One of Russia’s first sizable insurtech projects is set to emerge soon, with millions of dollars being invested in an online-only insurance offer, EWDN reported, citing sources at the Russian business daily RBC.
Dubbed “Mango,” the platform will sell its own products and those of traditional insurance companies through a “technologically advanced marketplace,” CEO Viktor Lavrenko said.
“Our idea is to look at traditional things in a new way, leveraging on foreign experience and hiring IT-skilled people. We plan to change the existing digital insurance market and create new ones, where we’ll be the absolute leader,” the entrepreneur added.
The project has been backed financially by Alfa Group, which includes a variety of companies in the fields of finance (Alfa Bank, Alfa Insurance, Alfa Capital, A1…) and retail (X5 Retail Group), as well as water supply. The exact amount of the investment in Mango has not been disclosed, but RBC’s sources put the figure anywhere between “a few million” and “$10m”.
Mango will target consumer groups from 20 to 40 years of age. It will not be integrated into the existing Alfa Insurance company, the sources said.