Huk-Coburg and Neodigital want to set up a joint venture for car insurance

The first rumors about a joint venture between the two insurers were already circulating in November. Now Huk-Coburg and Neodigital are presenting their plans.

Car insurer Huk-Coburg has acquired a stake in insurtech Neodigital. Together, the companies are planning to establish the joint venture "Neodigital Autoversicherungen AG". The Federal Financial Supervisory Authority (Bafin) still has to approve the project. As soon as the approvals have been granted, the joint venture is to go straight to market. The companies did not disclose the amount of the investment.

With the help of the joint venture, Neodigital aims to expand its portfolio to include car insurance. Founded in 2017 by Stephen Voss and Dirk Wittling, the insurtech currently offers liability, accident, household contents, building, pet, bicycle and cell phone insurance. There were initial rumors about the planned joint venture back in November(we reported). With the strategic merger, the companies wanted to become more competitive against rivals such as Check24 and Verivox.

"We at Neodigital are convinced that we are very well equipped to enter the motor insurance market thanks to the consistent digital mapping of all our processes and the future cooperation with Huk-Coburg," says Neodigital CEO and founder Stephen Voss. "Our consistently digital business model has proven successful in all other types of insurance. In this respect, the motor insurance segment is the logical next step for us."