How Coya wants to make insurance more digital

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Which target groups are your offers aimed at in particular?

Andrew Shaw: We have two target groups in particular: On the one hand, the so-called Urban Millennials, who are between 25 and 35 years old, have largely digitized their everyday lives and, as a rule, have a high level of education. On the other hand, the so-called expats, i.e. employees from abroad who are employed in Germany. We want to give these people access to insurance without complicated insurance contracts. The fact that Coya itself is a company with employees from more than 20 countries helps us in this work.

Coya took the difficult path of BaFin licensing, what made you choose and what benefits do you get from the license?

Andrew Shaw: That’s true. Coya is one of the few German insurtech start-ups that has a BaFin license. We are therefore allowed – unlike most insurtechs – to act as a full-fledged insurance provider. We decided to take this step in order to have significantly more room for maneuver. In this way, we can create new insurance products together with cooperation partners. With these, we are helping to change the insurance market over the long term by focusing even more closely on customer needs.

Your insurance offer is currently quite clear with household contents insurance, personal liability, dog liability, animal health protection, bicycle theft, e-bike theft and covers some niches. Which products are you planning for the future?

Andrew Shaw: On the one hand, we will enter into many more partnerships with companies over the next few months, which in turn will offer their customers integrated Coya insurance through their products. On the other hand, we are of course also continuously expanding our own direct portfolio of Coya insurance. For example, accident insurance is planned for the coming year, as well as further flexibility and personalization options in the existing products. In this way, we want to come a little closer to our goal – to be the first comprehensive and digital insurance that adapts to people’s lives.

You recently announced your cooperation with simplesurance to offer a buyer protection program for online shopping. How did this step come about? Were there any corona-specific changes in the insurance landscape behind this?

Andrew Shaw: We worked with this project even before the pandemic, but Corona accelerated development significantly because buyer protection on the Internet suddenly became even more relevant. One of our goals at Coya is to develop insurance policies together with partners like simplesurance and to integrate them into existing products. Such integrated insurance products are a big trend in the industry.

Another example: Together with “Autozug Sylt”, a private railway company that operates as an alternative to Deutsche Bahn between Niebüll and Westerland, we launched an insurance product this year that automatically gives passengers a 10 euro insurance fee with an online reservation. Sends Amazon voucher if the train arrives more than 30 minutes late. These partnerships are a perfect example of integrated and future-oriented insurance that puts people’s needs back at the center.

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