Danish scientist didn’t understand insurance – sets up her own Fintech business to simplify it for everyone.

Too clever for a world of science – too confused by Insurance – the woman stripping the jargon for a new generation.

Sophie Bohr Grønbæk isn’t just a woman with a hard-to-pronounce surname, nor is she ‘just’ a graduate in Molecular Bio-Medicine; she’s also at the forefront of Nordic Fintech as founder and CEO of UNDO, a Danish-based insuretech business with a mission to make insurance relevant and valuable to younger people.

I actually come from a science background in Molecular Bio-Medicine. But changed fields to work in management consulting upon finishing my studies. After some years working with entrepreneurship, I (and the other co-founders) came across this industry, which neither of us understood why it was still so complicated.

Denmark – lots of millennials, few with insurance

Undo’s tonality is a breath of fresh air in an industry that normally confuses its customers. Anyone who’s ever tried to evaluate various providers or make a claim would surely agree – even a legal expert would need several hours to navigate the terms and conditions of the policy. This is particularly painful for a cash-strapped young adult segment that is most vulnerable to being without insurance, but least equipped to be able to afford and choose the best policies.

Undo is about making insurance simple and accessible for young people. In Denmark upwards of 40% of millennials aren’t insured, and we see similar challenges across Europe. The insurance industry has traditionally overlooked young people and focused on an older segment, that has a house, a car, and children. We want to change that, and bring the industry into the 21s century with us.

UNDO – choosing quirky over scary

A quick look at the (Danish language) version of the Undo web site will make you feel like you’ve stumbled onto an article from Vice magazine or the credentials of a London marketing agency – the look and feel is authentic, jargon-free, informal and stylistic. It couldn’t be much further away from a standard insurance product if it tried.

We are not a traditional insurance provider and we want people to know that. Being insured is about living life and not being knocked out financially by being unfortunate. Instead of telling a horror story, we prefer to be a little quirky. We recently produced a thousand ‘unfortune’ cookies and distributed them on the street. I think that is a good example of doing things in different ways.

The revolution starts with collaboration

Despite having a vision to change insurance with a simplified and more intuitive product offer, Sophie concedes that collaboration with the big incumbents is the only way to establish and grow. Undo has a partnership with Tryg, one of the largest non-life insurance companies of the Nordic region. It’s only with such a partnership that a small team like Undo can found and scale. Sophie sees this collaboration as a way to shape insurance from within – influencing and changing the way big incumbents treat younger consumers.

Insurance is a financial service, and the area is highly regulated, which means Undo was only feasible with an existing company as a partner. Apart from the regulatory requirement, working with Tryg has enabled us to move much faster than otherwise possible, it is a unique resource to have at hand; being able to draw on the experience and infrastructure of an established player. Meanwhile, we are also showing them insurance can be done differently.

Moving forward, Undo has plans to scale the product proposition specifically within Denmark, with a view to regional (Nordic) expansion as time passes. But it won’t stop there and the ambitions are deeper; If that goes well, international expansion (starting in Europe) is next.

The author of this article, Martin Best is the Managing Director of the agency Full Reachand CMO for Social Shopping scale-up WeShop. Martin is a London-based global Fintech expert, and was previously Head of Brand Marketing, EMEA Marketing and Global Marketing Partnerships for Fintech superstar WorldRemit, where he delivered the global campaigns ‘Money in Safe Hands (2016) and A better way to send money (2017). In 2018 Martin supported WorldRemit’s expansion of mobile wallet services in Africa. Martin has an international career spanning several countries including Director of Marketing for Carlsberg Group, and several senior Director positions in Russia, Asia and Scandinavia.