AI Insurtch Ominimo Bags Your First Investment in Evaluation of $ 220 million

How do you get talented engineers to work to start in a secular area at a time when more exciting companies pay well and hire aggressively? Here’s a response from a startup of Poland insurance called Wrapped: Make the competitiveness of the pay, yes, but more importantly, give the license to these engineers to apply their talent and rediscover how the field works.

Starting charging only 12 months ago, Ominomo believes that he has found a different and better approach to understanding and risk for pricing. It is already profitable and grows rapidly, with 300,000 policies being registered in their first Hungary market. Now, to nourish his next stage in life, he takes away his first external investment in strategic support, the Zurich insurance group.

TechCrunch understands from sources that Zurich is investing in its own capital of € 10 million (about $ 11 million) per 5% of the company, estimating the € 200 million ($ 220 million). Neither amminimo nor Zurich commented on the amount invested, but they both confirmed the assessment.

Ominimo’s funding comes at a time when one of the most famous and well-capitalized insurance launches in Europe-the-the Once it is not noticed Wefox – is Selling parts of your business and lifting Savior funding be kept from passing underS

This serves as a warning tale on how to develop an insurance business, but also a clear opportunity. Probably the reason wefox has grown so quickly due to market demand (both consumers and investors) if only this wave of demand can be surfing without deleting.

It is already profitable in its current business, but it may be a modest effort. Today, only one is active in one market, Hungary and focuses on only one type of insurance, car insurance for consumers. The plan is to repeat your model of more geographies and categories. Will will expand in more than 10 new markets, starting from Poland, Sweden and the Netherland Agent managementFor Zurich. Ominimo initially focuses on car insurance, but intends to add property to this over time.

OMINIMO’s Dusan Komar, who co-founded the company with Dennis Weinbender (now the pricing and data chief employee) and Laslo Horvath (CTO)-have the challenges that the insurance industry faced first-hand when working for McCs. The main insurance companies, he said, were stuck due to three main problems: strict, inherited systems that were challenging, if not impossible, used to quickly launch new services and use with newer innovations such as AI-based prices; slow processes for decision -making at corporate level; And talent.

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

McKcini and others who like them usually call to try to repair all three at once. He and his team, he said, will create new products from the beginning and “pass the code” to the insurance client. “This works to some extent, but it would not be so perfectly hoped.”

This came out of the inevitable: taking a replica from the worlds of Fintech and other start -up insurance, a mosquito and its two co -founders saw the opportunity to develop a product as their own company, not for a customer, using API to include functions and functionality from other suppliers that may not be built from the earth; And so he was born.

The essence of what it does amminim is the application of some AI based reflections on the analysis of large data. In the construction and pricing of an insurance offer, the traditional insurance company can use five or six major parameters (human age, economic bracket of the person, a type of vehicle, a past history of driving, a car location) to determine the price. A more new insurer can add another 10 or 15 parameter to this.

“But there are some not so obvious variables that are actually super important,” Mosar said. For example, once you receive a vehicle registration plate, you can actually touch a database, he said, which gives you 100 different variables for the vehicle, including length and height and width and weight of the vehicle. “It is interesting to see, for example, that the data show a very strong connection between the length of the car and the frequency of accidents during parking,” he said.

Ominimo takes into account all these details plus population density and others when it goes through its calculations.

Of course, there are many insurance startup companies on the market that are already enchanting the use of AI in their platforms, both for decision making at the back and for improving the customer experience at the front end. (Ditto the existence of dozens of startups in Fintech, a close brother of insurance technology who also claims to be built on AI.)

A mosquito’s answer is that the recording of Maminimo speaks for himself. “I think what really matters is actually the market performance, so if you compare our presentation with the lemonade (a key competitor), you will actually see the difference,” he said. He claims that Ominimo’s “loss coefficient” is below the market average and he has already collected a 7% market share in Hungary, the only country to start.

As with many of the Neobanks on the market – Fintech and insurance really have a lot in common – many of the “new” insurance players on the market make less disturbances under the hassle as they create a more modern consumer experience.

“There is a difference between claiming to make a science of data on risk assessment and actually do it,” he said. Many competitors to start, according to him, “have actually focused on the superb customer experience, very nice front edges, very slender and intuitive trips, but there was not much under the hood.”

Giving the talent a place to do the work they want to do, he claims, is how they attracted and preserved key people. “We have eight medalists from the Mathematics and Physics Olympiads (prestigious competitions in these fields) among our scientific data team,” he said. “These are truly brilliant young minds that now, for the first time, can implement their full potential globally. And this is really what we see in the KPI we see.”

This is what attracted its new strategic investor, which is looking for more discharge ways to introduce new waves from customers.

“The rearing of our retail business is a key ambition in the Zurich cycle 2025-2027. That is why I am delighted with the DA Direkt distribution partnership with Ominimo, which will allow us to offer innovative car insurance and to expand our customer base.” in the amminimo. “