Last September I joined Onegini as the new CEO, taking full control of the day-to-day management with a particular focus on Strategy, Marketing & Sales, Finance & Investor relations. Since we are already a few weeks on our way into 2019, let's take a look at Onegini's results of 2018, my first 100 days at the company and Onegini’s plans for 2019.
Onegini outperfomed in 2018: 10 new customers and a proven product/market fit.
When it comes to Customer Identity and Access Management (CIAM) software technology, Onegini is the market leader in the Dutch financial sector. Our product is especially popular within Insurance, Health Insurance & Tier 2 banking, where it has proved to be an excellent product/market fit. In 2018, Onegini welcomed 10 new customers; an annual recurring revenue growth of 135 %. Onegini Connect is now being used by 60 % of Dutch health insurance companies. Moreover, Onegini also expanded into the Belgian insurance market in 2018.All of our customers choose Onegini for the same reason; they want an out-of-the-box omnichannel CIAM solution that offers easy & fast implementation, to bring offline customers online and to provide a state-of-the-art and safe journey for processes like identification and authentication. To stay on top of the game, in 2018 Onegini added multiple features to delight our customers even more:
- Delegated User Management to leverage your intermediaries
- Out-of-the-box integration with external identities such as iDIN and ITSME
- Multibrand, which allows customers to run 1 instance of our software and serve multiple labels
- The improved insights module now provides a quick customer barometer across all channels
My first 100 days as CEO: Digital transformation increases the complexity of managing identities, remaining compliant, and competing in the digital playing field. Insurance companies are simply not equipped to build this themselves.
During my first 100 days, I developed a strategic plan. I was pleasantly surprised at the breadth of expertise at Onegini. Both at the top level and among the dedicated developers working on Onegini Connect in Gdansk. There are many enthusiastic colleagues with a proven record in the Finance Industry who know what’s happening in the market. And that’s a good thing, because there is a lot going on in the insurance sector: customer expectations will drive the transformation of the digital landscape of insurers. Across business lines. But there are many factors that complicate the transformation: from new (digital only) financial service providers entering the market, increasing legislation such as PSD2 and GDPR, the complexity of managing identities, to the need to improve customer engagement and reduce costs. Onegini Connect offers a solution to all of these factors and more, and I really believe it is becoming the go-to foundation for any identity-aware enterprise.
As I mentioned in an interview with insurance magazine Amweb, we can use our experience working for Coolblue to great effect in the financial sector, where there are still extensive gains to be made in the digital customer onboarding process.
2019: Strengthening Onegini’s international foundation with a focus on Insurance
We are growing fast, so in 2019 we’re looking forward to raise capital and spreading our wings internationally. We will expand our international presence in the EU step by step along the insurance vertical. We plan to open an office in Germany for marketing & sales purposes and focus more on the Belgian market. This upcoming year, major investments will go towards Onegini Connect for Insurance SAAS and onboarding in order to reduce the time to market and minimize our customers’ burden. Beyond that, in 2020 we aim to set up regional offices in the Nordics and the UK.
I hope to see you all at one of the (international) events we are attending this year! And if you are up for an informal chat, please don’t hesitate to contact me directly.