FinTech & CyberSecurity Startup of the Week: How Virtual Broker Brings Digital Transformation Into the Insurance Industry

FinTech & CyberSecurity Startup of the Week: How Virtual Broker Brings Digital Transformation Into the Insurance Industry

30-Mar-2017 by Natalia Sakmarova

The insurance industry is known for being one of the most conservative fields where different tactics and changes are rarely adopted. When it comes to digital transformation, this industry is somewhere in the middle of the pack. Modern customers, however, expect more and more of online products and freedom to decide which product they want to buy, and when and how to buy it.

Team Virtual Broker from our FinTech & CyberSecurity 2017 accelerator class is eager to help the insurance industry adapt new technologies and move to a new digital future. This Bulgarian startup delivers a solution for intermediaries and insurance companies that fills in the gap between their possibilities and the needs of their customers. We sat down to have a chat with the Virtual Broker team to find out more about their unique solution, their accelerator experiences, and their plans for the future.

Tell us more about Virtual Broker. How exactly does it work?

For intermediaries, Virtual Broker minimizes the administrative burden by keeping the data about policies, customers, agents etc. in functionality reach backend system.

For the customers, we have built an online portal where they can compare the policy prices of different insurance companies. This overview also provides a comparison of differences in terms of conditions and risks covered by these companies. It also gives users a possibility to buy coverage for additional risks. Once everything is purchased, the customer receives a PDF file of the policy.

What kind of policies are available for comparison and purchase?

We cover 80-90% of all policies including home insurance, travel insurance, accident insurance, casco, health insurance, and professional liability insurance.

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We would love to hear more about your accelerator experiences. What are your brightest moments of the program?

We believe that the role of accelerators like Startupbootcamp will become more and more important over time. It really helps many of the startups to develop their businesses.

The moment when we were introduced to the concept of the Minimal Viable Product was one of the breakpoints. Previously, we believed that you need to start with a perfectly developed product, because otherwise you could disappoint your customers, and it would be difficult to get their trust back. Now we realize that it is important to collect validated learnings about customers without putting a lot of money and effort into building a perfect product. ]

One of the brightest moments was meeting David Allen, the inventor of the Getting Things Done methodology, at a workshop. Of course, Demo Day on the 7th of April will be a memorable experience too. We are excited and curious to see how it goes.

What were your goals during the program and have you reached them?

Many of our goals have been accomplished. In the first few weeks of the program, our goal was signing contracts with first customers. We hope that the discussions we are having right now with potential customers and clients are going to process as well after Demo Day. This is one of the benefits of joining Startupbootcamp. It gives you all the opportunities, and you are the one who decides whether and when to take them. It’s all up to you!

What are you planning to do after Demo Day?

Our future depends on the discussions we are having right now. A lot of people we have met so far are focussing on the Netherlands. However, although we will be staying here from time to time, we see the biggest potential for our development in so-called emerging insurance markets such as Eastern Europe.

Curious to know more about Virtual Broker? Check out their website.

More startups in this blog series are:

Natalia Sakmarova

Natalia is the Marketing Lead for our accelerator programs in Amsterdam.