After a successful series A round raised $18.1 million in funds, insurtech startup company Leocare Assurance, based out of Paris, France, plans to bring the insurance business and mobile app industry together in union. Backing the nascent company in the latest funding round are ecommerce investment firms Felix Capital, Ventech, and Daphni.
“We know Leocare since their beginning in 2018, when they were still in beta test with a portfolio of a few dozens of contracts,” Daphni states. “We have been in touch with the founders during these [two] years and have been very impressed by their execution skills.”
Leading the Insurance Business Into the Realm of Mobile Apps
Co-founded in 2017 by entrepreneurs Christophe Dandois and Noureddine Bekrar, the French insurtech startup company resides at the forefront of the mobile insurance industry. Offering car, motorcycle, home, and smartphone insurance along with rapid contract delivery services, the emergent business aids about 20,000 users, with high hopes to bring the number to 1 million by 2025.
The ambitions of the startup don’t stop there either. Leocare seeks to add several new services to expand its business, including the ability to check the status of a case, a traffic notification feature, and a marketplace of skilled professionals.
Insurtech in The Slipstream of The Mobile Banking Revolution
“While the revolution of mobile banking happened in the last five years, the timing for the mobile insurance revolution has come.” Daphni said in the insurtech startup company’s investor portfolio. “The insurance market is one of the biggest markets in the world and offers a high predictability and an important customer loyalty. However, as of today, no incumbents have such a simple mobile app nor a flexible offer in the area than Leocare, enabling a full mobile experience, from onboarding to recurring services with a very flexible approach, therefore improving customer satisfaction.”
Startup companies and businesses in the insurtech industry, including Leocare, are poised to expand rapidly as the insurance business seeks to become mobile and modernized in an era of unprecedented convenience through digital services.
Valued at $532.7 million in 2018, the global insurtech industry market revenue is projected to grow at a compound annual growth rate (CAGR) of 16.0% from 2018 to 2023.
“It was time for a product range based on technology and continuous dialogue, in order to support and protect French people,” Dandois said. “To this day, we collect more than one million euros of insurance premium a month, and our app has been downloaded more than 150,000 times already.”
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.