Media Information, 6th August 2024

ERGO, O2 Telefónica and Telefónica Insurance launch embedded insurance product throughout Germany

O2’s private customers will now be able to book supplementary insurance using “O2 Care”. The first instalment, “O2 Care | Mobility”, launches on 7 August.1

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ERGO, OTelefónica and Telefónica Insurance have joined forces in the field of embedded insurance. Embedded insurance means insurance that is integrated into a third party’s products or services, whether it be insurance on the device when purchasing an electronic product, for example, or travel insurance. In future, O2’s private customers can book supplementary insurance digitally with just a few mouse clicks, and insure their everyday lives according to their needs. Billing is done automatically via the existing O2 invoice.

The first product – “O2 Care | Mobility” – launches on 7 August, and offers its private customers a mobility guarantee in case their rental car breaks down or their bicycle gets a flat. Users can also get support from a 24/7 assistance hotline. They also have the option of reducing the deductible per claim for “shared mobility” vehicles such as cars, (e)-bikes or scooters throughout Europe.

“O2 Care | Mobility” can be booked for €4.99 per month, with a minimum term of 12 months, using the digital O2 channels from O2 Mobile post-paid and O2 Internet@Home customers. After the minimum term has expired, the product package can be cancelled at any time with 30 days’ notice.

The second product, “O2 Care | Travel” will follow in autumn 2024. Among other things, it will include international health insurance with repatriation, rescue and recovery costs, as well as seamless travel and emergency assistance. The insurance can be taken out for both individuals and families.

Two further products for other areas will follow.

Mark Klein, Chief Digital Officer of the ERGO Group, said about the new products: “Embedded insurance is one of the most dynamic developments we are seeing in the digital insurance market today. It enables providers to combine traditional insurance policies with state-of-the-art technology and digital services. With embedded insurance, we are turning traditional insurance cover into ‘insurance-as-a-service’.”

Andreas Laukenmann, Chief Customer Officer at O2 Telefonica, states: “O2 Care combines ERGO and O2 Telefónica’s respective strengths: as one of the leading insurers in the embedded insurance segment, ERGO has proven expertise in the field, whereas we have direct access to millions of O2 customers, and know exactly what they want and need. As a result, these new digital supplemental services offer them real added value beyond mobile and landline products, and underscore our consistent customer focus.”

Amaia Ayerdi Perez, Director of Business Development, Operations & Systems at the primary insurer Telefónica Insurance, adds: “As an innovative insurer and specialist in the field of digitalisation and digital insurance, we are delighted to be able to offer our customers innovative products in cooperation with ERGO. The embedded-insurance segment is highly relevant for our target group. We will continue to develop new products in the future, in order to offer our customers added value that meets the needs of the innovative and digital market, and constantly expands and complements our product portfolio.”

In the online business, embedded insurance is particularly appealing to younger policyholders. Sales of these products have risen significantly in recent years and the trend will continue. For example, the management and strategy consultancy McKinsey & Company’s “Global Insurance Report 2023” estimates that by 2030, more than 30% of premiums in the global private customer business in the P&C sector alone will be sold in such environments.

ERGO established itself as one of the leading insurers in this segment at an early stage, and has entered into numerous successful partnerships with companies from the online and traditional retail sectors.

O2 brokers the O2 Care-Mobility product as a tied insurance agent in accordance with Section 34d (7) sentence 1 no. 1 of the German Industrial Code (Gewerbeordnung) and is registered with the Munich Chamber of Commerce and Industry (IHK). The risk carrier is Telefónica Seguros y Reseguros Compania Aseguradora S.A.U. Direktion für Deutschland (Telefónica Insurance), Georg-Brauchle-Ring 50, 80992 Munich.

If you have any questions, please contact

Sabine Saeidy-Nory

ERGO Group AG
Media Relations

Tel +49 211 477-3012 
sabine.saeidy-nory@ergo.de 
mediarelations@ergo.de

Sabine Saeidy-Nory

Weitere Informationen

ERGO is one of the major insurance groups in Germany and Europe. The Group is represented in over 20 countries worldwide, with a focus on Europe and Asia. ERGO offers its retail and corporate customers a broad product portfolio in all the main clas-ses of insurance as well as comprehensive assistance and other services. Three units operate under the umbrella of ERGO Group AG: ERGO Deutschland AG, ERGO International AG and ERGO Technology & Services Management AG. The German and international businesses as well as the global management of IT and technology services are organized in these units. About 38,700 people work either as salaried employees or as full-time self-employed sales representatives for the Group. In the 2023 financial year, ERGO generated insurance revenue of 20.1 billion euros and a net result of 721 million euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.  
More at www.ergo.com

O2 Telefónica is a leading full-service provider of telecommunications services for private and business customers. The portfolio of the core brand O2, as well as various secondary and partner brands, includes not only traditional telephony and internet connections but also innovative digital services in the field of the internet of things and data analysis. In mobile communications, O2 Telefónica serves over 45 million mobile phone connections (including M2M - as of 31 December 2023). No other network operator in this country connects more people. The company's high-performance and multi-award-winning mobile network reaches over 99% of the population. In the fixed network, O2 Telefónica offers its customers the greatest technological diversity and geographical availability of all providers in Germany. In the 2023 financial year, the company generated revenues of €8.6 billion with around 7,500 employees. The company is majority-owned by the Spanish telecommunications group Telefónica S.A., based in Madrid, one of the largest telecommunications groups in the world.

This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.

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