Clark
Simple, Digital Insurance Buying and Management

Today, we live in a world where we are digitally advanced to a level where we can meet our friends or colleagues online and shop clothes or accessories from virtual stores. Markedly, this is stirring a world of difference in the way we are buying insurance as well, making their prominence in the digital realm. In that stride, a handful of digital technology trends on the seller side of the insurance market can visibly transform the very nature of the insurance business altogether.

In auto insurance, risk will shift from drivers to the artificial intelligence (AI) and software behind self-driving cars. Satellites, drones, and real-time data sets will give insurance companies unparalleled visibility into the risk around facilities, leading to greater accuracy. Claims processing after natural catastrophes can also be automated in the near future with infinite scalability and lightning-fast speed. With these innovations, the life insurance industry is expected to focus more on “wrapped” products that seamlessly adjust coverage based on the evolving needs of their customers. These scenarios aren’t science fiction. The technologies behind them already exist, and innovative offerings could become mainstream in the next decade. And the company that is already pushing the envelope of the insurance space digitalisation is CLARK—a German company that helps insurance companies virtualise their interaction with the end customers. What differentiates CLARK from other contemporary solutions is the company’s extensive experience in insurance.

CLARK understands the typical challenges insurers face with insurance policies and tariffs, and as such, CLARK tries to resolve these hurdles proactively for its customers.

Founded in 2015, CLARK has a mission of making insurance buying a simpler process for the end customers. For this, CLARK offers a consolidated mobile application that gives the consumers of insurance companies a detailed overview of their insurance policies. “We want to support our customers holistically at every stage of the user journey: from the first information search to the selection of the right insurance to the review and adjustment of insurance coverage when life’s circumstances change,” explains Dr. Christopher Oster, co-founder and CEO of CLARK.

Additionally, CLARK’s proprietary mobile application provides the end customers with a comprehensive view of all their contracts with suggestions for improvement with the best tariffs. The app also performs tasks like an online assessment of insurance situation and tariff details and periodic information about contributions and notice periods. Through this, CLARK aims to provide transparency, independence, and safety to their customer—transparency in terms of notice periods and tariffs, independence in terms of tariff selection, and safety in terms of data storage and security. What’s more? The fact that makes CLARK stand out is that there are no hidden fees regardless of whether the customer has a broker.

Moving ahead, CLARK is determined to follow its current trajectory in the insurance landscape. The company is continually looking to bring more attractive features and improvements in the application, which will offer its clients more flexibility and transparency in the entire process.