KASKO, the London InsurTech company changing the way insurance incumbents and startups scale and launch new products, has announced its latest partnership with German Managing General Agent (MGA) OCC. The digital classic car offering for the Austrian market, implements and adapts to a list of all available vehicles, their value and other relevant insurance information daily. It includes three versions for agents, brokers and end-consumers within one application, minimising the cost of scaling across channels without having to rebuild each time.
Thomas Sühr, the father to KASKO co-founder Nikolaus Sühr, founded OCC in the 1980s, but this partnership was formed in 2020. Désirée Mettraux, now CEO of OCC, and Nikolaus first began working together when Désirée’s previous company Simpego, a Swiss insurance broker, was finding insurance products via KASKO’s API. Two years later and both KASKO and OCC established that by working together they could digitise OCC’s Austrian offering.
Around 100,000 classic car owners live in Austria, with a total estimated market value of €3.7Bn. OCC’s experience in classic car insurance with 120,000 customers is now supported by KASKO’s technical know-how for developing flexible, data-driven insurance products and digital quote-bind sales journeys. In just eight weeks KASKO has provided them with a digital product that works for internal and external agents, and customers.
Nikolaus Suehr, Co-Founder and CEO of KASKO commented, “Working alongside OCC to bring cutting-edge technological solutions to the classic car market in Austria has been great for me but also KASKO. We have been able to show the adaptable nature of the platform again whilst helping grow a trusted traditional insurers sales base and product offering into a great new market. On a personal note, I am super excited to work with OCC and support them on their digital growth and transformation journey, as my father co-founded OCC some thirty years ago”
With the holdups of legacy IT for insurers, designing, building, testing and deploying new insurance products, or digitising previously on-paper offerings is a process that would take around 18 months. This process can cost around €500,000 and many months. By reducing those costs tenfold, KASKO enables opportunities for development that would not normally be feasible for mid-sized insurers or MGAs.
Désirée Metraux, OCC’s CEO added that “We have wanted to expand our digital offering for some time, but wanted to work with a partner that understands both our business and the tech side and brought ample experience to the table so we could focus on our core business. Working with KASKO has allowed us to continue to operate as we were, whilst adding a great number of new functions to our offering in one of our markets. We are already in discussion with KASKO for more of our product lines.”
For more information go to kasko.io