Coventia is a startup in the insurtech sector that is going to change and simplify the world of life insurance. Conceived and developed in Corporate Lab, today we say goodbye to it. All phases of its development are completed: from its conception, through the first prototypes and its development, to the scaling phase. Today Coventia is a company in orbit. We spoke with David Fernández Carbonell, founder and CEO of the company, to learn about the process of developing Coventia together with Corporate Lab.
What is Coventia?
Coventia is a life insurance insurtech startup that improves the pricing of each and every life insurance in Spain. By cutting the high margins of traditional insurers, Coventia is able to reduce the price of life insurance products by 30% and 15%.
In addition, it is a revolutionary company because it carries out the entire insurance contracting process online: without paperwork, without complications and without prior medical examination.
How did the idea of Coventia arise and why did you decide to carry it out with Corporate Lab?
Coventia is a startup characterized by its goal — changing the world of life insurance and offering fairer treatment to its customers. It is a traditional sector, hardly ever changing, and with a very similar product among competitors. This is how David Fernández Carbonell explains it to us: “Coventia arose from the need to offer something different in the world of life insurance. This market is very large: there are about 15 million policies and 4 million in turnover. In addition, the product is very similar among competitors — there aren’t many differences or economies of scale.”
One of the differential and value points of Coventia's life insurance is the price of its product: “The most expensive companies that have more access to customers are the ones that sell the most. This is so because the client doesn’t know if their life insurance is cheap or expensive. That’s why we set a recognizable pricing — a universal discount on the last life insurance receipt.”
The idea was clear, but it was necessary to validate it and get down to work. This is how Coventia and Corporate Lab started their joint project, according to Coventia's CEO: “Corporate Lab was the first choice and a logical one too. I worked at DAS and knew of another of the startups created by Coroporta Lab: Okify. It had turned out very well and the DAS team was very happy with the work, so it was the first option.”
What would you highlight about having worked with Corporate Lab?
When we ask David what he would highlight about Corporate Lab, he has no doubts: “Agility. They are up to date on no-code trends and other tools, so the trial and error process is very, very agile.”
Another point in favor of our venture studio is the variety of companies we work with. For David, working with different verticals has been a point of value: “Corporate Lab works with many verticals. This means that there are similarities between clients and that they can bring very good practices from some verticals to others.”
What are the advantages of working with a venture studio to launch a startup?
The agility in the iteration processes and the mantra “fail cheap and fast” (if necessary) is one of the keys to our methodology as a venture studio: “Being able to try and make mistakes, and pivot from one idea to another in a very agile way. It has also been helpful to have a Systems Team, which allowed us to integrate with a large insurer without any difficulties.”
sido de ayuda contar con un equipo de sistemas, que nos permitió integrarnos a una gran aseguradora sin dificultades”.
Would you recommend this experience to other companies? Why?
Working with a venture studio has lots of advantages. These are the reasons why David Fernández Carbonell would recommend the experience of working with Corporate Lab to any company: “I would recommend the experience of working with Corporate Lab to any startup, especially at the beginning, when you need to focus on achieving a market- fit. The Corporate Lab proposal is very very very good.”
Although Coventia is a young startup, it has already achieved many milestones: from its first round to their participation in Lanzadera, the leading business accelerator and incubator in Spain. This is how David explains it in his own words: “We got a round of 330,000 euros at the beginning of the project, as soon as it started. We began to iterate and in September we entered Lanzadera and got major partners, such as Intermundial, Fintonic, Nexus Energía, etc. They are making us grow a lot, both in B2B and B2C agreements, as well as in Coventia's value proposition.”
This startup has a successful path ahead of it, but it is already on the right track. This is how we say goodbye to another startup created in Corporate Lab. Good luck, Coventia!
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