Insurance startup hepster expands to France
Rostock, 04 May 2022: InsurTech hepster is expanding into France, underlining its strong growth. Founded in Rostock in 2016, the company is stepping up its internationalisation: after Austria in 2020, this is its second expansion abroad. Following the USD 10 million financing round by Element Ventures and Sevenventure Partners in 2021, the next major market entry will now follow. hepster plans to achieve a market share of 30 percent in the bike/e-bike segment in France in the coming years and is keen to set the new standard for digital insurance solutions there too. The company is launching its bike/e-bike insurance products, customised to the French market and its customers' needs, and will gradually add further offerings.
The start of the expansion will be accompanied by the launch of the French hepster online shop. End customers will be able to book their desired insurance with just a few clicks. The online shop is primarily intended to increase awareness and build trust among customers. Subsequently, the focus in the neighbouring country is also on B2B cooperation: Insurance solutions are offered directly at digital touchpoints by business partners and thus integrated into everyday life and the consumer context.
Christian Range, CEO and co-founder of hepster, says: "Entering the French market is another major step towards European expansion. We are also aiming for more than 100 percent growth this year and would like to gain more than 1,000 new partners and 250,000 new customers over the next three years. France is set to be a growth driver in order to ultimately become one of the top providers of digital insurance and so-called "embedded insurance" in Europe."
Hanna Bachmann, COO and also founder, explains: "We analysed all markets intensively and decided on France as our third market after Germany and Austria. After all, our neighbouring country is the second largest economy in the EU after Germany. An additional factor in our decision to enter the market is our broad portfolio of existing and new insurance products, with which we can convince customers in France. There are exciting developments on the French market, particularly in the mobility, consumer electronics and travel sectors - which we would like to enrich with our solutions and products."
Alexander Hornung, CPO and third founder, adds: "Similar to Germany, the French bicycle and especially e-bike market is developing rapidly. In terms of insurance solutions, however, it is still in its infancy - so we expect demand to be strong in the coming years. Innovative financing concepts for the French market will also lead to a strong increase in demand for relevant insurance."
hepster offers insurance for bicycles, electronics, animals, sports and travel and was launched in 2016 with the aim of revolutionising the insurance industry with its outdated technologies and sales approaches. The API-driven platform enables simple and completely digital insurance solutions that are directly tailored to everyday situations and changing customer needs. The business model specialises in "embedded insurance", i.e. the embedding and integration of insurance into existing processes. The aim is to integrate insurance into the customer experience with selected partners and make it as simple and individualised as possible.
Since 2020, hepster has established itself as the market leader for digital insurance products relating to micromobility in Germany and Austria. "We know the market, the demand and the benefits and services very well. Following comprehensive market research, we also want to utilise and scale this knowledge in other markets. We will therefore be expanding strongly throughout Europe in the coming years," concludes Range.
Further information on the hepster online shop for French customers can be found at: www.hepster.com/fr-fr