Owen raises €1.5m to become the first integrated e-commerce insurance service

may 2022

PRESS RELEASE

The integrated insurance market for e-commerce is still relatively undeveloped in France, unlike other financial services such as payment management and consumer credit. However, by 2030, this market is estimated to be worth over $3.3 billion* worldwide, driven by the dynamism of e-commerce and the development of insurtechs focused on the use of data and APIs. 

To conquer this new market, insurtech company Owen has announced that it has raised 1.5 million euros from 20 business angels, including Didier Kuhn (BA and board member of Blablacar, Bankin), Thierry Petit (showroomprivé), Jonathan Vidor (JVWEB), Grégoire Delpit (Checkout. com), Laurent Delaporte, Cyril Vermeulen and Jacques Rivière (Ocean).com), Laurent Delaporte, Cyril Vermeulen, Jacques Rivière (Ocean), Jeremy Sebag and Cédric Pironneau, co-founders of SPVIE Assurances, and 50 Partners Capital, whose gas pedal Owen joined in January.

Launched at the end of 2021 by Pierre-Olivier Grall, former CEO of Carrefour Assurances, and Thibault Masson, ex-manager in strategy and management consulting, Owen's ambition is to transform insurance - reputedly complex and highly regulated - into a genuine service integrated into all types of online business: from independent boutiques to digital marketplaces.

Today, it's easy for an online store to integrate payment, delivery or loyalty program services, but there's no equivalent for insurance. Owen aims to fill this gap by becoming a benchmark service for e-commerce players: a source of additional revenue and differentiation for merchants; simplicity of use and optimum quality of service for end-consumers. 

Owen is a broker who develops its guarantees alongside insurance partners. These partners are interested in the distribution potential of e-commerce and the innovative nature of the solution developed by assurtech.

Thanks to Owen, over 60% of e-commerce sites in France could offer insurance, including online stores specializing in the sale of connected devices, electric bikes, smartphones, household appliances and sports equipment.

The first sector addressed by Owen, in partnership with insurer Covea Affinity, is that of new forms of mobility - electric scooters and bicycles - whose sales and insurance needs have been rising sharply over the past 3 years, with annual growth of around 30%**. 

• With no complexity and in just a few hours, Owen enables an online bike store to add insurance offers to its service catalog, and generate additional margin for each insurance cover sold on its site.
• Once the service has been activated, any consumer visiting the site can insure their bike against breakage and theft by adding Owen to their basket. 
• The service continues, since after purchasing insurance, consumers can report their claims to Owen's teams, and receive support throughout the claims handling process.
• Last but not least, the merchant site benefits from additional support services such as online consultation of its insurance sales, tracking of its insured customers and advice on building customer loyalty.

This first lift will allow Owen to : 

• Recruit a team of 8 additional people by 2022, half of them engineers/developers, the other half marketing/sales specialists. 
• Accelerate the creation of insurance products adapted to sustainable consumption patterns.

• Develop the service to make it compatible with all e-commerce environments: market-leading platforms such as Prestashop, Shopify and Magento, and the marketplaces of major digital retailers.

"Owen was born out of a desire to put insurance at the service of e-commerce and consumers who want to protect the everyday objects and services that matter to them. This fund-raising is an important first step in our journey, to strengthen our team and accelerate the development of integrated insurance in France", explains Thibault Masson.

"The objective of this fund-raising is simple: to bring the best insurance service to e-commerce professionals. To achieve this, we are delighted to have brought together ambitious and visionary investors, who are providing crucial support for Owen's success. This round of financing will enable us to achieve our ambition and vision of bringing insurance closer to the consumer and simplifying its use for all types of retail outlets," asserts Pierre-Olivier Grall.

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*Sources: Simon Torrance, 12/2020, " Embedded Insurance: a $3 Trillion market opportunity", https://www.linkedin.com/pulse/embedded-insurance-3-trillion-market-opportunity-could-simon-torrance/

** FP2M / Smart Mobility Lab barometer, 03/2022, "Scooter sales growth of 800% in 4 years, including 42% in 2021", https://www.google.com/search?client=firefox-b-d&q=barom%C3%A8tre+smart+mobility+ .

**ArticleVélos et Territoires, 04/2021, "More dynamic than ever, the cycle market must adapt to user enthusiasm", https://www.velo-territoires.org/actualite/2021/04/18/plus-dynamique-jamais-marche-cycle-sadapter-a-lengouement-usagers/