEO Reto Schabron. “By being on people’s phones we can customize insurance coverage for highly specific needs, offer on-click insurance and take the next step towards the virtual advisor.” The initial version of the app is currently available on the German and Austrian market and allows users to compare insurances without a broker mandate, report damage suffered directly within the app, purchase insurance coverage with one click and archive their insurance policies.

Further services and an online advisory platform

Nowadays, consumers seek thorough information from various sources and their friends and family before speaking to an advisor and before making decisions. On the European insurance market this process has mostly been limited to the question on which insurance adviser. MyLucy’s online platform is to launch mid 2017 and will contain expert advice and user experiences to assure objective information and create a further advantage for today’s consumers.

MyLucy AG is currently looking for investors to enter further markets with their scalable solutions.

Source: myLucy