European Insurtech CLARK Achieves Positive Operating Result

Frankfurt, Germany –  March 25, 2024 CLARK, the leading digital insurance broker in Europe, announced today its achievement of a positive operating result for the fiscal year 2023. This significant milestone marks a historic moment in the insurtech’s growth journey since its founding in 2015. Supported by major investors such as AllianzX, Portage, Tencent, White Star Capital, and Yabeo, CLARK offers a fully digital insurance experience and service to end customers, which empowers them to manage their entire insurance situation via a mobile application.

CLARK grew by 35% while reaching a positive operating result in 2023

In 2023, CLARK experienced remarkable growth, with a substantial increase of 35% surpassing €135 million in revenues. While growing the business, it is noteworthy that CLARK achieved a positive operating result for the first time in the company’s history. “We have been able to manage our costs efficiently and have changed our strategy to invest less in marketing and instead focus on acquiring new users through our own lead channels”, explains Dr. Christopher Oster, Co-Founder and CEO of CLARK. The growth was supported by the acquisition of smaller companies such as That’s Life Insurance in the UK and Schutzklick Brokerage in Germany. The appointment of new management roles in Germany as well as Product & Technology marked an important strategic step at the end of 2023. With the former Generali Board member Benedikt Kalteier joining, the company has set the course to reach the next growth stage.

Strategic Vision for Strengthening Market Position in Europe 2024

For 2024, the insurtech remains committed to fostering organic growth similar to 2023, while actively exploring acquisition opportunities to further expand its market presence in Europe. As CLARK already operates in Germany, the UK, Switzerland, France, and the Netherlands, potential acquisitions will focus on mid-sized brokerage firms to leverage the business model in at least one of the five existing markets. „Our primary focus for potential acquisitions lies in accelerating the full deployment of CLARK’s business model across all current markets. As we can see in the case of Germany, the combined integration of all its components undoubtedly generates the highest value for all stakeholders“, Kalteier emphasizes. 

Building the insurance expert in the pocket of European customers to keep for a lifetime

CLARK’s mission is to build the insurance expert in the pocket and make it effortless to get properly covered for a fair price. As the company is already offering the CLARK App to over 700,000 customers in Germany, consumers in the UK and Switzerland can expect the launch of the insurance super-app in 2024. Besides functioning as a digital wallet for existing insurance products, the broker app offers an end-to-end buying experience for new insurance products combined with personal advice and consultation by professional experts. “We are eager to improve the quality and efficiency of our digital services further, therefore we will be heavily investing in our internal processes and the development of our application in 2024. By doing so we ensure to deliver our core values to our customers all over Europe”, Dr. Oster concludes.

About CLARK:

CLARK is one of the world’s largest insurtechs, with the mission to build the insurance expert in the pocket to protect the world of their customers. The mobile app allows customers to manage, compare, and improve their insurance situation digitally in the most convenient way and provides expert advice at their fingertips. The insurtech is backed by investors including Allianz X, Portage, Tencent, White Star Capital, and Yabeo. The CLARK Group aims to deliver the best possible insurance experience to over 2 million customers in five European countries. From offices in Frankfurt (headquarters), Berlin, Bristol, Amsterdam, Paris, and Zurich, over 800 employees are reinventing insurance day by day.