How do you work for a talented engineer for startups in ordinary areas when a more exciting company pays well and actively hires? The following is a response from an insurance new company called Ominimo in Poland. Have a salary competitiveness. But more importantly, it provides engineers with licenses that can apply talent and recreate the way of working on the field.
Ominimo, which started with a boot strap budget just 12 months ago, found a different and better approach to understanding and pricing. The company has already been profitable and growing rapidly, and has signed up for 300,000 policies in Hungary’s first market. Now we are investing the first external investment from the strategic patron, Zurich Insurance Group, to provide fuel to the next stage of life.
TechCrunch understands that Zurich invests 10 million euros (about $ 11 million) for 5%of the company and evaluates OMINIMO as 200 million euros ($ 220 million). Ominimo and Zurich did not mention the amount of investment, but both confirmed the evaluation.
Ominimo raised funds when one of the most famous and well -grown insurance new companies in Europe sold a part of the business and secured life -based funds.
WEFOX is a warning about how to grow your insurance business and a clear opportunity. Perhaps the reason WEFOX grew so fast was because of the market demand (both consumers and investors). Startups did not go away and had to surf the waves.
Ominimo is already profitable but humble. Today, new companies are active only in a Hungary market and focus on one kind of insurance and auto insurance for consumers. The plan is to replicate the model in more areas and categories.
The company plans to expand to more than 10 new markets, starting with Poland, Sweden and the Netherlands. Zurich Insurance serves as a dangerous carrier, and OMINIMO will be operated as a broker of Zurich, especially management. Startups are initially focusing on auto insurance, but we plan to add real estate insurance over time.
Dennis Weinbender (currently the chief price and data officer) and Laslo Horvath (CTO), Ominimo’s CEO, Dusan Komar, have seen problems directly by the insurance industry when they work at MCKINSEY. He said major insurance companies are trapped due to three major problems. Slow decision -making process at the corporate level; And talent.
“Colorful software engineers or data scientists do not dream of working for an insurance company.”
MCKINSEY and others usually try to fix all three things at once. Komar and his team built a new product from the beginning and “hand over the code” to the insurance customers. “It worked to some extent, but it wasn’t just as perfect as we expected,” he said.
Komar and his two co -founders have a chance to signal in the world of Fintech and other insurance new companies and develop their products as their own companies. They may not be able to build their own functions and functions by using the API, and OMINIMO was born.
Ominimo is essentially applied to some AI-based inferences for Big-Data Analytics. When building an insurance estimates and set prices, traditional insurance companies can use five to six major parameters (age, economic parentheses, vehicle types, past driving records or automotive positions). New insurers can add 10 to 15 parameters to this.
“But in reality, very important variables are not really important. For example, if you receive a license plate, you can use the database, and it provides 100 variables for the vehicle, including the length, height, width and weight of the vehicle.” For example, it is interesting that data shows a very strong correlation between the length of the car and the frequency of accidents during parking. ”
Ominimo considers all these details and population density to perform calculations.
Of course, the market already has many insurance startups that already promote the use of AI on the platform, and improves the decision -making and customer experience in the front end. There are dozens of new companies in Fintech and argued that they were built in AI.
Komar’s reaction to this is that the earnings of ominimo speak in itself. “Actually, I think it’s actually a performance in the market. Therefore, we can actually see the difference compared to the lemonade (major competitors).” He insisted that Ominimo’s “loss ratio” is lower than the market average, and has already gained the market share of 7%, the only country operated in Hungary.
Like many Neobanks in the market, Fintech and insurance have a lot in common. Many “new” insurance players are less interrupted by the hood as they create a more modern user experience.
“There is a difference between claiming data science in terms of risk assessment,” he said. Many of his startup competitors said, “In fact, we focused on excellent customer experience, very cool front end, very dry intuitive journey, but not under the hood.”
He insisted on how to give his talent to give them a place to do what they want to do. “We have eight medalists of mathematics and physical Olympiad (famous competition in this field) among the data science teams.” “This is the first time for the first time to be a great young heart that allows you to maximize your potential worldwide. And this is actually shown in the KPI we see.”
It is also attracting Zurich insurance, which is looking for more diverse methods that can cause new customers.
“It is a key ambition in Zurich’s 2025-2027 cycle to grow the retail business with a profitable growth. So I will be happy with the distribution partnership with DA DIREKT’s Ominimo, providing innovative auto insurance solutions and expanding the retailers in Europe.” “I am also happy to strengthen the relationship with the minority of OMINIMO.”
