Vienna-based insurtech Cherrisk is pursuing its international expansion by establishing a Germany branch.
The web-based platform is owned by UNIQA Group, a group of insurance companies based in Central and Eastern Europe. It is made up of approximately 40 companies, serves about 15.5 million customers and operates in 18 countries.
In 2018, the insurance group launched Cherrisk, a web-based platform that allows clients to administer their four insurance products: accident insurance, household insurance, accident insurance for domestic travel and travel cancellation.
Since May 2020 ─ during the pandemic, a period when demand for their services started to grow ─ UNIQA and CherryHUB, its Hungarian Insurtech subsidiary, introduced five products under the branding Cherrisk in Germany, offering clients in that country access to the platform.
Germany was the country chosen to start the next phase of expansion because the insurance sector is well developed here); in 2019 it was one of the three largest insurance markets in Europe. Global law firm Dentons advised UNIQA and CherryHUB on its entry into the German market. A multidisciplinary Dentons team advised on all aspects of the market launch of Cherrisk in Germany.
Edited by Ramata Diallo