Coya was a German property and casualties insurance provider headquartered in Berlin offering liability policies for people and pets as well as home content and bicycle theft insurances. Coya delivered insurance policies and handled claims through desktop and mobile apps. The company was acquired by French insurance startup Luka in 2022 and the company and all policies was renamed as Luko which would later be renamed GetSafe.[1]
| Company type | Private company |
|---|---|
| Industry | Insurance |
| Founded | 2016 |
| Founder | Andrew Shaw, Dr. Peter Hagen and Sebastián Villarroel |
| Defunct | January 18, 2022 |
| Fate | Acquired |
| Successor | Luko (later GetSafe) |
| Headquarters | , |
Area served | Germany |
| Products | Property insurance Casualty insurance |
| Owner | Luko (later GetSafe) |
| Website | coya |
The company was licensed by the German Federal Financial Supervisory Authority (BaFin),[2] enabling it to offer its own insurance policies.
Coya firstly launched its home content insurance[3] and later offered a variety of insurance products such as private liability, home contents, dog liability, bike theft, e-bike theft and pet health.
History
editCoya was founded in September 2016 by Andrew Shaw, Dr. Peter Hagen and Sebastián Villarroel[4] and started to provide its first approved insurance in June 2018.
In its Series A round of financing, Coya has received nearly $30 million.[5][6] The company is strategically and financially backed by investors such as Valar Ventures, e ventures, La Famiglia, and Yabeo Capital, as well as various business angels such as Mato Peric and Rolf Schrömgens. It also received cash injections from PayPal founder Peter Thiel[7] and was in the list of top 30 funded German startups in 2019.[8]
In January 2022, the company was acquired by French insurance startup Luka in and the company and all policies was renamed as Luko.[1]
Business model
editCoya's business model was based on digital, paperless insurance that enables customers to get insured quickly and to manage their insurance claims and policies directly through an online dashboard without the need for insurance brokers and agents.
References
edit- ^ a b "Insurtech startup Luko acquires Coya and gains insurance license". TechCrunch. January 19, 2022.
- ^ "Insurtech Coya receives license from German Regulator". The Digital Insurer. Archived from the original on 2020-10-26. Retrieved October 20, 2020.
- ^ "Berlin-Based Insurtech Firm Coya Launches with Home Content Insurance – as a Start" (Press release). Coya. September 26, 2018. Retrieved October 13, 2020 – via Insurance Journal.
- ^ Grösch, Thilo (September 25, 2018). "Offizieller Launch: Neuer digitaler Versicherer Coya gestartet" [Official launch: New digital insurer Coya started] (Press release). Retrieved October 15, 2020 – via Der Tagesspiegel.
- ^ Shieber, Jonathan (June 5, 2018). "Coya raises $30 million to launch its insurance service in Europe". Techcrunch. Archived from the original on 2018-06-06. Retrieved October 19, 2020.
- ^ Mumme, Thorsten (June 6, 2018). "30 Millionen Dollar für Berliner InsureTech-Startup in Series A" [30 million dollars for Berlin-based InsureTech start-up in Series A]. Business Insider. Archived from the original on 2018-06-25. Retrieved October 15, 2020.
- ^ De La Motte, Laura; Schnell, Christian (December 10, 2018). "Insurtechs spurring on insurance giants". Handelsblatt. Retrieved October 15, 2020.
- ^ "Top 30 best-funded German startups 2019". Disfold. October 15, 2020. Archived from the original on 2019-12-07. Retrieved October 19, 2020.