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Paris, March 30, 2017 - Otherwise, a new player and pioneer in peer-to-peer insurance in France, has closed a seed round of €1.6 million with 360 Capital Partners, Bpifrance and private investors.
Otherwise is bringing insurance into a new era
Otherwise, France’s first peer-to-peer insurance platform, reinvents insurance and launches the first P2P health insurance product – digital, fair and community-driven.
Founded by Cécile Mérine, Raphael Berger et Aymeric Augustin, the Insurtech startup offers a 100%-online client experience and provides transparent, tailored and empowered insurance. The ambitious model is based on organizing members into small affinity groups, encouraging risk prevention, and incentivizing responsible behaviors with a collaborative bonus. These innovations allow Otherwise to offer the only insurance that gives customers their money’s worth - covering members in case of claims, but also reimbursing them when all goes well. With this new model, Otherwise is challenging traditional insurers and has positioned itself as the French Insurtech to watch.
A funding round to bring people, insurance and technology together
With this funding round, the startup secures the support of 360 Capital Partners, private investors, and Bpifrance as part of the Investing for the Future program (Concours d’Innovation Numérique). The company will use the €1.6M to further develop its technology platform, and machine learning algorithms, to provide the best possible user experience, and to solidify its position in the French market.
François Collet, Partner at 360 Capital Partners, says “Otherwise is led by a brilliant team, who is revolutionizing the insurance market. The successful launch of their health insurance product, in a highly sought-after market segment, will be quickly followed by other products with broad appeal.”
Amongst Otherwise’s private investors group, François Leneveu, Co-founder and President of Altaprofits, the inventor of online life insurance, adds “The insurance market remains very traditional. Otherwise has numerous competitive advantages to take on, and to create, the real and lasting change needed in the sector.”
Raphael Berger, Co-founder and President of Otherwise concludes, “This funding round and the expertise of our new investors will allow us to accelerate the release of our products and to help us maintain our market lead. It is a show of confidence in our ambitious project, and reinforces our desire and determination to provide a fundamentally improved insurance experience.”