Twenty-first century (insurance company)

History

2022: Finbridge acquires insurance company Twenty-first century

The Finbridge investment group bought the Twenty-First Century insurance company, which specializes in the sale of OSAGO policies.. This became known in early December 2022.

The company's brand and legal entity will be retained, Finbridge said. The holding noted that with the advent of the insurance asset, the development of fintech direction Finbridge will continue.

Finbridge investment group bought Twenty-First Century insurance company

As Kommersant notes, for the first time a financial group specializing in microfinance entered the insurance market. At the same time, experts interviewed by the newspaper note that it is quite difficult to increase indicators in the very competitive segment of OSAGO. Pavel Nefedov, Director of the Underwriting and Product Management Department of Soglasie IC, explains that all companies primarily seek to attract and retain experienced and low-accident clients in their portfolio.

{{quote 'Holding sees a prospect in the development of OSAGO for a certain type of equipment, Green Card policies, mortgage property insurance, various types of insurance for legal entities. The offer of personalized products for business will be expanded, - said in the transaction report. }} Finbridge sees its competitive advantage in the insurance market in digitalization. According to the group's estimates, by December 2022, the client path of the largest SCs from the top 10 was digitized by about 30-40%. And there they plan to invest 800-900 million rubles in the transformation of the purchased company. In particular, the changes will affect the digitalization of business processes, the development and expansion of digital sales channels, as well as infrastructure, which, according to Finbridge, will make the process of buying a policy faster and, in general, will save on transaction costs.

According to Andrei Suchkov, head of the department for work with automakers of the AST insurance broker, the market has a difficult situation with spare parts, so it is possible to talk about high-tech, but if the company does not physically have components, this goes to the fifth plan.^[1]

Notes