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InMyBag - NOAH17 London

Startup Stage - Fintech, Payment, Anti-Fraud & InsurTech - Presentation by Gustav Stuge, CEO of InMyBag at the NOAH Conference London 2017, Old Billingsgate on the 2nd of November 2017.

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InMyBag - NOAH17 London

  1. 1. InMyBag The Insurer That People Love Gustav Holst Stuge CEO
  2. 2. Three Conferences, One Mission: Empower the European Digital Ecosystem To provide a physical marketplace that facilitates funding of digital European companies at all stages Mission Mission Mission Connecting Capital with Entrepreneurs Connecting European Champions and Challengers Connecting Israel’s Startups with Large Corporates and Investors 30-31 October 2018 Old Billingsgate, London 6-7 June 2018 Tempodrom, Berlin 13-14 March 2018 Haoman 17, Tel Aviv To promote Israel - European relationships and enable funding To bring together future-shaping executives and investors active across segments driven by digital revolution
  3. 3. Before Insurance was arranged through a broker. Claims required filling out a form and waiting 7-10 days for a resolution. Taxis were ordered on the phone or hailed on the street. Minicabs were booked 24hrs in advance Banks offered paper account statements on a monthly basis or a desktop-only log in. All financial products included exorbitant hidden fees. Customer service required 45 min on the phone. Before, consumers were happy with slow, inefficient services - that was the normal
  4. 4. Banks Insurance Taxis Now The world has shifted. Consumers want more from their services. InMyBag does this for gadget insurance. Insurance - InMyBag is creating a community of people who love their insurer. We call this Earn the Love. We do this through 24hr return of gadgets or immediate payment of claims via Paypal, data recovery through our encrypted cloud, loan devices and helpful customer service.Our members never face interruption due to lost or damaged devices. Taxis are now hailed on demand from an app at a lower price. Convenience of payment and ease of use dominate. Banking is now available via app, payments are instantaneous and transaction costs are transparent. Customers as a result love their current account, an absurd idea only a few years ago.
  5. 5. Customer calls, texts, emails or tweets InMyBag InMyBag Customer Service picks up, assesses the problem and immediately finds a solution Customer receives replacement device Customer downloads their files from our encrypted cloud and gets back to work Customer completes online claims form Customer is asked to provide a lot of unnecessary documentation and is treated like a criminal Claim is accepted or rejected Customer receives replacement device 5mins 10mins 4hrs 4hrs and 10 mins 5mins 1 day 3 days 7 - 10 days InMyBag customers expect more…...and they get it! Time waste zone
  6. 6. Low customer service High customer service Tailored, differentiated product Basic, commoditised product InMyBag occupies a premium, differentiated market position. Fintech and Insurtech landscape
  7. 7. ● Freelancers growing 4x faster than rest of labour market ● Freelancers are middle aged and affluent ○ 70% aged over 40 ○ Median income > £40k pa ● Freelancers often become SME’s as their business grows. These SME’s need insurance products. Source: Kingston University 1.9m freelancers in 2015 InMyBag targets the growing number of freelancers
  8. 8. …. and SMEs 50% of private sector workforce employed by small or medium sized enterprises In 2016, the combined annual turnover of SMEs was £1.8 trillion, 47% of all private sector turnover in the UK. There has been sustained growth in the total number of businesses set up in the UK, with an increase of +59% since 2000. 5.3m SMEs in 2015
  9. 9. We are building our brand around love
  10. 10. ...and people are taking notice….and people are taking notice...and people are taking notice
  11. 11. Our customers are happy
  12. 12. Product economics are attractive Cost of acquisition Av.policy premium: £200 We anticipate better than average retention rates. 5 year life suggests Lifetime Value of around £360 from our recovery product. Over time we anticipate selling additional insurance products increasing LTV. InMyBag Membership Fee £15 InMyBag Commission £61 (Commission is 30.5%) £76 Insurance loyalty driven by: ● Customer age ● Customer affluence ● Rationale for purchase (peace of mind vs lowest cost) ● Level of customer engagement ● >1 product purchased Lifetime valueFirst year £20 First year gross profit: £56
