Below is our recent interview with Alexander Le Prince, CEO & Co-Founder of insureQ:
Q: For those who have never heard of it, how would you describe insureQ?
A: insureQ offers commercial insurance solutions for Freelancers, Startups and SMBs in Germany. Protecting yourself and your business from inevitable risks can be quite a struggle. As a small business owner, you should not have to deal with analog sales processes and complex one-size-fits-all solutions, just to end up paying for services you will probably never need. Nine out of the ten largest insurance providers in Germany do not have online service channels.
insureQ’s approach is simple: You tell us what you do, and we tell you what you need. You can get a quote in as little as 9 minutes. No prior insurance knowledge needed.
Q: What is your core competence?
A: By pairing decades of industry experience with top-notch technical capabilities and a digital-first approach, we take commercial insurance to the 21st century.
Established players are unsuited to address a modern SMB’s needs, due to their legacy IT and internal pressure from analog distribution channels, i.e. brokers and tied agents. Our online channel is simple and intuitive. And if you do feel like you still prefer an old-fashioned consultation – our service team is awesome via chat, video call or phone:)
With insureQ, clients have all their coverage in one place. In case of a major incidence, you won’t have to file multiple claims with multiple carriers, as is currently practice.
Finally, our strong tech. capabilities enable us to partner with platforms and directly integrate to offer embedded solutions. Think a marketplace for freelance services, where you book your liability insurance just as easily as you find contract work.
Q: Who would be your ideal client and why? Do you work more with freelancers or startups?
A: Our current customers tend to be digital-savvy and seek high-quality insurance solutions. However, they don’t want to invest a lot of time in navigating the complex jungle that is the German insurance landscape. Naturally, freelancers and startups tick these boxes. But by partnering with the best insurance carriers in Germany, we can offer excellent solutions, tailored to the needs of all SMBs.
Q: You’ve recently raised €5 Million in Seed funding; can you tell us something more?
A: We are very happy to have strong partners in Nauta Capital, Global Founders Capital and Flash Ventures, backing our journey. We will use the money to further accelerate our growth, investing in our platform, our team, direct distribution channels as well as our embedded insurance product.
Q: What can we expect from you later in 2021? What are your plans?
A: We have seen an overwhelming response in our existing customer verticals. Next steps include bringing our solutions to an even wider range of business, including craftsmen, lawyers and fitness professionals.