I. Company Profile and Vision
Founded in 2021 and headquartered in Copenhagen, Denmark, Frankly Insure is an innovative insurtech company focused on "embedded insurance". Its mission is to seamlessly embed insurance into the checkout process for both e-commerce and brick-and-mortar retail, making it easy for the modern consumer to be protected through a simple and transparent monthly "micropayment" mechanism.
The company was well positioned from the ground up to target young consumers, renters and digital buyers, offering insurance coverage through a network of partners and rapid deployment through APIs and field integrations. In just a few years since its founding, Frankly Insure has partnered with more than 80 Nordic merchants, spread across e-commerce and brick-and-mortar stores, and its monthly sales have shown rapid growth.
Frankly Insure is committed to breaking the complex process of traditional insurance, providing customers with insurance products with "no binding, zero handling fees, and can be cancelled at any time", realizing "buy and insure at the time of shopping", so that consumers can choose insurance as easily as they buy mobile phone accessories.
2. Product model and technical architecture
1. Embedded insurance design
At the heart of Frankly Insure is embedded insurance: when a consumer completes the product purchase process online or in store, they are offered a product benefit directly at the checkout page. With one-click confirmation, the policy becomes effective immediately with a fixed monthly fee. The products cover a wide range, covering electronic products, furniture, home appliances, rental furniture, fitness equipment, etc.
Through a simplified customer experience design and a real-time billing mechanism, this model turns insurance into an optional promotional item, greatly reducing the threshold for user awareness. Based on this, the insurance purchase rate has increased significantly, and the customer conversion rate far exceeds that of the traditional path.
2. B2B2C Fulfillment Frankly
Insure enables merchant integration based on API interfaces or on-site apps, embedding insurance options in e-commerce or cash register systems. When the consumer completes the purchase, the system will automatically retrieve the product category, amount, and feedback the recommended insurance options. After the consumer confirms, the protection information is stored on the Frankly platform, and the premium is automatically billed to the monthly bill.
The platform integrates with Betalingsgateway (e.g. Vipps, MobilePay) to implement a "free first month payment" mechanism and allows consumers to cancel the policy at any time. The solution is widely deployable and replicates with zero barrier to entry.
3. Transparent pricing and controllable guarantee
Frankly Insure emphasizes a pricing system with "no hidden fees, no binding contracts, and can be canceled at any time". Consumers do not have to bear handling fees, annual fees or agreed periods, and the monthly payment amount is transparent and self-manageable. Policy purchases and claims are completed online, enhancing the user trust experience.
In addition, the details of the insured products are also publicly available, and users know the coverage before purchasing. This mechanism improves the insurance acceptance rate while ensuring the operational efficiency of the back-end risk control module.
3. Business model and revenue structure
Frankly Insure's revenue mainly includes the following parts:
Premium income: The monthly fee paid by consumers for product protection is the main source of income, and the premium is linked to the price of the product.
Platform Sharing: Sharing insurance revenue with merchants, Frankly achieves low CAC through volume.
Technical service fee: Provide retailers with API integration, app embedding services, or subscriptions to technical services.
Customized project revenue: such as providing customized assurance solutions or chain of responsibility solutions for B2B projects.
Claims cost management: The platform controls claims expenses through intelligent review, pricing pools, and risk control systems to help maximize profit margins.
Due to the low unit value of embedded sales, the high conversion rate, and the fair retail fee structure, the overall revenue can continue to expand. At present, the core customers are mainly Nordic retailers, and gradually enter Norway, Sweden and Finland.
4. Market positioning and customer strategy
Frankly Insure focuses on young Nordic consumers and digital original voice users, and uses light insurance as a sticky strategy tool. The customer groups mainly include: Consumers
who buy electronic devices: such as mobile phones, headphones, laptops, home appliances and other goods can be purchased after purchase.
Renters and furniture buyers: Work with furniture stores to add product protection services to the purchase of furniture.
E-commerce platform users: Online shopping users can select protection with one click on the payment page to reach high-frequency consumption scenarios.
At the same time, the platform pushed the boundaries of online to launch an in-store POS experience. In offline stores, consumers can scan the QR code on-site or be guided by cashiers to purchase insurance, adapting to physical retail scenarios.
Market Positioning:
Pioneer in Embedded Insurance: Pioneering the implementation of a B2B2C embedded insurance business model in the Nordics;
Entry point for young people: Customized insurance options according to the consumption habits and risk appetite of the younger generation;
Simple and good experience: no intermediaries, no complex terms, no long-term binding;
Retail value-added tools: Provide retailers with additional revenue and customer retention capabilities.