  13. 13. Active and Step Change partners can drive explosive growth at marginal acquisition cost Starling Bank (authorised in UK in 2016) 200,000+ users InMyBag will be first insurance company to launch on Starling’s Insurance Marketplace Assuming no growth in Starling’s userbase and a 1-2% conversion rate, we should sell 2,000 - 4,000 policies pa at a 15% commission Initial feedback suggests Starling users are looking to buy insurance products through the marketplace Partnership agreement signed IndyCube (network of freelancers) Community Union (modern trade union) In discussion to sell 36,000 policies in two part deal - 10k to IndyCube and 26k to Community Union IMB policies to be offered as benefit to members paid from their subscription payments If IndyCube is successful Community Union will follow Combined deal could generate recurring profit of up to £2m pa Step Change partnersActive partner
  14. 14. Step Change: 3 deals totalling 50k policies Active Partnerships: 7 deals generating 8k policies Passive Partnerships: 10 deals leading to 4k policies Digital Media: Driving 3k policies Today 9 months CPA £75 CPA £20 CPA £5 We are executing on an exciting deal pipeline
  15. 15. Sales are growing InMyBag could be a 40k policy insurance company by 2018
  16. 16. A cracking team Gustav Holst Stuge CEO Ex-Google within the Nordic Insurance & Fintech team. Head of BD (EMEA) at InMobi Co-Founder of Franck Energy & Playcake Games London Business School MBA Christopher Hopton Chairman 25 years at Bain & Company Head of Bain’s Insurance practice in London Sophie Lerway Marketing Manager Marketing at Thomson Reuters and Incisive Media Durham University BA English and French Katya-yani Vyas Head of Product Software Engineer Communications and Strategy in the charity and public sector Co-founded two startups Imperial College London Bsc Physics and Masters in Science Communication Lee Jacobson Software Engineer Genius Full stack engineer Written introductory book on the topic of Genetic Algorithms. 10 years of building websites
  17. 17. To date we have raised £600k at a post- money valuation of £1.4m to build and launch our recovery service. We now know it works, we know people want it, meaning it’s time to scale. Given the scale of the partnership opportunities we are now looking to raise £500k at a £2.5m valuation to add dedicated claims and partnership headcount and be more aggressive in brand building.
  18. 18. Use of proceeds Claims manager £30k Head of Partnerships £35k Partnerships assistant £25k Marketing spend £200k Back office upgrade £50k Working capital £150k Monthly breakeven by Q4 2018
  19. 19. Selected Completed NOAH Transactions Focus on Leading European Internet companies Covering over 400 companies across 25 online verticals, a broad range of over 500 investors as well as 100+ online-focused corporates Deep understanding of industry dynamics Ability to add value beyond banking advice Facilitates overall process and minimizes management distraction NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry Knowledge of and strong relationships with potential buyers’ key decision makers Proactively finds and unlocks attractive investment opportunities for leading investors Annual NOAH Conference in its 8th year Over 40 years of combined relevant M&A experience Routine execution of M&A and financing transactions with sizes of several billion euros 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A competencies to the Internet sector Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence Ability to deliver top results in short time frames Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results Creative deal solutions December 2014 September 2014 October 2014 May 2014 Sale of 100% of for $800m to Exclusive Financial Advisor to Fotolia and the Selling Shareholders Sale of 100% of for €80m to Exclusive Financial Advisor to Trovit and its Shareholders Sale of controlling stake in to Exclusive Financial Advisor to Facile.it and its Shareholders sold 100% of for $228m to a joint venture between Exclusive Financial Advisor to Yad2 and its Shareholders Unique Industry Know-How Unmatched Network and Relationships Strong Investment Banking Competence Full Commitment - We Are Entrepreneurs! EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE September 2016October 2016 December 2016 Financial Advisor to Oakley Capital ® Marco Rodzynek Managing Director & Founder marco.rodzynek@noah-advisors.com Jan Brandes Managing Director jan.brandes@noah-advisors.com Justus Lumpe Managing Director justus.lumpe@noah-advisors.com The NOAH Advisors Core Banking Team Nikhil Parmar Director nikhil.parmar@noah-advisors.com Acquisition of a Majority Stake in by from at a valuation of €300m Investment in Exclusive Financial Advisor to KäuferPortal and its Shareholders by 84% Ownership Financial Advisor to Silver Lake Investment in by August 2017 Financial Advisor to EMK Capital Acquisition of a Majority Stake in by at a valuation of $200m

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