The insurance world might traditionally be associated with suits and paperwork, but insurtech innovators are on hand to digitize the sector, spicing it up and making insurance 21st century ready. Personal insurance products have been enjoying a lot of success in digitisation, with the emergence of 100% digital palters such as Luko, Leocare, Lovys and Acheel. However, the professional insurance sector remains dominated by more stagnant, traditional players.
That is, until now. Paris-based startup Orus is on a mission to address the professional insurance market with a tech-first approach. It’s an industry worth an estimated €70 billion and in dire need of some tech improvements. The startup has just raised €5 million to shake up the market, in a funding round that saw participation from Frst, Partech, Portage Ventures and around twenty business angels such as Pierre-Olivier Desaulle (ex-CEO of Hiscox Europe), Raphaël Vullierme (CEO of Luko), Christophe Triquet (ex-founder of MeilleureAssurance) and Arthur Waller (CEO of Pennylane).
Major insurances have generally neglected the SME market, deeming it too costly to serve these companies with products and services specific to each of their activities. As a result, 24 million European small companies (99% of all businesses) are still struggling to find simple, flexible and tailored offers. From this neglect, the idea for Orus came about. It was developed by Côme Dartiguenave, Tom Le Bras, and Samuel Rossille in May 2021.
Côme Dartiguenave, co-founder and CEO of Orus, explained: “We believe that insurance is a social good to protect businesses. SMEs are the lifeblood of our economy and must be able to access the most suitable offer for their needs. Our mission is to create simple, efficient and affordable insurance to allow professionals to focus on what matters.”
The Parisian insurtech has decided to go against the grain of traditional insurers by creating exclusive products dedicated to each sector of activity and offering a 100% digital, fluid and transparent customer experience.
The first offer, aimed at restaurant owners, is co-constructed with the insurer Wakam. It allows customers to purchase insurance directly online in less than 5 minutes, without any commitment and with all the essential guarantees brought together under a single policy. It includes a common base of guarantees (such as general liability, theft, fire, water damage, electrical damage, etc.) as well as some options such as legal protection and business interruption.
Côme Dartiguenave, added: “Our technology will allow us to offer products, assistance and prevention services to many small businesses, with a seamless experience and affordable prices.”
Alongside creating a competitive product that can be calculated in real-time, the insurtech is focusing its energies on providing top-notch customer service. Through the development of its own back-office, specific internal tools and the automation of various processes, customer care agents can save time – meaning they can better advise and support policyholders during the key steps of the process.
Already, the young company has several dozen restaurant owners trusting the team to insure their businesses 100% online. Today’s freshly announced funding will fuel expansion and help onboard new clients. The startup also intends to develop new products in the coming months in order to rapidly cover most business sectors and become a leader in professional insurance in Europe.
Alison Imbert, Principal at Partech, said: “Orus is tackling the professional insurance market, which is more complex than others due to the multitude of insurance products, but also generates more value. Customers are more loyal and willing to pay a fair price for an efficient and transparent service. Orus has assembled an exceptional and complementary team to build a competitive product that is tailored to the many needs of its customers.”
Source: EU Startups
