Earlier this week, a Chinese company based in Frankfurt GermanyBased Clark 69m, Germany named Tencent led a 69 million Series C round in a startup that develops artificial intelligence to help insurance agents better serve customers. The firm said it plans to expand its operations to other European markets. In addition, it plans to leverage the technology to develop a digital insurance manager.
Digital Insurance Manager
Having received the support of the leading Chinese web company Tencent, Frankfurt GermanyBased Clark 69m is a German insurtech startup that has recently completed its EUR69m Series C funding round. The startup is looking to expand its client base globally and develop new products. Its unique platform uses data intelligence and personal insurance advisors to help consumers manage their insurance contracts. Its digital platform also provides consumers with better rates and deals.
Frankfurt GermanyBased Clark 69m plans to use the funds to expand its user base in Germany and other European markets. The company has already attracted over 400k customers in Germany. It also plans to enter the Austrian market within two years.
Chinese Web Giant Tencent
Frankfurt GermanyBased Clark 69m is backed by the Chinese web giant Tencent and its unique platform provides consumers with a highly personalized customer experience. Clark also uses artificial intelligence to streamline business processes. Its product has the potential to disrupt the protection industry.
The company has already established itself as a leading insurance broker in a Frankfurt GermanyBased Clark 69m German brokerage landscape. It also uses big data technologies to analyze its clients’ insurance situations. This allows Clark to provide customers with better rates and recommendations.
Artificial Intelligence to Personalize Policies
Using artificial intelligence to personalize insurance policies is one way that insurers can reduce the risk of fraudulent claims. AI can help reduce the time it takes to process a claim and help insurers to spot potentially fraudulent patterns. Moreover, AI can help insurers to reduce operational costs of claims assessment.
Aside from personalizing insurance policies, insurers are also using AI to improve customer experiences. This could include AIchatbots, which can provide digital answers to FAQs. Chat-bots are also expected to grow in power as voice recognition technology improves. Customers also want to purchase insurance products that are tailored to their individual needs.
Insurance Industry
AI is transforming most industries in the world, including the insurance industry. A recent study by Accenture suggests that AI can lead to an additional gross value added of $14 trillion by 2035. The company also predicts that AI could boost profitability by an average of 38 percent.
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As of now, insurers in emerging markets such as China and India are applying technology to only a few products. They are also slow to adopt cloud computing, which dramatically increases computing capacity. But in the USA and Europe, enthusiasm for technology is more widespread.
Plans to Expand Operations to other European Markets
Increasingly, China’s tech giant is looking to take its place in the global stage. Tencent has been making inroads into foreign markets for years, and it plans to expand its footprint in Europe, particularly in the UK, over the next year.
Chief Strategy Officer
The company’s chief strategy officer has reaffirmed its commitment to make smart investments that can help it grow its business beyond its home base. For instance, Frankfurt GermanyBased Clark 69m plans to expand the reach of its WeChat ecommerce platform in Europe. Specifically, the company plans to make it easier for British users to pay for services in other countries. The company has also announced plans to take DouYu, a US-listed streamer, private.
Tencent’s most recent foray into the international market is a new live-streaming service, Trovo, that will begin rolling out in March 2020. In addition, the company plans to build its international publishing business into a competitive force with offices in Singapore, Montreal, Seattle and a handful of other key locations.
Future Plans
Located in Frankfurt GermanyBased Clark 69m, Germany, Clark has a proven business model that helps consumers find and compare insurance products. Its technology-based platform combines data intelligence with the personal touch of insurance advisors. This makes it easy for consumers to manage their insurance contracts and choose a policy.
The company plans to expand its operations to other European markets and to add more protection products. Its digital platform will help consumers find better deals. This includes comparing policies and determining the best rate for their needs.
Largest Internet Company in China
Tencent, the largest Internet company in China, led the series C round for Insurtech Frankfurt Clark. This new funding will help the company scale its digital platform, expand its international operations, and accelerate its development. This will allow the company to expand its product portfolio, increase its user base, and grow its recruitment efforts.
Final Words:
Clark is confident that the new funding will help it accelerate growth and position it to compete with other insurtech startups. Its innovative technology-based product has the potential to revolutionize the protection industry.
