Source: Insurance Business
Though neither side disclosed the financial details, reports indicate Zurich has invested €10 million for a 5% equity share. The partnership goes beyond capital. Zurich’s German arm, DA Direkt, has inked a distribution deal with Ominimo to jointly roll out motor insurance products to consumers across Europe, beginning with Poland this spring.
For Zurich, the move reflects a broader strategic push to deepen its footprint in the retail segment and harness digital innovation to deliver growth. “Growing our retail business profitably is a key ambition in Zurich’s 2025–2027 cycle,” said Alison Martin, CEO for Europe, the Middle East and Africa. “That is why I am delighted with DA Direkt’s distribution partnership with Ominimo, which will allow us to offer innovative motor insurance solutions and expand our retail customer base in Europe, beyond the markets in which Zurich is already present.”
What sets Ominimo apart, Chief executive Dusan Komar says, is the rigour of its data science. Traditional insurers might rely on a half-dozen factors to price risk; Ominimo pulls hundreds of variables, from vehicle dimensions to urban density, using machine learning to refine risk models in real time.
DA Direkt CEO and Zurich Germany digital business and partnerships head Peter Stockhorst said: “We have achieved significant success in strategic collaborations with start-ups in recent years. Additionally, drawing on our own pricing expertise in the German market, we see substantial revenue potential for motor insurance in selected European markets. We see our partnership with Ominimo as an ideal combination for realising this potential with tailored offers for a wider customer base.”
Read the full article: https://www.insurancebusinessmag.com/uk/news/technology/zurich-bets-on-balkanborn-insurtech-disruptor-in-bid-to-reinvent-motor-insurance-531857.aspx
