The French company LeoCare has secured €15 million in a new round of funding. This investment includes participation from Felix Capital, Ventech, and Daphni. LeoCare offers a range of insurance products, concentrating on simplifying the enrollment experience and enhancing usability for customers. Policyholders can oversee their insurance coverage through a dedicated mobile application.

It’s common to have several insurance policies in place simultaneously. However, how often do you review your existing coverage and make necessary adjustments to your agreements? Typically, once an insurance product is purchased, it’s often left unattended.

Because of this tendency, insurance providers generally don’t dedicate significant resources to developing mobile applications, user interfaces, or customer-focused features. LeoCare identifies an opportunity to differentiate itself by prioritizing these areas.

LeoCare provides insurance options for homes, cars, motorcycles, and smartphones. Customers can enroll through the company’s website or by utilizing their mobile app. The company has streamlined the initial setup process with clear, straightforward questions and a visual indicator showing potential cost variations based on selected options.

Upon enrollment, customers receive their insurance contract immediately, allowing for quick submission to landlords or other required parties. LeoCare also supports ongoing contract management. For example, a significant number of LeoCare customers reduced their auto insurance premiums during periods of lockdown. Adding temporary drivers for short durations is also a supported feature.

LeoCare functions as a managing general agent behind the scenes. The company collaborates with multiple insurance carriers, offering their products under the LeoCare brand. Currently, the company processes €1 million in premiums monthly and serves 20,000 customers.

LeoCare reports that 63% of its policies cover automobiles, 26% cover homes, 7% are for motorcycles, and 4% are for smartphones. The company is experiencing substantial growth, currently achieving a 38% month-over-month increase.

Looking ahead, LeoCare intends to introduce new functionalities, including a chatbot for tracking claim status. They are also developing a feature to alert drivers to areas with a historically high incidence of road accidents.

Furthermore, the startup plans to launch a professional services marketplace. This could assist customers in finding qualified professionals, such as plumbers, and potentially create a new income source for LeoCare.

LeoCare aims to increase its insurance portfolio by a factor of seven by the close of 2021. The company also plans to expand its team from 35 to 80 employees.