Ten months ago, our team started scouting the world for our 2017 cohort. Last week, on 26th April, our ten startups and one mature Startup in Residence explained how they’re changing insurance. In the room at The Indigo O2 in London were more than 850 people, including mentors, investors, experts within the insurance technology community, and over 65 major insurance companies, many of which were U.S. based insurers.
The theme of the day was Synthesis – the coming together of distinct worlds to create a more connected whole. How are we seeing synthesis in insurance? Through collaboration and partnerships between large and renowned insurance companies and the startup community, the new market players. Synthesis is fusing the traditional and the new, incumbents and startups, and two complementary sets of stakeholders supported by digital technology and new ways of doing things. And synthesis is shaping intelligent insurance.
The afternoon began with guests arriving and being greeted with music from the band, RothGang, who dazzled us all with its covers from the 80s up until current. It was a great way for delegates to feel more engaged and enthusiastic. Attendees mingled, sang, and danced while the startups warmed up before their time in the limelight.
RothGang was followed by Becky Downing, alumni from the 2016 Cohort and CEO of BuzzVault, an asset digitization platform that helps homeowners with the management of their assets and insurers with delivering more intimate insurer-home owner experiences and relationships. Becky launched effectively BuzzVault on Demo Day and explained how BuzzMove would play a key distribution role to support BuzzVault’s insurer proposition.
Following, was Managing Director, Sabine VanderLinden, who spoke a bit about the InsurTech landscape and how it has shifted from last year to this year. She thanked our program partners, mentors, and investors, without whom, none of this would be possible. Sabine then introduced the first team.
“We have seen 1,000s of propositions presented to us during the course of the past few months. We are pleased to have worked this year with a varied group of entrepreneurs with two clear underlying goals: 1) to make data more relevant for every single insurer and 2) to personalize engagements with businesses and individuals.” — Startupbootcamp InsurTech Managing Director, Sabine VanderLinden
The 10 startups and 1 mature Startup in Residence of our 2017 cohort have worked tirelessly over the last 3 months to refine their offerings to add the most value to the insurance industry. They’ve revisited the drawing board on the basics, including business models, customer propositions, Minimum Viable Products, and customer journeys; they’ve honed in on growth strategies, and focused on sales and negotiation. They’ve written, ripped up, and rewritten their stories–working hours on end to perfect how they present their unique stories to the world, and to a maximum-capacity room at The Indigo O2.
— Sbootcamp InsurTech (@sbcInsurTech) April 26, 2017
After preparing to go on stage with multi-talented pitch coach and storyteller, Jennifer Rosen, the startups’ big debut began. Walking on stage during the first half were six startups focusing on commercial lines, health insurance, and big data — all using a form of artificial intelligence to deliver their offerings to the market. The second half saw five startups focusing on micro insurance, on-demand insurance, and contextual insurance, and those impacting the sharing economy. Each startup announced exciting news as a result of their 3 months of acceleration and hard work, including launch dates, partnerships with major insurers, secured pilots, and investment.
“I think [micro/on-demand/contextual insurance] will be one of the big trends in insurance over the next few years. It fits very well with other changes we see in customer behaviours – customers want bespoke products that give them just what they want, when they want it.” — Jonathan Howe, Global InsurTech Leader, PwC UK
The day also welcomed on stage Thomas Ollivier, Head of Sharing Economy and Emerging Practices at MAIF, a French insurer that has allocated a €125 million fund towards sharing economy startups. Ollivier shared his learnings of working with startups within the sharing economy space and instilled MAIF’s best practices and insights to the attendees and insurers in the room.
“My learnings from working with startups are threefold: 1. Innovation is not an objective to be achieved, it’s a cultural movement and a creative energy of value. 2. The customer centric approach has to be the only insight for disruptive services, not the old rules! 3. Working with startups reveals internal potential and creates convergences between personal aspirations and corporate needs” — Thomas Ollivier, Head of Sharing Economy, MAIF
Now officially Startupbootcamp InsurTech alumni, these 11 teams will focus their efforts on securing pilots with corporates and finalizing fundraising rounds as well as partnership agreements, in addition to being invited to speak at various FinTech, InsurTech, and innovation conferences all around the world – solidifying themselves as the voices of change coming to the insurance market, to financial services in general, and to adjacent industries, such as AgriTech, LegalTech, PropTech, and MedTech. Insurance is changing, and it’s not the only industry being shaped by digitalization and emerging technology.
“The highlight of the day for me was seeing all the teams perform so well!! (after all the hard work.) And being part of a successful journey which is only beginning.” — Willie Pienaar, CEO, NuvaLaw
As Demo Day attendees emptied the famous concert hall last week, attendees walked away with impressions of the future of the insurance industry. We are so proud of the 11 startups and will continue to provide updates of their journeys.
