Insurtech: Lovys acquires Otherwise

cat dog insurance
Otherwise brings 2,900 dog and cat insurance customers to Lovys.

End clap for Otherwise, a pioneering start-up in collaborative insurance, which has just been acquired by Lovys. With this acquisition, Lovys strengthens its position in pet insurance.

It’s the end of Otherwise, the commercial brand of the broker Amalfi, created by Raphael Berger and Cécile Mérine. Otherwise was one of the pioneers of collaborative insurance in 2016. The idea was to group policyholders into communities with low claims and redistribute a pool at the end of the year. The start-up launched a first collaborative complementary health offer in January 2017. The company promised a group of individually insured people to pay back up to 50% of the contributions paid if they were not used to reimburse health benefits.

After an initial fundraising of 1.6 million euros, Otherwise signs with Maif to offer collaborative car insurance. The same year, she launched health insurance for dogs and cats with Generali. In 2018, Otherwise launched RC Pro on a non-collaborative model. The young company raised an additional 2 million euros in 2019 from Mutualia Grand Ouest. The same year, it stops marketing the over-complementary health, scalded by the risk of anti-selection. While the collaborative model has proven to be relevant for animal insurance, it has however shown its limits for other products such as health. After 5 years of development, Otherwise claims 4,000 customers, including 2,900 in dog and cat insurance. The company was sold to Lovys for 520,000 euros.

Thanks to this operation, Lovys completes its offer and strengthens its position in the pet insurance market. Lovys integrates the 10 employees of Otherwise, including 4 veterinarians. Lovys now offers three dog and cat insurance formulas (cover for accidents, illness and preventive care) and options such as funeral-death cover, therapeutic food cover or cover for research costs following a loss. or flight.

Certain products from Otherwise, including car insurance, will be easily integrated into the Lovys offer and the Otherwise brand will disappear. ” At this stage, we have not taken the decision to perpetuate or not the collaborative model. This model has a strong emotional value and will continue on the insurance of dogs and cats but it does not adapt to all products, especially smartphones and cars.comments Fabien Cazes, general manager of Lovys in France. We are happy to welcome the Otherwise teams and to be identified as an insurtech sector consolidator “.

After its fundraising of 17 million euros in January 2021, Lovys continues its journey. The company is now present in France, Spain and Portugal. It offers digital insurance in different areas such as smartphones, housing, borrowers or housing, in addition to dog and cat insurance.

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