Upptec, a Swedish insurtech company, focusing on automated claim settlements is currently making a substantial investment in growth. The company plans to increase its sales by about 100 percent per year within the next few years. Malmö based Upptec started in 2006 which makes it a veteran amongst the Swedish insurtech companies. The business operates under the Upptec brand and has developed an automatic valuation and compensation system targeted for non-life insurance companies.
With the help of Upptec’s system, the valuation and claim settlement process for contents can be entirely carried out without manual input. At the beginning of February, the company signed a contract with one of the world’s largest insurance company. Upptec has had a major breakthrough with its digital products and today, 80 percent of Swedish non life insurance companies are their customers.
As part of this strategy, Magnus Franck was hired in 2017 as the company’s new CEO with the task of growing the business and putting Upptec on the digitalisation map of the insurance industry. His latest position was at Ericsson and prior to this, he worked in senior roles at Arriva and Vestas in Denmark. It was recently announced that Moderna Försäkringar became the first insurer in Sweden to use Upptec’s automated claim settlements on all home contents. The company’s main growth is however expected to come from international expansion.
The international strategy has been very successful. Upptec currently has agreements for its services in 11 different countries and expects to have launched its products in 15 countries in Europe by the end of the year. The first step is to continue the expansion in Europe and the second one will be to invest in North America, says Upptec.