# Qover Financial Model API-first embedded insurance infrastructure that lets digital businesses distribute insurance products without a balance sheet. - Canonical: https://finamodel.com/startups/qover - Excel download: https://finamodel.com/startup-models/qover.xlsx - Category: InsurTech - Model type: Insurance GWP - Funding round: Series B - Funding: $25M - Founded: 2021 - Geography: Pan-European; active in 32+ countries [DECK, slide 6]; headquartered in Brussels. - Customer: B2B ## About the company Qover is API-first embedded insurance infrastructure that lets digital partners distribute insurance without holding a balance sheet. It connects insurers, products, pricing, servicing, claims, compliance, and white-label customer journeys through modular technology. The platform had handled 800,000 insured customers in more than 32 countries and holds delegated authority from 12 insurers. Its MGA-style model earns commission on GWP from partners including Revolut, Wolt, Deliveroo, and Decathlon. The model is embedded-insurance commission revenue. Partners, customer transactions, attachment, average premium, take rate, claims servicing cost, and retention determine revenue. Carrier capacity, integration speed, and partner growth drive the forecast. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Full-stack embedded insurance platform: Qover sits between insurers (risk carriers) and digital partners (distributors), handling products, pricing, customer servicing, claims (TPA), tech integration, and compliance. - Open API + white-label front-end; modular micro-architecture; can launch new insurance products in days/weeks. - Partners integrate via API and can embed or cross-sell insurance in their own customer journey (e.g. Revolut's paid plans, Deliveroo/Wolt gig-worker coverage, Cowboy/Angell bike purchase flow, Immoweb renters insurance). - Qover does NOT carry risk on its own balance sheet - risk is underwritten by capacity partners (Wakam, Lloyd's, NN, Baloise, Chubb, AXA, AIG, and others). - Claim management (TPA) centrally operated from Brussels. ## Market - Embedded insurance TAM cited as "700B+ Opportunity" (P&C only); source attributed to Simon Torrance 2020. - Positioned as the last unaddressed B2B FinTech vertical alongside Payments-as-a-Service (Stripe/Adyen), Banking-as-a-Service, Lending-as-a-Service, etc.. - No SAM, SOM, or growth-rate figures provided in the deck. ## Revenue model - Revenue mechanism not explicitly stated in the deck; standard IaaS / MGA model implies: - Qover earns a commission/fee on Gross Written Premium (GWP) generated through partner channels - typical range 10–25% of GWP for MGA-style platforms. Rationale: they hold delegation of authority from 12 insurers and manage the full value chain but disclaim balance-sheet risk; net revenue = GWP × commission rate minus claims TPA costs. - Consumer-facing pricing example visible: Angell Bike insurance at €9.90/month. - Revolut integration: insurance bundled in paid plans across 33 countries. - Distribution model: B2B2C - partners (Revolut, Deliveroo, Wolt, Cowboy, Decathlon, Immoweb, Poppy, Angell, Axel Springer/KKR, + others) drive end-consumer volume; Qover never sells direct to consumer. - Two integration modes: Open API (real-time data exchange) and White-label front-end. ## Traction & metrics - 800k insured handled from Brussels - cumulative policyholders processed. - >95% Customer Satisfaction. - Active in 32+ countries. - Delegation of authority from 12 insurers. - Named partners (slide 7): Revolut, Wolt, Deliveroo, Cowboy, Decathlon, Immoweb, Axel Springer KKR, + many more. - No revenue figures, GWP, growth rates, or ARR disclosed in the deck. ## Competition / moat - Claims to be "the only true digital insurance infrastructure play". - Moat framed across five pillars: 1. Tech: 100% proprietary, open API, white-label, modular micro-architecture. 2. Data: centralised data warehouse; e-commerce conversion optimisation. 3. Insurance: pan-European licences; delegation of authority from 12 insurers. 4. Operations: centralised Brussels ops; >95% CSAT; 800k insured. 