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MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Accounting & Finance
hedvig.com

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Founded Year

2016

Stage

Series A - II | Alive

Total Raised

$23.52M

Valuation

$0000 

Last Raised

$9.08M | 10 mos ago

Revenue

$0000 

About Hedvig

Hedvig is a Swedish homeowners insurance provider that offers a mobile app aimed at simplifying the way users report damage and receive compensation.

Hedvig Headquarter Location

Valhallavagen 117

Stockholm, 115 31,

Sweden

+45 38 48 94 61

Latest Hedvig News

Home Cover: Hedvig Expands Into Denmark

May 19, 2021

Swedish neo insurer Hedvig announces that it initiates its international expansion across Europe starting with Denmark, in response to hundreds of Danes signing onto Hedvig’s waiting list for a new type of home insurance. The company will reach 100 employees by the end of 2021, hiring an additional 30 employees across all functions, including tech, product and growth. Hedvig offers home and all-risk insurance with an average time of eight minutes for handling a claim, all through a digital service and world class personal service. In 2020, the company grew its revenue by 200%. To date, Hedvig has insured close to 8 billion € worth of homes and this figure is growing by close to half a billion euros month on month since the beginning of 2021. Some 8% of all new home insurance policies in Sweden in 2020 were signed with Hedvig, making it the second fastest growing insurance company in the country, behind Folksam, Sweden’s leading incumbent insurer. Hedvig insures 55 000 individuals, with 40% of its growth being organic or by recommendation. The typical Hedvig member is urban, digitally savvy and aged 25-34. Close to 60% of all Hedvig users are under 30 – proving a generational shift when it comes to how people choose their insurance company. “Today marks a major milestone for Hedvig’s growth”, says Lucas Carlsén, co-founder and CEO of Hedvig. “We are creating a new industry standard for home insurance. We’ve built a product that gives people entitlement rather than hope when it comes to their home insurance. Our statistics show that two thirds of Hedvig customers have had a previous insurance solution with a traditional insurer and made a switch to Hedvig. The demand for our solution is unquestionable, and we are thrilled to kick off Hedvig’s international expansion starting with Denmark.” Hedvig’s revenue model is fully transparent. The company takes a 25% fixed fee from the insurance premium and the remainder goes into a claims pool that is allocated out to Hedvig users in case of hazards. At the end of each fiscal year, if the claims pool is in surplus, the excess funds goes to charity. Hedvig does not earn more by paying out less, a major factor of consumer mistrust with incumbent insurers. Like any insurer, Hedvig partners with reinsurers such as SCOR in case of major hazards. Earlier this year, Hedvig transitioned from being an MGA (a managing general agent, or insurance broker) into a full-stack carrier, with a license that is valid across the European Union, a key component for Hedvig’s expansion. Launched in Sweden in 2018 and Norway in 2020, the company has secured a total $23M in funding to date. In its latest round in October 2020, Hedvig raised an additional 7,8 million € at a 54 million € valuation from existing investors Cherry Ventures, Obvious Ventures and Novax with CommerzVentures entering the round in an extension of its Series A Share this:

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Research containing Hedvig

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CB Insights Intelligence Analysts have mentioned Hedvig in 1 CB Insights research brief, most recently on Mar 2, 2021.

Expert Collections containing Hedvig

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Hedvig is included in 4 Expert Collections, including Europe InsurTech Startups.

E

Europe InsurTech Startups

307 items

I

InsurTech

1,627 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

A

Artificial Intelligence

7,340 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

F

Fintech

10,749 items

Excludes US-based companies

Hedvig Web Traffic

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