Zurich Insurance Group has joined forces with Belgium-based Qover, to expand its embedded insurance capabilities.
The insurer entered this partnership through Zurich Global Ventures as part of which Zurich is also joining the insurtech’s Series C funding round.
Qover was founded in 2016 with the vision to simplify the future of insurance; it currently operates in 32 European markets.
Its technology-enabled distribution platform powers global cover through a single integration, making it possible for businesses to quickly and easily integrate tailored insurance products to digital experiences in a centralised way.
Jack Howell, CEO of Zurich Global Ventures commented: “What makes Qover stand out for me is its deep understanding of what customers are looking for: a way to make getting insurance as simple and convenient as possible.
“The combination of its know-how about embedded insurance, our long-standing expertise and global footprint is a win-win for our distribution partners and customers.”
Quentin Colmant, CEO and co-founder of Qover, said: ”By combining our technology and expertise, we’ll be able to push boundaries, providing businesses and individuals even more convenient and timely protection they need in a changing world.”
Since its launch in 2020, Zurich Global Ventures has helped to accelerate Zurich’s development of innovative and digital services that will empower customers to choose insurance they value most.
Its portfolio comprises solutions in travel, health and wellbeing, employee benefits, cyber, device protection, digital partners and mobility.
The collaboration with Zurich Global Ventures emphasises Zurich’s ambition to find new ways to distribute innovative insurance products and services to reach customers exactly where and when they need it, the firm stated.
In recent news, analysts from investment bank Berenberg have highlighted that Zurich has significant cash and capital resources available to fund deals -c$6 billion in excess capital. According to the report, taking in account this figure, the insurer is keen on exceeding its 20% return on equity (ROE) target by 2025, the final year of its current three-year plan.
Zurich has revealed its plans to pursue potential acquisitions fuelled by its excess capital and rising margins in non-life commercial lines, the analysts also noted.