SK Mango

Mango Insurance is a technology insurance company founded in 2018 by former Mail.ru top manager and founder of Vietnamese search engine Coc Coc Viktor Lavrenko. The project received investments from Alfa-Group shareholders in the amount of 1 billion rubles.

Products and Services

The company has two main products: apartment and property insurance and animal insurance. The company operates throughout the country, but does not open branches: it uses scoring algorithms (an assessment system based on statistics) to check customers, and transfers money to victims to a linked bank card. A photo or video is enough to confirm the damage. The amount of the monthly payment for insurance starts from 60 rubles.

Performance indicators

2020-2021

According to the Central Bank of Russia, Mango insurance premiums for 2020 amounted to about 30 million rubles, payments - almost 18 million rubles. In 2021, premiums increased to 122 million rubles, payments - to 89 million rubles. At the same time, the company's net loss in 2019 amounted to almost 190 million rubles, in 2020 - almost 400 million rubles.

History

2022: Closing of insurance service

On July 7, 2022, the closure of the Mango insurance company was announced. Its portfolio will be transferred to AlfaInsurance.

The conditions of insurance remain until the end of the policy - according to the law, no one can change them. This means that you will be able to use your subscription and apply for payment, as before, but we will no longer accept applications, consider applications and make payments, but AlfaStrakhovanie, - said on the Mango website.

Alfa Group closes the Mango insurance service after investing 2 billion rubles in it

It is noted that current customers - mainly related to annual insurance - may refuse to replace the insurer. To do this, you need to send a refusal statement by Russian Post by August 19, 2022. After that, the company will return the money for the unused validity period of the policy.

"Mango" specialized in online property and pet insurance. In June 2022, the service stopped insuring animals and children from accidents, because "every month it paid 500 thousand rubles more than it received insurance premiums."

The largest clients of Mango were Yandex Eda and Yandex Lavka, couriers and drivers were insured against diseases and accidents. Insurance premiums under the contract could amount to 2 billion rubles, writes the Insurance News Agency.^[1]

2021: Alfa Group became the 100% owner of Mango Insurance

In December 2021, it became known about the sale of 10% of Mango Insurance to Alfa Group. The latter as a result of the deal became the only owners of a startup engaged in online insurance.

As the founder of Mango Insurance Viktor Lavrenko told Forbes, he sold his stake to Alfa Group and now resigns as CEO of the insurance company, but will join the startup's board of directors. The entrepreneur did not announce the details of the deal.

Alfa Group became the sole owner of Mango Insurance

The publication, citing the SPARK-Interfax system, writes that UNS-Holding LLC, owned by the Cypriot Alfastrakhovanie Holdings Limited, became the owner of a 100% stake in Mango Insurance. A Forbes source in Alfa Group and a source close to Mango Insurance claim that Lavrenko, as founder, had an option that assumed the right to sell a stake of about 10% in a startup. According to Forbes interlocutors, it was this option that Alfa Group bought out.

The amount of the transaction was not disclosed, but experts interviewed by the publication estimated it at $1 million. The source of the publication in Alfa Group also named about the same amount. 

Forbes reports that previously the shareholders of Alfa Group invested about 2 billion rubles in Mango Insurance.

After the deal between Viktor Lavrenko and Alfa Group, Mango Insurance is going to strengthen its position in the insurance market, attract more than 1 million customers and build a successful inshurtech business. The company will be managed by a team of top managers formed by Lavrenko. The entrepreneur will continue to provide support to Mango Insurance on strategic issues.

Viktor Lavrenko previously worked at Mail.ru Group as a technical director, where he became vice president of strategy and finance. In the early 2010s, Lavrenko launched the Coc Coc search engine in the Vietnamese market, which seemed promising to him.^[2]

Notes