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

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

The car insurer Huk-Coburg has acquired a stake in the insurtech Neodigital. Together, the companies plan 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 obtained, the joint venture is to be launched on the market immediately. The companies did not disclose the amount of the investment.

With the help of the joint venture, Neodigital wants to expand its portfolio to include car insurance. So far, the insurtech founded in 2017 by Stephen Voss and Dirk Wittling offers liability, accident, home, building, pet, bike and mobile phone insurance. Already in November, there were first rumors about the planned joint venture(we reported). With the strategic merger, the companies wanted to become more competitive against rivals such as Check24 and Verivox.

"At Neodigital, we 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," said Neodigital CEO and founder Stephen Voss. "Our consistently digital business model has proven successful with all other types of insurance. In this respect, the motor line of business is the logical next step for us."