Allianz X announced today that its portfolio company and leading financial services and insurance leads provider finanzen Group will be integrated into digital insurance broker CLARK. CLARK will thus become one of the world’s biggest insurtechs by revenue. Allianz X will receive cash and, predominantly, equity in CLARK as part of the deal, becoming CLARK’s largest minority investor.

finanzen Group, a wholly owned portfolio company of Allianz X, provides high-value consumer traffic to the insurance and finance sectors. CLARK offers insurance advice by enabling retail customers to collate their insurance policies in a digital wallet, then analyzing and optimizing customers’ insurance coverage by comparing tariffs from different insurance companies. finanzen Group is also a licensed broker in Germany, Netherlands, and the UK. That capability will be integrated into CLARK’s existing offering. Both companies work with hundreds of insurers across several European markets—finanzen Group in several more than CLARK, which will serve as the basis for expansion. The combined entity—now a unicorn—will spread to all those markets, bringing end-to-end digital insurance brokerage and wallet services to customers.

“finanzen and CLARK are a match made in insurtech heaven,” said Allianz X CEO Dr. Nazim Cetin, “but our journey with finanzen doesn’t end here. Now, as CLARK’s largest minority investor, we will continue to support in building one of the world’s biggest and most successful insurtechs. We’re behind the team 100%!”

“With the integration of finanzen Group, we can now support our clients throughout the entire customer journey and make the insurance process more intuitive and easier than ever,” said CLARK CEO Dr. Christopher Oster, “CLARK is now even better positioned to deliver on its promise to become a one-stop shop for all insurance needs, from the first purchase interest to choosing the right insurance policy—all while remaining an independent and trusted broker for our clients.”

“We’re thrilled about CLARK and finanzen coming together,” said finanzen Group CEO Dirk Prössel, “The successful European operations of finanzen will be the foundation for the growth of our joint business.” 

The transaction is subject to customary closing procedures and the approval of the German Federal Cartel Office. It is expected to be completed in the first quarter of next year.