Insurtech UnderCover increases capital by 550.000 EUR

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In order to fuel its further growth, both nationally and internationally, Louvain insurtech start-up UnderCover executes a capital increase of 550.000 EUR. The lion’s share of the increase is provided by the major shareholders: Ensur, insurance consultant, and Xplore Group, expert in digital commerce and part of the Cronos Group.

Xplore Group provides insights of high business value and integrates fully end-to-end digital solutions. Its promise is simple: connecting people by creating technology that makes sense.

Paul Claes, Managing Director of Xplore Group and member of the UnderCover Board: “We add smart technology and useful experiences from other sectors to the deep insurance knowledge present at Ensur, leading to truly innovative solutions like UnderCover.”

UnderCover has developed an application allowing private customers to calculate, based on a unique algorithm, to which extent their possessions are protected against different calamities. Thanks to this application, brokers and agents get a better view on their customers’ needs, resulting in better and more efficient servicing. Moreover, based on the same algorithm, they can qualitatively compare the policies of different insurance companies.

Currently the application covers the domain Living (building & content). Soon Mobility (car, bike, travel assistance) and Family & Hobby (household insurance) will be added. Later this year, Health (hospitalization, physical accidents) will follow.

Stephan Podevyn, CEO of UnderCover: “UnderCover bridges the gap between a customer’s lack of insurance knowledge and a broker’s or agent’s lack of detailed knowledge about this customer. Ultimately, it will lead to more frequent and positive interactions between customers and intermediaries.”