Neosurance, twice recognized among the best startups in the InsurTech Industry, provides insurance companies and digital communities with an AI and machine learning platform to enable the sale of instant micro-policies through push notifications on the smartphone, when and where it matters, with the help of Behavioral and Data Sciences. Their solution allows insurers to sell contextual based micro policies via push notifications which arrive directly to the user’s smartphone. By gathering contextual data related to the customer at a given time, the intelligent system is capable of identifying the potential specific insurance need for that customer and send a notification on the smartphone.
Neosurance’s AI delivers not only personalized insurance offers to each customer but also does it at the right time and with the right message. In this way Neosurance manages to create insurance-backed life experiences that meet the customer's immediate needs and drive the use of instant mobile insurance. Neosurance solution is based on a partner-friendly (plug and play) module to deliver insurance covers: the key feature is a software development kit (SDK), easily embeddable in any third-party app, permitting the offer and sale of contextual based micro policies.
Neosurance establish partnerships with app-based communities of users as they do not need to go after single users. For the community they offer the possibility of monetizing their community of users while giving them additional services. They also work with different insurance companies in Italy and abroad including: AXA Italy, RGA, Bene Assicurazioni and Squarelife (Lichtenstein).
Push instead of pull
Using personalized push notifications in order to propose insurance policies based on machine learning is what makes them different and is the opposite of the pull or on-demand approach used by potential competitors, where very often the user has to voluntarily lookup the insurance proposition in an app. Neosurance is the only insurtech to offer an integrated distribution model based on third party community apps but using a push approach as opposed to on demand.
From an actuarial perspective, their push recommendation engine approach allows to avoid the “adverse selection” problem and reduces the risk of fraud dramatically. They utilize machine learning, context-based filtering, and A/B testing to guarantee the quality of the underwriting and to improve the effectiveness of insurance sales.
One of their competitive advantages is the knowledge of the database of customer profiles, behaviors and claims, well beyond the current “static buttons” to add insurance covers to the products sold through e-commerce apps and websites.
The Italian startup has received to date an impressive number of rewards.
How it works
The technology of Neosurance, in continuous development, is based on artificial intelligence and dedicated to communities and insurance companies, allowing the sale of micro policies in "push" mode. The fulcrum of the value proposition for customers lies in the ability to build a digital customer experience based on contextual, behavioral and emotional information, used in a "learn by doing" approach.
Among the most notable insurance partners of Neosurance is AXA Italy. One of the first use cases is the travel insurance covering medical expenses and assistance for the community of users of Tiassisto24. The policy is currently available through the Tiassisto24 mobile App and proposes the tailored travel insurance based on the country where the client is travelling to.
Why we selected Neosurance for DIA Munich
Neosurance's mobile SDK, context-aware AI and cloud2cloud integrations allow you to engage customers integrations allow you to engage customers with hyper-targeted policies based on their profile, location, context, and behavior. This allows connecting with your customers in a whole new way, delivering contextual insurances on their smartphone where and when it matters most.
During DIA Munich 2018 Pietro Menghi, CEO, and Diego Caputo, Head of Business Development will show and tell how the push short term insurance landscape looks like.
Who is Neosurance?
Neosurance, born from an idea by Dario Melpignano, CEO and co-founder of Neosperience, the first Digital Customer Experience Cloud, and Andrea Silvello, CEO and co-founder of Digital Tech.
Neosurance was founded at the beginning of 2016. The startup has raised little under 1Million euro in one pre-seed round, with the contribution of Pietro Mengh and Matteo Carbone, founder and director of the Connected Insurance Observatory and one other seed round.
The mission of Neosurance is to empower people to live a safer and happier life, accelerating the transition to relevant insurance. As a result, the Company helps people enjoy safer and happier lives, by making insurance protection relevant where and when it matters most.
Pietro Menghi, CEO
Diego Caputo, Head of Business and Product at Neosurance