Insurtech: Lovys acquires Otherwise

Otherwise, grant 2,900 insurance chat clients to Lovys.

Clap for Otherwise, a pioneering collaborative insurance start-up that has just been bought by Lovys. With this acquisition, Lovys is stepping up its pet insurance.

This is the end of Otherwise, a trademark of the Amalfi broker, created by Raphael Berger and Cécile Mérine. Otherwise was one of the pioneers of collaborative insurance in 2016. The idea was to group policyholders into low-accident communities and redistribute a jackpot at the end of the year. La jeune pousse launches a premiere of a complementary collaborative health offer in January 2017. The company promised a group of insured individuals to pay back up to 50% of the contributions paid and they were not used to reimburse health benefits.

After receiving an initial fund of 1.6 million euros, otherwise sign with Maif for the proposal of a collaborative car guarantee. In the same year, she launched a dog health insurance and talks with Generali. In 2018, Otherwise launches RC Pro on a non-collaborative model. The young company will receive an additional 2 million euros in 2019 from Mutualia Grand Ouest. In the same year, it stopped marketing over-complementary health, fueled by the risk of anti-selection. While the collaborative model has proved relevant to animal insurance, it has shown its limitations in other products such as health. After 5 years of development, otherwise it claims 4,000 customers dont 2,900 insurance chats. A company was sold to Lovys for 520,000 euros.

Thanks to this operation, Lovys completes its offer and strengthens its position in the pet insurance market. Lovys is part of Otherwise’s 10 collaborators, including 4 veterinarians. Lovys today offers three forms of insurance for dogs and discussions (coverage of accidents, illness and preventive care) and options such as the guarantee of funerals, the guarantee of therapeutic food or the guarantee of research fees following a loss of vol vol.

Certain Otherwise products whose car insurance will fit easily into Lovys’ offering and the brand Otherwise will disappear. « At this point, we have not made the decision to perpetuate or not the collaborative model. This model has a strong emotional value and will last on the insurance of dogs and discussions, especially not suitable for all products, especially smartphones and cars.comments Fabien Cazes, general manager of Lovys in France. We are happy to receive the other equipment and to be identified as a consolidator of the insurtech sector. ».

After a € 17 million fundraiser in January 2021, Lovys is on her way. The company is now present in France, Spain and Portugal. Elle offers digital insurance in various fields, such as smartphone, housing, borrower or housing, in addition to insurance dogs chats.

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