At a moment when attracting elite engineering talent is harder than ever, Poland-based insurtech startup Ominimo has found a compelling solution: offer competitive pay, of course—but even more crucially, grant engineers the freedom to fundamentally reshape a traditional industry.
Founded only a year ago without external financing, Ominimo has already carved out a profitable niche by rethinking how insurers evaluate risk. In its initial market, Hungary, the startup has rapidly picked up steam, having issued over 300,000 car insurance policies. Now, in a major milestone, Ominimo has secured its first external funding through a strategic partnership with industry heavyweight Zurich Insurance Group.
Zurich is investing approximately €10 million (around $11 million) in exchange for a 5% stake, a deal that effectively values Ominimo at €200 million ($220 million). While neither company has publicly confirmed the investment amount, both have acknowledged the resulting valuation.
This new funding arrives amid turmoil in Europe’s insurance-tech industry. Former unicorn WeFox, once the continent’s most prominent insurtech player, has recently been forced into a challenging restructuring, selling off assets and obtaining emergency financing to stay solvent. WeFox’s struggles underscore the difficulties inherent in scaling rapidly in the insurance space—but also highlight considerable market demand for fresh approaches, if managed carefully.
Ominimo is hoping to avoid these pitfalls by maintaining profitability early and expanding methodically. The firm’s initial success in Hungary has been driven solely by a consumer automotive insurance product, but Ominimo’s plans now include growing into new insurance classes and multiple other European markets, beginning with Poland, Sweden, and the Netherlands. Zurich’s role isn’t merely financial—it will become Ominimo’s underwriting partner, while Ominimo itself will operate as Zurich’s Managing General Agent (MGA), facilitating policies under Zurich’s umbrella.
CEO and co-founder Dusan Komar, who developed significant insight advising leading insurers during his tenure at McKinsey, recognized fundamental structural problems that constrained innovation—rigid legacy systems, sluggish corporate decision-making processes, and difficulty in attracting the most talented engineers. “No brilliant software engineer or data scientist dreams of working for an insurance company,” Komar noted.
Rather than continuing to build piecemeal tech solutions for legacy organizations, Komar—from experience at McKinsey—and co-founders Dennis Weinbender (chief pricing and data officer) and Laslo Horvath (CTO), took inspiration from successful fintech innovators. They decided to create Ominimo from scratch, leveraging APIs and external technology integrations, enabling rapid deployment and iteration of their own new products.
What sets Ominimo apart is its advanced use of artificial intelligence to analyze extensive datasets far beyond traditional insurers’ limited set of criteria. Typical insurers may review only factors like the driver’s age, driving history, vehicle type, and geographic location, but Ominimo integrates a more nuanced set of data points. For example, once the license plate is known, the company instantly accesses a database offering more than a hundred variables—including vehicle dimensions like length, width, weight, and height.
Surprisingly, Komar highlights, “Our research shows a clear statistical relationship between vehicle length and accident frequency during parking.” Ominimo’s approach weaves such granular insights, alongside factors like population density, into its risk modeling, leading directly to more accurate pricing and lower claims loss ratios.
While AI claims are commonplace among startups, Komar believes tangible results differentiate Ominimo. “You can talk about AI, but what really counts is performance. Just compare our results with competitors like Lemonade,” he says, pointing to Ominimo’s 7% market share in Hungary as proof of concept. The company has already shown lower loss ratios and profitability, bolstering its credibility as it enters new geographies.
One significant advantage Ominimo claims is the caliber of its people. As Komar explains, Ominimo has attracted impressive data science talent, including “eight medalists from top international mathematics and physics olympiads,” whose skills can shape products on a global scale rather than becoming stifled inside traditional insurance firms.
Zurich Insurance Group’s excitement over partnering with Ominimo underscores the strategic benefit of their approach. Alison Martin, Zurich’s CEO for Europe, the Middle East, and Africa, expressed enthusiasm about the partnership, commenting that expanding profitable retail insurance growth is a central component of Zurich’s strategy. Through Ominimo’s technology-driven approach, “we can offer innovative motor insurance products and significantly broaden our customer reach across Europe beyond existing markets,” Martin said.
Ominimo is convinced its innovative methods, combined with Zurich’s extensive industry reach and resources, set it on a firm path toward sustainable growth and a major reshaping of Europe’s insurtech landscape.
