Otherwise, a Paris, France – based peer-to-peer insurance platform, closed a seed round of €1.6m.
Backers included 360 Capital Partners, Bpifrance, François Leneveu, Co-founder and President of Altaprofits, and other private investors.
Founded by Cécile Mérine, Raphael Berger and Aymeric Augustin, Otherwise has launched a peer-to-peer health insurance product offering a 100%-online, transparent and tailored customer experience.
The model is based on organizing members into small affinity groups, encouraging risk prevention, and incentivizing responsible behaviors with a collaborative bonus. The company covers members in case of claims and reimburse them when all goes well.
Otherwise will use the funds to further develop its technology platform, and machine learning algorithms.