Lyyna enables customers to buy insurance for their valuable purchases directly on their smartphones. Discover the interview with one of the three >>venture>> winners of the Finance & Insurance vertical.
Could you explain what your startup does in a few sentences?
Lyyna enables banks and digital payment providers to offer their customers the right insurance at the right time based on the payment data.
Lyyna addresses two needs. On the one hand, customers seldom think about insurance, as it is a latent need. This often leads to unpleasant surprises in a damage event. Furthermore, the customer journey for buying insurance and managing insurance contracts is not optimal, largely non-digital and does not meet customers’ expectations. On the other hand, banks and digital payment providers operate in a highly commoditized, competitive market with eroding margins. Lyyna provides them with a way to differentiate themselves and to increase revenues through additional insurance commissions.
What is something you wish you knew when you started putting together your business?
Not much. For sure, building a startup, especially during Corona times is challenging. And there are always some challenges that were unknown in the beginning. But this is precisely what makes the journey so interesting, as it forces us to step out of our comfort zone and helps us grow. There are many well-paid, secure jobs in Switzerland, so starting a company is rarely economically motivated. Instead, it is motivated by the personal desire to grow and make things happen.
What plans do you have for your startup in the next several months?
The successful go-to-market and rise of the seed-round while at the same time laying the foundation for the scale-up phase.
What is the biggest challenge you expect to be facing with your startup?
Time and balancing between tactical and strategic decisions: A startup needs to “operate” within tight boundaries. So often, the founders need to decide and act fast to seize tactical advantages, but at the same time, they need to stay focused and true to the company’s vision and mission.
A second big challenge is that we, as a founder team, shall be able, despite the stress, to work and grow together as a team and to adapt to best master the challenges.
What role do you see your startup playing in the industry within the next five years?
We see Lyyna as a recognized player in the financial market, which helps modernize the financial industry to serve customers best.