Combining the best of the insurance and digital worlds, KASKO is a London-based startup catering to both insurers and digital businesses through their ‘InsurTech as a Service’ offering. With cost effectiveness, flexibility, and speed as their top priority, KASKO has been helping insurers and their partners to design, launch, and scale fully functional insurance products.
Company name: KASKO
Founders: Nikolaus Sühr and Matthew Wardle
Based in: London
Launched: 2015
Q: In simple terms, what does your startup do?
Nick: At KASKO, our “InsurTech as a Service” offering allows insurers to design and scale digital insurance products from within our platform—meaning: they do not have to reprioritise internal IT capacity. In essence, we can design, build, test, tweak, launch, and manage new offerings in around six weeks; traditionally, this would take around 18 months. The various modules we offer include a white-labelled customer journey, digital quote-offer-bind, issuing policy documents, taking payments, policy administration, and capturing first notification of loss (FNOL). As the platform is open, it can also be used to test third-party solutions in the market.
Q: What problem/s do you seek to solve or help?
Nick: A major element that prohibits traditional insurers from offering the right product, at the right time, in the right place is IT spend. Our platform massively decreases the issues of time, flexibility and, in the end, cost.
Q: Are you funded and how?
Nick: We have raised £2.5m from business angels and a VC to date.
Q: What were you doing before you started KASKO?
Nick: I worked for a large commercial brokerage in business development within the family business, an MGA offering classic car insurance and within the Insurance division of a management consultancy firm.
My Co-Founder Matt, KASKO’s CTO, worked for Accenture as a Technical Consultant running large projects for various clients.
Q: What inspired you to start KASKO?
Nick: We wanted to create a workplace with meaningful work, meaningful relationships and fair compensation. The inefficiencies across the entire Insurance value chain, especially around admin and distribution costs (which can amount up to 40% of Insurance premiums) and the changing mindset from Insurance executives to partner with startups offered a unique opportunity to solve a massively relevant problem. This allows us to attract the right people to keep solving it and generating value for fair compensation.
Q: What are your goals over the next five years? Where do you see yourself and KASKO?
Nick: We plan to be well on our way towards building the first truly global insurance distribution network, connecting insurers, distributors, and consumers in one central platform—redistributing value away from expensive IT vendors to the other stakeholders in the ecosystem (customers, distributors and insurers).
Images courtesy of KASKO. To learn more, visit the KASKO website.
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