When asked about the value of their partnership with Startupbootcamp InsurTech, LBG responded:
“For LBG, partnering with Startupbootcamp InsurTech has really helped promote our Innovation agenda internally. It helps us facilitate internal conversations; having access to a wide variety of interesting start-ups, with an open environment in which to engage with them, has helped us build a knowledge base, making those conversations internally more tangible and engaging. It has also been valuable meeting and interacting with peers from across the industry, hearing about different corporate approaches to innovation & seeing where interest in the market is shifting.” — Meera Last, Innovation Manager, Lloyds Banking Group
Global Press Coverage
The momentous day received global press coverage from various publications, including CNBC:
— Sbootcamp InsurTech (@sbcInsurTech) May 2, 2017
And was well attended by InsurTech industry professionals and influencers:
— Nigel Walsh ? (@nigelwalsh) April 26, 2017
To see more pictures from the day, please check our Flickr here.
You can follow Startupbootcamp InsurTech’s journey on Twitter here.
To connect with and learn more about the startups of Startupbootcamp InsurTech’s 2017 cohort, use the links added below.
Meet the Startups
Adapt Ready — risk intelligence platform transforms risk data with predictive analytics into actionable intelligence, enabling insurers to help insureds better anticipate and mitigate risks, reduce claims, create new products, and optimize the loss ratio by making data-driven decisions.
Aerobotics — is a data focused drone company. They have developed one of the foremost aerial data analytics platforms — applying machine learning to multi-spectral images to provide insight and competitive advantage to farmers. The company is now targeting crop the insurance market — their mission: applying aerial analytics to improve accuracy and lower costs in crop insurance.
AIMO — has invented a technology that combines artificial intelligence (AI) and 3D camera sensors to measure and analyze human movement. The solution can disrupt a number of industries by replacing human expert movement analysis with automated scans.
Emerge — helps insurance companies to make money from insurance operations. We do this through a SaaS solution that delivers bespoke machine-learning models across the customer value chain. Our models are very accurate and quick to build. We work in partnership with consulting companies and/or directly with corporates.
Insure A Thing — will provide a platform turning insurance as we know it on its head. IAT aims to reverse the trust relationship with retail customers by only earning fees when acting in their best interests, settling claims. There are no upfront payments or premiums, instead at the end of each month claims are settled for a group (risk pool) plus a fee. The cost for each individual member is capped by a reinsurance contract (meaning that any cost over a certain limit will be paid by the reinsurer). Thus, the consumer has confidence that the maximum they will ever pay will be the same as a traditional insurance policy but if claims performance is better than expected everyone will share in that improvement. Consumers are also incentivized to behave in the right way, reducing the number of claims.
NuvaLaw — the platform reduces interRparty costs between insurers by reducing both the number and cost of litigated claims – and therefore the required, regulated reserves. Our first focus areas: 1) A digital negotiation platform between motor vehicle insurers, both in SA and UK. The platform introduces collaboration tools, legal business rules, automated workflows, decision support and KPI measurements to, what is currently, an unstructured and unmanaged environment. 2) An Online Dispute Resolution (ODR) platform for the adjudication of personal injury claims to qualified adjudicators. Offshoring to lowerRcost jurisdictions is also possible.
PORT — makes it simple for businesses to comply with the new General Data Protection Regulations that will come into effect throughout Europe on 25 May 2018.
The new regulations require all businesses who handle personal information to implement new and costly processes. PORT has built a comprehensive SaaS solution to this complex problem. PORT reduces both the time and costs of implementing the practical aspects of GDPR compliance.
PORT’s vision is to protect and connect businesses and people to enable a data-driven world where personal data flows seamlessly between people and businesses to the benefit of both.
Sharenjoy — is the world’s first experiential for millennials attending entertainment events: we insure experiences at low cost and on the go.
TikkR — is a third party insurance processor that provides short-duration, bundled insurance solutions that integrates with user lifestyles by providing protection during periods wherein they perceive rise (e.g., while cycling, running, commuting, etc.)
TrackActive — provides insurers, their health providers, and customers a health platform to optimize rehabilitation from injury, assist in the prevention of injury and chronic disease comorbidities, such as arthritis, diabetes and mental health disorders, and facilitate the ongoing self management of health.
Startup in Residence
CBien — meaning “Your Assets”, enables individuals to create an inventory of the possessions that are the most important in their lives. CBien is an asset management platform and a marketplace for consumers to capture and manage their assets in one place. Its visual display enables users to upload, value, insure, claim, rent, give and sell those assets you own at the touch of a button. These could be many or few such as a picture or a camera. A watch or a laptop. A bike or a car. An expensive pair of shoes or a designer dress.