Russia’s Alfa Group plans to create online insurer Mango
The co-owners of Russia’s Alfa Group intend to create an online insurer Mango and have invested several million dollars in the start-up, according to Russian news site RBC.
The insurtech sector is a lively place and Alfa wants some action and to “move away from the model of a traditional insurance company and create an insurer that will work only online – without offices”.
In addition to selling its own products, Mango will also act as a “high-tech marketplace for other companies”.
The shareholders of Alfa have not commented on the volume of investments and ownership structure of the company. RBC says Alfa has invested about $10 million in Mango.
The company’s target audience will be people between the ages of 20 and 40, for whom “advanced technologies and trust are important”.
RBC also cites a study by insurance broker Willis Towers Watson, that from 2013 to the end of the Q2 2018 $5.1 billion (380 rounds of investment) was invested globally in insurtech start-ups related to life and health insurance, and property insurance.
US start-ups had the largest share in the investment – 58%, their British counterparts got 7%, German and Chinese start-ups received 5% each, India came in with 4% and France 3%.
Russia is not mentioned but Alfa may well believe its Mango venture can find sweet success.