Meet Lorenz Gräff, Co-Founder and CEO at InsurTech Company: bsurance

In a nutshell, bsurance provides embedded insurance solutions as a way for businesses to connect customers to relevant insurance products designed to their exacting requirements at the Point of Need.

Take, for example, buying insurance for an expensive appliance or piece of furniture. Previously, it might have involved filling out a lengthy application form and receiving a pretty inflexible policy in exchange. With more and more purchases taking place online, the process has become even more complicated. Now, through embedded insurance, you can get access to tailored insurance products right when you buy an item and complete the process in only a few clicks.

This approach has many benefits. For today’s customer where time, convenience and personalisation is of the essence, it makes buying insurance slicker and easier than ever before, therefore, promoting higher conversion rates and offering an exponential growth opportunity for businesses. Also, because this approach speeds up time to market and prompts seamless, faster claims management and processes, it also optimises overall project efficiencies.

In a world accustomed to personalised, on-demand services, the transition towards embedded insurance, as we see it, is an inevitable evolution to meet the growing expectations of the digital-first customer.
bsurance: Impact 25 2020 profile | Oxbow Partners

How did you come up with the idea for the company?

Before co-founding bsurance, I successfully exited my first startup – the HR software company eRecruiter – in 2017. Before that I worked in Digital Service Industry for over 25 years, specialising in the cross-digitalisation of business processes in areas of finance, telecommunications, real estate and media with a strong emphasis on European B2B sales.

Drawing on this experience, coupled with my own personal accounts of the tiresome nature of buying traditional insurance products, I noticed that there was a real need and opportunity for a new kind of distribution method in the insurance industry. It also helped that I had a family member who had worked in the insurance sector for decades and was a wealth of knowledge in the area.

The rest, as they say, is history. Together, with my two co-founders we formed bsurance in Vienna, Austria in 2017 under the remit of making insurance easy by providing customers with access to fair, relevant and convenient insurance offerings.


How has the company evolved over the last couple of years?

A little over four years later and it is astonishing to think how far we have come and how much we have grown since our humble beginnings.

Having started up as a small team of five we now have an incredibly talented workforce of over 30 employees from a diverse set of personal and professional backgrounds.

Additionally, having originally started in Austria and Germany we have expanded across Europe to have active business in Germany, Italy, Bulgaria, Spain, Slovakia, France, The Netherlands and Belgium. This geographical expansion has been underpinned by greater product development, as we have continued to diversify our product offer and drive innovation, as well as gaining a MGA licence to serve all of the EU and EWR countries.

What can we hope to see from bsurance in the future?

bsurance is in the fortunate position of being one of the early pioneers in a hugely lucrative market that is still very much in its infancy. While embedded insurance isn’t new, it is only just starting to hit the mainstream as more businesses wake up to the benefits of adding it to their offering.

As part of this, we want to continue to grow market share while setting new standards in the quality and speed of implementation of data-driven insurance products embedded in the digital lifestyle of today’s customers.

Ultimately, our mission is to become Europe’s leading market player providing millions of customers with fair, relevant and modern insurance products while, in turn, helping brands nurture trust, loyalty and retention. As we see it, the sky really is the limit.