After months of preparation, Swedish-founded InsurTech company Omocom starts off the year of 2023 by proudly confirming that they finally have permission to provide insurance solutions in the United Kingdom.
Insurance solutions developed for sharing
Omocom, whose motto is “Keeping products in use”, are known as a challenger in the insurance industry and are admired for their neat and embedded insurance solutions that are escpecially developed for the sharing economy. These insurance solutions is proven to increase conversions, since lowering the threshold for consumers of buying or renting goods.
The circular InsurTech company are supported by several international risk carriers that are excited to starting to offer the brits comfort and security in the shape of Omocom-developed insurance solutions.
UK expansion beyond borders of the European Union
During the late fall of 2022, Omocom announced and celebrated 11 successful European market launches, and the Omocom-success story continues during 2023 by entering an additional 3 markets with UK being one of them. The United Kingdom is thus the 14th market where Omocom’s circular insurances can be offered.
About Omocom Omocom was founded in Sweden 2017 by Emanuel Badehi Kullander and Ola Lowden.
The companies mission is to create incentives to keep existing resources in use, and to make more people gain the trust and cross the threshold to share their existing and often valuable assets with each other.
Omocom’s solutions are completely API-based and data-driven at all possible stages, which leads to friction-free flows and minimal administration for all parties.
Claims are handled internally by Omocom’s experienced claims handlers who responds both quickly and with exceptional service in local language. Omocom’s main mission is to keep the customer's stuff in use, despite the fact that they get damaged during the rental period. Today, 9 out of 10 states that they will continue to rent out their stuff even though they have been damaged.
Omocom founders Badehi Kullander and Lowden has a background as experts on digital trade for the Swedish government, and the business concept for Omocom was bown as they interviewed major insurance companies about how they intend to handle the increasing value that was uninsured in society.
Omocom is now successfully launched in the 14 following markets:
AT, BE, DK, DE, ES, FI, FR, IT, NL, NO, PL, PT, SE, UK
Omocom have sent in an application for full autorization to the FCA, but can until approved, offer insurances through a TPR (Temporary permissions regime).