SWISS BROKER KNIP LAUNCHES IN GERMANY

Switzerland-based online insurance broker Knip AG has launched in Germany, having operated in Switzerland since September last year. The broker allows private insurance customers to manage all their insurance business online with an app. The company is registered as an insurance broker and receives a management fee from insurers. Should customers buy new policies, Knip receives the standard commission. Plan Forward and Clark, two other outfits, follow a similar model in Germany. All three companies are backed by investors who specialise in ‘Fintech enterprises’. Knip was established as a Swiss joint-stock company in, founded by Dennis Just, currently chief executive, and Christina Kehl , chief financial officer. The company is financed by investors Orange Growth Capital and Redalpine. Knip stated it has around 60 staff in Zürich, Berlin and Belgrade but that it has not yet started to be profitable. This is forecast for 2016. A spokesperson said Knip was attracting around 100 new customers a day in Switzerland”. “We had people copying our business model in Germany before we even got started there,” he said.