Just a week after Parisian insurtech +Simple wrapped up €90 million funding and acquired three European firms to boost digital brokerage, Belgian insurtech Seraphin has rechristened as Yago and raised €2.2 million.
The round saw the participation of BeAngels, investor Nicolas Debray, HI Invest, IPM and early investors. The fresh capital will enable the newly renamed insurtech to strengthen the business efforts of the startup in the north of the country.
According to a recent EY report, the insurance sector in Belgium is still lagging behind in terms of digitisation. While in the Netherlands more than 60% of consumers already take out car insurance online, this is barely 5-10% in Belgium. Between 2018 and 2021, the willingness of Belgian consumers to take out insurance online has doubled.
The name change, which now sounds too French, will drive the Belgian startup’s ambitious plan to better establish itself in Flanders, a market which currently represents 13% of its clientele.
Tanguy Bocquet, co-CEO, Yago said: “We are aware that 55% of consumers say they do not trust insurance companies. Amid the cumbersome and complex administration and the fear of being scammed, Belgians can feel lost in this world of fine print.”
Yago simplifies the process of taking out insurance by presenting the best offers in less than three minutes. “Within two hours after submitting a claim online, they will be called back, guided and advised by our lawyers. This expertise is essential in addition to the digital one,” Bocquet added.
According to Hugues Bocquet, co-CEO, Yago, the company will rollout an embedded ecosystem for the sale of insurance contracts and continue our development in Flanders. “Yago is also launching mortgage brokerage to transform the customer experience to make it easier to get a loan,” he added.
Yago currently has more than 8,000 customers and 15,000 insurance contracts. In 2021, it scored 70% on the Net Promoter Score (NPS), while the average of Belgian insurers is 6% according to a study by Accenture.