Reinventing insurance from the ground up and acquiring 40% of the growing millennial segment


+ Insurance


+ Venture Building

Young insurance customers are poised to become the dominant customer segment by 2020. However, in excess of 30% of these consumers are choosing not to insure. They have given up on insurance because it is too complicated and perceived to have a low value.

Tryg, one of the largest insurers in Scandinavia, realised that in order to remain relevant and appeal to millennials, they have to step outside of their existing business and to develop a radically different kind of insurance.


policies sold (200% growth every
6 months)


Annual revenue growth


Retention rate


never bought insurance for their homes before

For many, dealing with insurance is dull, complex and demanding. Tryg acknowledged they would have to address their own internal limitations if they were to significantly evolve. They were looking for solutions that could replace bureaucratic processes and unnecessary roadblocks with technology and accessibility.

Validation and building a new business

During the early phases of the project our team spent hundreds of hours in the field conducting ethnographic and sociological research. We talked to and observed different customers in order to uncover insights about their needs, desires and fears when it comes to insurance. We also spent time with key employees at Tryg getting a detailed understanding of the many aspects of running an insurance company.

These insights led to a number of different solutions to approach the problem. We tested and prototyped the possible solutions with potential consumers, deploying a fast tempo “test-learn-adapt” cycle to drive alignment for a Minimum Viable Product (MVP).

These experiments confirmed the early customer interest in the novel approach and informed the viability of the business model, strategic relevance, technical feasibility and capital requirements of the venture.

The concept was greenlighted for further investment in the fall of 2017, and a new legal entity was formed – Undo – jointly owned by Tryg, Rainmaking and a team of experienced entrepreneurs.

Drive Growth Faster and With Less Risk

Undo is a tech startup doing insurance, not an insurance company doing an app

Undo’s mission is to reinvent insurance: simple, personalized, and purely mobile. Everything from buying insurance to making a claim and detecting fraud can be completed via the app in minutes.

Each insurance policy is 100% tailored for each customer. Undo is among the first to do this in Europe. The personalization is built on algorithms and customer data. The former has been developed in-house at Undo, while Tryg has provided the valuable historic data. The customer answers 7 or 8 questions, and then AI responds instantly with a tailored package.

  • “When we introduce digital processes in Tryg, we do it on top of our core insurance business which has existed for many years. If we try and innovate ourselves, the risk of doing more of the same is too big.”
    Lars Bonde
    Group COO, Tryg

UNDO launched in Denmark in May 2018. The product has been well received by the market and early user data confirms the product appeals to young consumers. 90% of Undo’s customers are aged between 20 and 35; 68% have never bought insurance for their homes before. Undo is winning awards and is today growing at a rate of 30% to 40% per month with new destinations across Europe coming soon.


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Reinventing insurance from the ground up and acquiring 40% of the growing millennial segment
April 22, 2020

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