Undo

Undo, a Danish company established in 2017, is positioned as a technology-first player in the insurance market, rather than a traditional insurer with a digital application. The company was co-founded by a team including Sophie M Bohr Grønbæk (CEO), Anders Philip Skovsgaard Valentin (COO), Nikolaj Lund (CTO), and Soren Buron (CPO). The venture was formed as a collaboration between the founding team, the global innovation group Rainmaking, and Tryg, a major Scandinavian insurance firm that serves as both an investor and reinsurer.

The firm's core business revolves around an application-based insurance platform designed primarily for individuals, with a strong focus on the millennial demographic. Observing that a significant portion of younger consumers found traditional insurance overly complex and of low value, Undo set out to simplify the experience. The business model is centered on providing a purely mobile interface where customers can manage all aspects of their insurance needs, from initial purchase and policy personalization to filing claims, entirely within the app.

Undo offers a range of insurance products, including coverage for home contents, travel, accidents, and automobiles. The platform leverages in-house developed algorithms and artificial intelligence, combined with historical data from its partner Tryg, to create tailored insurance packages. Prospective clients answer a short series of questions and receive an instant, customized insurance proposal. This digital-first approach eliminates traditional paperwork and bureaucracy, aiming for a more transparent and accessible customer journey. The company launched its services in Denmark in May 2018 and has since focused on attracting a younger client base, with reports indicating that a large percentage of its customers are between 20 and 35 years old.

Keywords: insurtech, mobile insurance, digital insurance, personal insurance, millennial finance, Copenhagen startup, app-based insurance, policy personalization, automated claims, fintech, Tryg partnership, home insurance, car insurance, travel insurance, accident insurance, user-centric insurance, digital platform, Sophie M Bohr Grønbæk, Anders Philip Skovsgaard Valentin