5. Team and ecosystem cooperation
The Frankly Insure core team includes CEO Alexander Skjøth Piruli, COO Nicolai Arnholm, CIO Ivar Sperling, and CTO Bence Makkos has experience in fintech, insurtech and platform integration.
The company currently has between 11–50 employees, is backed by venture capital from Antler, The Aventures, and participates in accelerated programs with Tenity and Copenhagen Fintech. It has expanded its scenarios by establishing ecological collaborations with Van Ameyde (claims partner), Vipps MobilePay, and Nordic e-commerce platforms.
6. Competitive Advantage and Operational Characteristics
low customer acquisition cost and high conversion experience
Embedded merchandising can effectively fit the consumer path to purchase without competing for traditional customer entrances.The cooperation channels cover the mainstream players in Northern Europe
and cooperate with MobilePay, Vipps, Danske Bank Growth, etc. to quickly enter the mobile insurance sales.Technology-as-a-Service (TaaS) capabilities
provide embedded tools, apps, and API service modules to enable retailers to rapidly deploy insurance capabilities.Flexible Policy & Pricing Logic
Monthly payment mechanism, instant cancellation, and free first month strategy to cater to the laws of modern consumer behavior.High risk control efficiency and significant reduction in claims costs Use
the rule engine and intelligent review system to reduce claims costs and optimize guarantee performance.Brand & User Praise Rate Endorsement
Received a 4.6 rating on Trustpilot, and was evaluated as "modern insurance + humanized service", with high customer satisfaction.
7. Growth Path and Expansion Plan
geographic expansion
In early 2024, the platform announced its entry into the Norwegian and Swedish markets, and is currently operating in three countries. The future goal is to consider the entry point of green second-hand/circular economy insurance in European markets such as Germany and the Netherlands.
product line enrichment
In the future, the product is expected to be expanded to pet insurance, travel insurance, small household appliance maintenance, natural disaster protection and other fields to meet the needs of diverse consumers.
B2B Project Enhancements
Including POS customization functions, integrated insurance experience API platform upgrades, and clarifying hardware vendors, leasing industries, etc.
Technology Platform Upgrade
Continuously iterate the back-end system, support big data, AI pricing, and risk control decision-making systems, and optimize the efficiency of real-time policy allocation and claim approval.
Brand & Ecosystem Driven
Strengthen brand credibility building, such as media exposure, industry conference participation, partner ecosystem expansion, and strengthen long-term cooperative relations with mainstream retail channels.
8. Risk and Challenge Analysis
risk control and claims risk
For small policy volumes, it is necessary to maintain efficient vetting to control fraud and adverse selection behavior.Regulatory Environment and Insurance Intermediary Licensing
Countries have strict regulations on insurance intermediaries and cooperation methods, and differences in local regulations need to be comprehensively reviewed.Cost pressure on international expansion The
deployment of localized platforms requires technology, market resources, and compliance teams, and the cost is rising.User Awareness and Trust Accumulation
Young users need to form an understanding of the benefits of insurance, and the repeated promotion system needs to be patiently operated.Competitive pressure,
including traditional insurers and other InsurTechs entering the platform insurance ecosystem, has intensified competition.Dependency on Cooperative Terminals
Retailer cooperation is the key entry point, and if the relationship is strained or interrupted, it will affect the sales channel.
9 Future Prospects and Suggestions
Maintain a lightweight embedding strategy: Strengthen the one-click sales path and monthly payment mechanism to attract more retailers to cooperate.
Build an automated framework for claims & risk control: Expand the ability to automatically review claims and improve review speed and cost efficiency.
Innovation in insurance portfolio structure: Combined with consumption, maintenance, leasing, extended warranty, environmental protection and other fields, the portfolio protection is launched.
Technical infrastructure improvement: Integrate AI review system, data analysis platform, and market behavior insights to improve overall efficiency.
Cross-border market replication model: Replicate Nordic experience and strengthen local compliance preparedness to pave the way for subsequent expansion.
Strengthen brand communication: use customer praise for brand marketing and enhance the credibility of terminal purchases.
Insurance Ecosystem Integration: Establish an insurance ecosystem alliance to expand industry access and attract financial services institutions and retail giants.
10. Summary
Frankly Insure is an insurtech company with "embedded insurance + monthly payment model" as its core mechanism, and has successfully created lightweight insurance services covering major Nordic markets. With its minimalist experience, low customer acquisition costs and transparent pricing, it has quickly accumulated praise from industry partners and consumers.
In the future, with the expansion of product lines, technology upgrades and international replication, Frankly Insure is expected to become one of the leaders in the field of embedded insurance, promote the integration of insurance technology with modern consumer behavior, and build a new insurance paradigm of "buy and buy" for the younger generation.
