AI insurtech Ominimo bags its first investment at a $220M valuation

How do you get talented engineers for a better payment of more interesting companies to work for a sudden start at a time when you are hired aggressively? Here is a response from the beginning of an insurance beginning from Poland Release: Paid, Yes, but more importantly, give the license to re-discovery of the talents of these engineers and rediscover the field.

On a total of 12 months ago, it believes that the opening opened, Ominomo, understanding and price risk. 300,000 politics signed in the first market of Hungary are already profitable and growing. Now the first stage of life takes the first foreign investment to fuel the strategic rear and Zurich insurance group.

TechCrunch, Zurich’s 200 million euros (220 million €), 10 million euros to evaluate Ominimon, the additional capital investment (about $ 11 million) understands. Neither Omilimo nor Zurich commented on the investment, but both confirmed the assessment.

Ominimon’s finance comes at a time with one of the most famous and well-capitalized insurance startings in Europe – The Once-unicorn WEFOX – have Selling parts of his work and gather Lifeline Financing keep go under.

Both serve as both careful tales related to how to grow the insurance work, as well as an open opportunity. Undoubtedly, the cause of WEFOX is so rapidly (both of consumers and investors) can be demolished only by deleting this requirement wave.

Ominimo is already profitable in the current case, but it is certainly a modest effort. Today, Ominimo is active in just one market, and only one kind of insurance and car insurance for consumers. Repeat the plan model to more geography and category. Poland, Sweden and the Netherlands will expand in more than 10 new markets – as a risk carrier of Zurich, with the transformation of Ominimo into a broker, specially a Management of the General AgentFor Zurich. Ominimo first focuses on car insurance, but intends to add property over time.

Dusan Komar – Dennis Weinbendender (now Prime Price Price) and Laslo Horvath (CTO), Ominimo General Director, who joined the company with Horvath (CTO), met with the first hand in the insurance industry while working for McKirless. According to him, large insurance companies cling to three main issues: difficulty, unable, not impossible, to provide new services and use new innovations such as AI-based price; Slow decision-making processes; and talent.

“No bright software engineer or data scientist dreams of working for the insurance company,” he said.

McKinsey and others are usually called to try to fix all three at a time. He and his team said, “Take the code handed over, building new products from the ground. “This worked to some extent, but it would be perfect and hopefully.”

This was inevitable: Fintech and other insurance beginnings used a replica, using a replica, using other providers, other providers, not for other providers, not for the customer, but not for the customer, but not for the customer; And the omine was born.

Krux, how Ominimo’s, is to apply some AI-based thought around the analytics of great information. When the insurance quote, the traditional insurance company can use five or six main parameters (person’s age, person’s economic bracket, vehicle, former driving history, the location of the vehicle, place, place, place, place, place of the earth, place, place. Another new insurer can add another 10 or 15 parameter.

“But there are some obvious variables that are in fact super important,” said Komar. For example, after receiving a vehicle number number, it can hit a database that gives you a diverse-different database, including 100 different variables, including 100 different variables and 100 different variables. “Interestingly, for example, it is interesting to see that the information is a very strong connection between the length and the frequency of accidents during parking.”

Ominimo takes into account these details when they pass through their calculations, plus the population density and more.

Of course, many insurance beginnings in the market are also used along the platforms of AI to decide on the back and improve customer experience in the front. (Ditto, the presence of dozens of beginning in Fintech, who claims to be built in the EU.)

The answer to Komar is that Ominimon’s trail is talking to himself. “I think the thing that really matters is actually performance in the market, so if you compare our performance to lemonade [a key competitor]In fact, you will see the difference, “he said.

Many neobanks in the market – Fintech and insurance really has a lot in common – most of the “new” insurance players are less violated under the hood for creating more modern user experience.

“Risk assessment and in fact, there is a difference in the claim of information science in terms of doing so,” he said. Many startup rivals, “actually focused on superior customer experience, very beautiful front ends, very lean and intuitive journeys, but there was not much under the hood.”

Talent to give a place where they want to do the type of work they want to do, claiming that he had caught and kept the key people. “There are eight medals from the Mathematics and Physics Olympics [prestigious competitions in these fields] Among our group of data sciences, “he said.” These are really bright young minds, and now, for the first time, start placing their potential on a global scale. And it really shows in the KPI we’ve ever seen. “

This is the fact that it is attracted to the new strategic investor, which is looking for more diversified ways to bring customers’ new waves.

“Our retail business is the main passion for the winner of Zurich in 2025-2027. Therefore, Ominimo, which existed our retail customer base in Europe, the Middle East and Africa,” I am pleased to strengthen our relations with minorities. “