Social InsurTech startup Tribe gets BearingPoint backing

Oslo-based InsurTech startup Tribe has landed a new investment from BearingPoint as a part of the European consultancy’s venture efforts.

Tribe aims to use offer customers insurance solutions by leveraging the trust among their social media networks of friends and family.

The company claims using social networks will also enable it to dramatically reduce risk cost and distribution cost.

In addition to the investment BearingPoint will also partner with Tribe to expand their respective service portfolios.

Alongside its venture efforts BearingPoint operates a consulting business as well as solutions for digital transformation, regulatory technology and analytics.

The firm says it will support Tribes’ development and go-to-market strategy through its experience in the insurance industry as well as digital transformation and regulation.

BearingPoint chief development officer Patrick Palmgren said: “Tribe is an exciting venture with an innovative business model that will enrich our existing service and solutions portfolio in the areas of digital transformation, platforms and insurance.

“Identifying and cooperating with promising ventures is deeply embedded in our firm-wide strategy.

“It enables us to be part of and shape innovative trends and gain important expertise and experience, which in turn helps us to support our clients in the best possible way.”

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