– The insurers typically do not own the touchpoint to the client. (upbeat electronic music) – [Interviewer] Insurance is getting less important because– – It’s just a product provider. – [Interviewer] Right. – It’s not like a car, and you have BMW, a Porsche, and you have emotions on it. – [Interviewer] Right. – And insurance, you typically don’t, and then you can switch
insurance providers. – I think that the issue
has always been like that in the insurance industry
because the insurance typically do not own the
touchpoint to the client. If you have a broker in between, now it’s a digital broker.
– Faster. – It’s about, it’s the same thing. To me, the question here is what about the real digital insurers, the ones that also apply for a license, whether it’s with Bafin or
some that’s incorporated in Luxembourg or in Lichtenstein We actually only have a handful of that. The interview with Kathleen Köhn, she’s a head of the InsurTech taskforce, at BaFin and also at EIOPA, and what she said is that
interestingly enough, most of the new disruptors out there are not BaFin regulated, they’re regulated by chambers of commerce because they are brokers.
– Right. – So, I think a number of new entrants has been relatively small so far. So, we need to see how they will
be able to perform going forward. – Is this ONE or LEMONADE
only brokers, as well? – No. – They’re real insurance companies, right? – Yes they are real insurance companies. (upbeat electronic music)