Ottonova publishes new figures

The customer base of insurtech company Ottonova is growing. However, only one in five members takes out full insurance.

Ottonova, the digital insurer from Munich, has published its company figures for the 2019 financial year. The figures show that the start-up has 4,480 customers (2018: only 406). However, 3,980 customers have supplementary dental or hospital insurance. Accordingly, 860 people were fully insured - almost three times as many as in the previous year.

Ottonova is the only insurtech to have received a license from the German Federal Financial Supervisory Authority (Bafin) in the health insurance sector to date. The market is considered to be competitive, as customers change their private health insurance comparatively rarely. This is because they often have to give up their old-age provisions when switching.

CEO and founder Roman Rittweger nevertheless expressed his satisfaction with the published figures to Finance Forward. "In terms of turnover, [those with supplementary insurance] make up a much smaller proportion, and comprehensive insurance is clearly ahead," he told the online magazine.

Ottonova was founded in Munich in 2015. Today, more than 100 people work for the start-up.