Swedish insurtech selected by AXA Germany
Upptec, a Scandinavian insurtech that provides automated claims valuations, has been contracted by AXA Partners Germany.
The partnership is designed to underpin AXA’s efforts to automate its claims process. To date, Upptec has provided its automation technology for home contents insurance.
The work with AXA Partners, the first customer for Upptec in Germany, will begin with all household electronics for the initial implementation.
“We look forward to working with Upptec to optimise and automate claims handling in the German market for the benefit of the policyholder,” said Kirsten Wenz, TPA manager consumer electronics, AXA Partners Germany.
“This is the start of a partnership with great potential and we see many common objectives by digitalising and automating the claims process – making it transparent, objective and fast for German policyholders and setting new standards for digital claims in Germany,” said Magnus Franck, CEO at Upptec.
Upptec launched in 2006. Although primarily focused on the home contents insurance market, the insurtech partnered with P&C industry platform Guidewire in January 2020.
Sweden has an active insurtech market that has attracted significant funding in recent months. In July, Stockholm-based Insurello raised €15m. And in September, neo-insurer Hedvig closed a €38.6m Series-B funding round.
In February, insurtech Greater Than raised €13.83m in a share issue. The Swedish startup said the proceeds would be used to scale up its business, which focuses on providing predictions on claims frequency using artificial technology.
