Czech Rep.: SIMPLEA was accepted by CNB to start doing insurance business in 2019 Q2
Simplea insurance company is part of Partners Financial Services, the largest Czech company specialized in providing financial advice. It is estimated that Partners spent around CZK 350 million as intial investment for an expected ten-year investment return.
The entire authorization process took more than what Simplea's founders expected in the first place. "The licensing process took over one year, with two or three months longer than what we've expected, but it is a reasonable time since an insurance company is a very large and complex institution", said SVEC. After the license is obtained, the company will need to be registered as an insurance company according to the Czech legislation.
Simplea will offer only life insurance products. The business strategy will be characterized by their stylised purple logo with the letters "simplea.", a combination between two words ("simple" and "plea") and a dot at the end, "Because we are insuring life. Nothing more. Period.", explains Martin SVEC, the Director of Simplea.
"We have over half a million clients, so we will focus only on the real risks that people face in their lifetime, offering insurance for invalidity, long-term incapacity and death", said Petr BORKOVEC, CEO of Partners. "These are only a few situations where a person really has troubles and needs a lot of financial help. For all minor accidents or short-term incapacity, people usualy have a financial backup and it makes no sense to insure them for these risk", added SVEC.
The company offers a glimpse over their future activity and brief details at Simplea.cz.