5. Pan-European: active in 32+ countries; unique ability to launch and manage pan-European programs. - Competitive set implicitly includes legacy insurers and broker aggregators; no direct InsurTech competitors named. ## Team & funding ask / use of funds - Founders: Quentin Colmant (CEO & Co-Founder) and Jean-Charles Velge (Co-Founder). - No team bios, headcount, prior experience, or funding history disclosed in this deck. - No funding ask amount, valuation, or use-of-funds slide present. --- ## Recommended financial model - **Archetype + why:** Insurance MGA / platform GWP model with commission P&L. Qover is a capital-light MGA (Managing General Agent) that generates revenue as a percentage of GWP flowing through its platform. The correct model archetype is a **GWP-driven commission revenue model** - analogous to a B2B marketplace GMV model but with insurance-specific KPIs (GWP, loss ratio, combined ratio, take rate). NOT a 3-statement model with underwriting reserves (no balance-sheet risk). Closest comparables: Cover Genius, Trov, Openly. - **Forecast horizon & granularity:** 5-year annual model (2021–2025), with monthly granularity for Year 1 (2021). Monthly needed to track new partner onboarding cadence and ramp curves. - **Key drivers & assumptions (tag or):** - Number of active distribution partners (signed): 7 named + "many more"; assume ~10–15 at close - no exact number disclosed. - GWP per partner per year: varies widely by partner type; Revolut (pan-European, 33 countries) likely >> Cowboy (niche bike). Model should segment by partner tier (large/mid/small) with separate GWP assumptions. - Partner ramp curve: new partner reaches full run-rate GWP in 6–12 months post-go-live. Rationale: API integration + product launch takes days/weeks per deck; ramp driven by partner's user adoption, not Qover's. - New partners added per year: 5–15/year in Base. Rationale: 7 named at Series B stage after ~3 years; growth funding should accelerate. - Qover net take rate on GWP: 15–20% gross commission, net of reinsurer/capacity fees; ~10–15% net revenue margin on GWP. Rationale: MGA market norms; no deck data. - Loss ratio / claims cost (TPA): 55–65% of net premium (i.e. the risk is borne by capacity partners, but TPA handling cost is Qover's OpEx). Model as a cost line, not a combined ratio. - Consumer pricing example: €9.90/month for bike insurance - use as sanity check on per-policy GWP for product-level builds. - Headcount growth: Brussels-centric ops team; scale with insured volume. Model 3 cost centres: tech/product, insurance/compliance, ops/CS. - Countries active: 32+; geographic expansion not modelled separately unless country-level revenue data provided. - **Scenarios (Base / Bull / Bear - which variables flex):** - Base: moderate new partner adds (~8/year), mid-range take rate (15%), GWP/partner growing in line with partner user base. - Bull: acceleration in partner signing (15+/year), large-partner wins (Revolut-scale), take rate holds at 18%, loss experience favourable. - Bear: slow new partner pipeline (3–4/year), existing partner GWP growth disappoints, take rate pressure from insurers, regulatory friction in new markets. - Primary flex variables: partner adds per year, GWP per partner, net take rate. - **Required sheets / outputs:** 1. Assumptions - all drivers tagged and clearly separated. 2. Partner model - cohort table: partners by year of signing, GWP ramp, annual GWP per partner, total platform GWP. 3. Revenue bridge - GWP → gross commission → net revenue (after capacity partner fees). 4. P&L - net revenue, TPA/claims handling costs, tech/product opex, insurance/compliance opex, ops/CS opex, G&A, EBITDA. 5. Headcount plan - by function, tied to operational scale. 6. Cash flow / runway - Series B proceeds vs. burn to breakeven. 7. KPI dashboard - GWP (total + by partner), policies in force, take rate, revenue per partner, cost per insured. ## Frequently asked questions ### Is the Qover financial model free? Yes. The Qover model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.