Undo Insurance – a 100% app-based insurance company Qorus Innovation in Insurance Awards 2019

Nobody understands insurance and very few understand what they have bought. Undo offer their customers full transparency, simplicity and an 100% app-based solution. Undo want to give their customers full transparency and communicate to them in a tone and voice, they can understand. It takes only 90 second to buy an insurance and 5 minutes to settle a claim. Target is 50.000 customers in three years. Tryg expects the insurance industry to be disrupted by new Insurtech companies, that excel in user experience, transparency and simplicity. Instead of waiting for this, Tryg has decided to disrupt itself from within. Tryg has invested $3,8 mill. in the new 100% digital insurance company Undo. Undo is an urban app-based insurance company for young people living in apartments. Not an obvious segment for the large established insurance corporations. Lemonade, Trov and Metromile have all been an inspiration for Undo. An efficient co-creation between Undo, an Insurtech startup, and Tryg, an 300 years experienced insurance company. The primary competences Tryg has brought to the table are underwriting, finance & claims insight. Undo has developed everything else without any interference from Tryg. Main results so far • Undo has built a new insurance company in only 6 months • Launched 3 new products in 10 months • Growth rate at 40% per month • Heading for 6.000 new customers end of 2019