06.08.2024
New services:ERGO, O2 Telefónica and Telefónica Insurance launch embedded insurance product throughout Germany
O2 Care | Mobility" is available from August 7
O2’s private customers will now be able to book supplementary insurance using “O2 Care”. The first instalment, “O2 Care | Mobility”, launches on 7 August.1
ERGO, O2 Telefónica and Telefónica Insurance have joined forces in the field of embedded insurance. Embedded insurance means insurance that is integrated into a third party’s products or services, whether it be insurance on the device when purchasing an electronic product, for example, or travel insurance. In future, O2’s private customers can book supplementary insurance digitally with just a few mouse clicks, and insure their everyday lives according to their needs. Billing is done automatically via the existing O2 invoice.
The first product – “O2 Care | Mobility” – launches on 7 August, and offers its private customers a mobility guarantee in case their rental car breaks down or their bicycle gets a flat. Users can also get support from a 24/7 assistance hotline. They also have the option of reducing the deductible per claim for “shared mobility” vehicles such as cars, (e)-bikes or scooters throughout Europe.
“O2 Care | Travel” will launch in autumn 2024
“O2 Care | Mobility” can be booked for €4.99 per month, with a minimum term of 12 months, using the digital O2 channels from O2 Mobile post-paid and O2 Internet@Home customers. After the minimum term has expired, the product package can be cancelled at any time with 30 days’ notice.
The second product, “O2 Care | Travel” will follow in autumn 2024. Among other things, it will include international health insurance with repatriation, rescue and recovery costs, as well as seamless travel and emergency assistance. The insurance can be taken out for both individuals and families.
Two further products for other areas will follow.
Mark Klein
Mark Klein, Chief Digital Officer of the ERGO Group, said about the new products: “Embedded insurance is one of the most dynamic developments we are seeing in the digital insurance market today. It enables providers to combine traditional insurance policies with state-of-the-art technology and digital services. With embedded insurance, we are turning traditional insurance cover into ‘insurance-as-a-service’.”
Andreas Laukenmann
Andreas Laukenmann, Chief Customer Officer at O2 Telefonica, states: “O2 Care combines ERGO and O2 Telefónica’s respective strengths: as one of the leading insurers in the embedded insurance segment, ERGO has proven expertise in the field, whereas we have direct access to millions of O2 customers, and know exactly what they want and need. As a result, these new digital supplemental services offer them real added value beyond mobile and landline products, and underscore our consistent customer focus.”
Amaia Ayerdi Perez, Director of Business Development, Operations & Systems at the primary insurer Telefónica Insurance, adds: “As an innovative insurer and specialist in the field of digitalisation and digital insurance, we are delighted to be able to offer our customers innovative products in cooperation with ERGO. The embedded-insurance segment is highly relevant for our target group. We will continue to develop new products in the future, in order to offer our customers added value that meets the needs of the innovative and digital market, and constantly expands and complements our product portfolio.”
In the online business, embedded insurance is particularly appealing to younger policyholders. Sales of these products have risen significantly in recent years and the trend will continue. For example, the management and strategy consultancy McKinsey & Company’s “Global Insurance Report 2023” estimates that by 2030, more than 30% of premiums in the global private customer business in the P&C sector alone will be sold in such environments.
ERGO established itself as one of the leading insurers in this segment at an early stage, and has entered into numerous successful partnerships with companies from the online and traditional retail sectors.
| 1 | O2 brokers the O2 Care Mobility product as a tied insurance agent in accordance with Section 34d (7) sentence 1 no. 1 of the Trade, Commerce and Industry Regulation Act and is registered with the Munich Chamber of Industry and Commerce. The risk carrier is Telefónica Seguros y Reseguros Compania Aseguradora S.A.U. Direktion für Deutschland (Telefónica Insurance), Georg-Brauchle-Ring 50, 80992 Munich. |
| About ERGO Group AG: ERGO is one of the major insurance groups in Germany and Europe. The Group is represented in over 20 countries worldwide, with a focus on Europe and Asia. ERGO offers an extensive product portfolio for private and corporate clients in every key insurance category as well as end-to-end assistance and service offers. Three separate units operating under the umbrella of ERGO Group AG – ERGO Deutschland AG, ERGO International AG, and ERGO Technology & Services Management AG – manage the ERGO Group’s businesses and activities. The German and international businesses as well as the global management of IT and technology services are organised in these units. About 38,700 people work for the Group, either as salaried employees or as full-time, self-employed sales representatives. ERGO generated EUR 20.1 billion in insurance revenue in fiscal 2023 with a result of EUR 721 million. ERGO belongs to Munich Re, one of the world’s leading reinsurers and risk carriers. You can learn more at www.ergo.com | |
| About O2 Telefónica: O2 Telefónica is a leading full-service provider of telecommunications services for private and business customers. In addition to traditional telephony and internet connections, the portfolio of its core brand O2 and various secondary and partner brands also includes innovative digital services in the area of IoT and data analysis. In mobile communications, O2 Telefónica manages over 45 million mobile lines (incl. M2M – as of 31 December 2023). No network provider connects more people in this country. The company’s high-performance, award-winning mobile network reaches over 99% of the population. O2 Telefónica’s landline network offers its customers the greatest technological diversity and territorial availability of all providers in Germany. In the 2023 financial year, the company generated sales of €8.6bn and employed around 7,500 people. The company is majority-owned by the Spanish telecommunications group Telefónica S.A., which is based in Madrid and one of the largest telecommunications groups in the world. | |
| About Telefónica Insurance: Telefónica Seguros y Reaseguros Compañía Aseguradora, S. A. is the insurance company of the Telefónica Group, with branches in Spain, Brazil, the United Kingdom and Germany. The company is a 100% subsidiary of Telefónica, S. A. and focuses on people to develop innovative products linked to new technologies, both for individuals and companies. | |
| Disclaimer: This media information contains future-oriented statements based on current assumptions and forecasts of the management of the ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and actual developments, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements, or to adjust them to future events or developments. |
