InsurTech startup iCompare recently announced a partnership with Bâloise Assurances in Luxembourg. Today’s consumers require the ability to compare insurance products so they can make an informed decision. The startup bridges the gap between time-pressured consumers and the insurance providers.
(Featured Image: Jamie Eltorkey and Alifyu Mamman, two of the three co-founders of iCompare.lu / Image Credit © iCompare.lu)
What is your startup about?
Our business provides visibility of the latest insurance products available in Luxembourg to today’s internet savvy consumers.
The traditional method of insurance purchasing does not fit for many of today’s consumers due to increased time pressure in our daily lives, in addition to the complexity and variety of the insurance products available.
Today’s consumers require the ability to compare insurance products so you can make an informed decision. In the absence of iCompare.lu this requires a consumer to manually search each provider’s website or meet with agents to understand the most suitable products available. You no longer need to to visit the website of each airline in other to find a ticket, so we want to bring that same practicality to the insurance industry.
The idea is simple; We bridge the gap between today’s time-pressured consumers and the insurance providers.
How did you come up with the idea?
The idea was born through our own personal experience as expats that became residents of Luxembourg. Luxembourg is an international environment attracting a huge amount of skilled workers from all over the world expecting a modern purchasing approach. Most people are used to comparing and purchasing online to find the product that best suits their needs and budget.
When we personally looked at insurance products we felt it was an unnecessarily difficult process that involved a lot of time, phone calls and taking time out of work to visit face-to-face. When we looked at online comments we found out that there were a number of consumers that were struggling with exactly the same issues.
“We give back control to consumers by providing visibility of products in a simple comparison table on our website. We also assist insurance companies by providing access to consumers searching insurance online.”
What are your products/services?
We give back control to consumers by providing visibility of products in a simple comparison table on our website. Our service is completely free of charge and the consumer will always pay the same through iCompare as directly from the provider. We provide up to date market and product analysis and, when available, an online purchasing experience.
We assist insurance companies by providing access to consumers searching insurance online. Our platform enables an insurer to showcase their products based on its specific features and benefits.
What is your business model?
We provide qualified leads to the insurance provider and receive renumeration from the provider for this. We never charge the users of the website.
Who are your clients?
Our clients are both the providers of financial products and the end consumer.
What are the next steps in your development?
We strive to constantly improve the customer journey through innovation and partnerships with insurance providers that will enhance the purchasing experience and create a platform that complements the existing value chain for the online community from identifying which product is most suitable, to being able to pay online. We are proud to add value to both insurance companies as well as the end consumer.
Can you tell us more about your partnership with Bâloise?
We are very exciting to be working with Baloise and have been really impressed at their progressive approach to online, and their interest in innovation and efficiency. Baloise understand in the benefits of using technology to enhance the customer experience. We support their innovative service offering to the online community through iCompare.lu.