BearingPoint invests in Nordic InsurTech startup Tribe
As part of its Ventures activities, BearingPoint has invested in the Oslo-based start-up Tribe.
Tribe is an insurance provider that has developed an innovative business model and IT insurance platform. It enables customers to receive simple and fair insurance solutions by leveraging the trust among their networks of friends and families. BearingPoint and Tribe will enter into a long-term relationship to expand their respective service portfolios.
Tribe set out to transform the insurance market based on a simple concept: insurance customers know far more about good and bad risks in their social network than traditional insurance companies do. Supported by its tailor-made and proprietary insurance platform, Tribe offers its clients significant discounts based on the degree of trust between their networks of friends and families, so-called “tribes”, while eliminating the complexity of insurance products and services.
In addition to its financial investment, BearingPoint will support Tribe’s further development and go-to-market with its vast experience in the insurance industry as well as its expertise in digital transformation, analytics, and regulation.
“Tribe is an exciting venture with an innovative business model that will enrich our existing service and solutions portfolio in the areas of digital transformation, platforms, and insurance. Identifying and cooperating with promising ventures is deeply embedded in our firm-wide strategy. It enables us to be part of and shape innovative trends and gain important expertise and experience, which in turn helps us to support our clients in the best possible way,” said Patrick Palmgren, Chief Development Officer at BearingPoint.
“We are very enthusiastic to have BearingPoint on board as investor and partner. BearingPoint is an obvious partner for us as we believe they can contribute to our success both on a strategic and operational level. Succeeding with a new insurance concept requires succeeding with IT, concept and marketing. BearingPoint has an enormous amount of knowledge in IT, processes and concept thinking, and they can also advise us in moving our IT platform and product concept abroad. We are confident that BearingPoint will contribute a lot to our development both on a national and international level,” commented Rune Brunborg, Chief Executive Officer at Tribe.