Ottonova publishes new figures

The customer base of the insurtech company Ottonova is growing. However, only every fifth member has full insurance.

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

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

Speaking to Finance Forward

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

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