Hedda Båverud Olsson, co-founder and chief executive of the pet-insurance platform Lassie, told a packed audience at TechBBQ in Copenhagen that avoiding artificial intelligence is a strategic advantage for her business.
Why staying out of AI matters
While many early-stage European firms chase AI hype, Olsson believes that focusing on a niche, pet insurance for dogs and cats, shields Lassie from competition with tech giants such as OpenAI. "We will never be out-competed," she said, adding that a large AI player is unlikely to enter the pet-insurance market.
How the model works
Lassie operates in Germany, France, the United Kingdom and its home market of Sweden, offering a "preventative" insurance model that rewards users for healthy pet behaviour. The company recently closed a $75 million Series C round and reports annual revenue of about $100 million.
European regulatory complexity as a moat
Investor Tatiana Shalalvand of Kinnevik highlighted that the varied regulatory requirements across the EU create a barrier for newcomers. "European founders know how to navigate these rules," she argued, noting that American firms often underestimate the difficulty of scaling in the region.
Cultural nuances in pet ownership
Olsson observed that pet owners in Germany and the UK treat their animals like children, whereas French customers view pets more as friends. These cultural differences shape the design of the Lassie app in each market.
"We will never be out-competed," Olsson said. "There will never be OpenAI coming in to do pet insurance."
What comes next for Lassie?
The next phase involves deepening penetration in the larger markets while monitoring regulatory changes that could open doors to the Nordic neighbours. Olsson expects the company to continue leveraging its data-driven, reward-based approach rather than chasing AI trends.