When Carrier Management last checked in with Friendsurance in June 2016, the Berlin-based company was pursuing expansion, both in number of customers and geographic reach.
One year later, the peer-to-peer insurance broker focused on making coverage easy and affordable to buy, has followed through on both counts.
In a brief interview with Friendsurance co-founder and managing director Tim Kunde, Carrier Management Editor Mark Hollmer asked five questions concerning progress made and how Friendsurance is doing now. Both questions and answers are below.
CM: When we last talked in June 2016, you were looking to expand. What new markets or regions is Friendsurance operating in now?
Kunde: Currently we are operating in Germany and we will launch [in] Australia over the course of the summer.
CM: How big is your customer base now?
Kunde: In Germany we have well over 100,000 customers.
CM: What has been your biggest challenging in growing the company?
Kunde: As pioneer in P2P insurance we really had to present the big vision. We had to shine as a team and subsequently meet milestone after milestone, which we did quite successfully.
CM: Are you any closer to a U.S. expansion?
Kunde: We are planning to expand to other markets but there is no concrete time plan for an U.S. market entry yet.
CM: Where do you hope Friendsurance will be five years from now?
Kunde: When we introduced our peer-to-peer insurance model in 2010, we were the only provider in the market. Today there is a segment for peer-to-peer insurance with approximately 30 providers worldwide. In five years there will be even more and Friendsurance will be the segment leader.