The tariff products and services comparison platform Check24 has taken advantage of the fourth anniversary of its arrival in Spain to announce an investment of 50 million euros in the country. The project basically aims to boost the growth of its comparison model and to raise its profile on a huge scale. The company’s goal is to quadruple its sales this year.

The German company claims that its products have been very well received in Spain. Above all, it has experienced exponential growth in the area of online motor vehicle insurance purchases. With the announcement of its investment plan, the company has now decided to boost its commitment to the Spanish market with actions aimed at improving brand recognition, strengthening its current products and diversifying into other insurance areas.

International expansion
Spain was the country chosen by Check24 to start its international expansion. In 2020, Madrid became its first site outside Germany. In that initial phase, the company entered the Spanish market with two of its main travel products: hotels and rental cars. At the same time, it started to develop its own car insurance comparison model.

The formula was very well received, thanks to its functionality of being able to calculate final prices and taking out policies online without the need for calls and without having to go through the insurer. Over 30 companies have joined the search engine, attracted by the response from customers. Check24 claims to sell 4.5 times more policies than insurers who only let potential customers sign up over the phone.

Mature product
Around 100 people are already working at Check24 in Spain. As the CEO of the Spanish subsidiary, Timm Sprenger, explains, “We have been building a completely new comparison concept in Spain for four years, especially for car insurance, with 100% final prices, no small print, and allowing for the entire insurance purchase process to be completed online without any annoying calls. Now, with a mature product, the backing of the vast majority of insurers and an already significant volume of sales, it is finally time to make ourselves known on a large scale.”

On the subject of how the company’s products have been received, Sprenger says, “We are very happy to have the support of large companies and to ensure the performance of our products in Spain. Three years ago, less than 5% of insurance sign-ups at Check24 were 100% online; today more than half of all sign-ups are completed online, and the trend keeps on rising. All this motivates us to accelerate our growth and gives us the confidence to make one of the biggest bets on the Spanish insurtech world in recent years.”

^{Photo: Check24}