Startup Pitch Battle Seraphin - FinTech Belgium Summit 2016
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This document summarizes information about Seraphin, the first digital insurance broker in Belgium. Seraphin aims to simplify insurance by allowing customers to easily compare options and purchase policies directly online. The startup validates this model through market research showing customer interest in online insurance. Seraphin generates revenue from commissions paid by insurers and plans to expand from Belgium into France and other countries. The startup has raised initial funding and secured partnerships with insurers to begin technical integration.
Startup Pitch Battle Seraphin - FinTech Belgium Summit 2016
- 1. First Belgium digital broker Seraphin simplifies all your insurances
- 2. Problems Hard to compare contracts Hard to understand the large differences in coverage / prices Hard to distinguish necessary / unnecessary insurances 2
- 3. Solution Discover in 3 minutes the insurance you really need Buy your insurance directly from your sofa Keep an eye on your insurances, anytime, anywhere Declare your claims easily, Seraphin does the rest Seraphin, the first digital broker that lets you… 3
- 4. Product Insurance cover overview - Gap definition - Buy insurance directly 4
- 5. MARKET VALIDATION 35% are ready to buy insurance online 5 Source: Assuralia, 2014 75% are WILLING to have insurance online access 68% are ready to declare a claim online
- 6. Target Insurance market (non -life) €12B €120B €1B €12B Belgium France Acquisition & brokerage Yearly figures 6
- 7. Revenue model • Seraphin revenues are commissions paid by insurance companies (=> no extra cost vs. other channels) • Recurring revenues, with breakeven @2000 customers • Moins 1% of French + Belgium market = €50M revenue Intermediation Insurance €5B/yr. Seraphin France + Belgique <1% marché = 50M€/an 7
- 8. Traction and validation/roadmap • Seraphin SA registered and active as a broker • 16 insurers trusts Seraphin: a few of them are initiating real-time technical integration with Seraphin web platform • Seraphin is supported by Innoviris in its development Source: ASSURALIA 8
- 9. Market adoption • The start-up has started in Belgium a protected market dominated by the brokerage <> 60% of the market • The start-up will be scaled-up in France and in other neighbour countries, if conditions permit. 9
- 10. Competition - sales Online Offline Single company Multiple companies Traditionnal physical brokers 10
- 11. Online competition Seraphin Customer assistance 1. Inform 3. Buy 4. Consult & manage 6. Claim process 2. Sorting Comparator Transactional comparator Seraphin Online broker 5. Be covered 1. Inform 3. Buy2. Compare Digital Market as is Seraphin 50 en Europe 3 principaux en Europe 11
- 12. Analyse SWOT Seraphin • Team • MVP • First fundraising • Insurance inertia • Slow take off • Complexe regulation • First mover advantage • Large market
- 13. Xavier Lombard CEO, 48 years He has started and run Verdesis 2002-2013 Jacques Galloy Administrator, 45 years. Business Ange. Ex CFO of EVS Vincent Becker Drector Risk Management He has 28 years of experince in Risk Management. Henri Villebrun Administrator, 46 years. 20 years of Insurance, digital transformation with Proximus Tanguy Bocquet Director of Developement, 25 years. Digital Native, experience with ING, Canal+, U.N. Benoit-Marie Flach Shareholder, 27 years. Digital transformation of insurance – expert in UX The team Thomas Vanderstraeten Director Technology, 27 years. Ex Bain & Co. consultant, specialized in financial services digitalization 12
- 14. Investment and use of funds • 650.000€ has been raised amongst the funders in cash and kind. • Subside in process 220k€ • Seraphin is raising 1,5M€ up to 2,5M€ • Coding 300k€ • Cost of Acquisition Customers 400k€ • Development in France 1.000k€