Amodo: Bringing insurance to Millennials
Emerging Croatian startup and DIA Alumni Amodo, puts a new face on digital transformation. Radically changing the way insurance products are created, bought and sold. Amodo has developed a technology platform that enables insurance companies to launch digital insurance products for the connected customer generation. It collects data from smartphones and other connected consumer devices to build holistic customer profiles, providing better insights into customer risk exposure and product needs. Based on this analysis, risk prevention programs and individual pricing as well as personalized “on-demand” insurance products can be offered, increasing customer loyalty and longevity as well as creating completely new market segments. Users can also create customizable engagement campaigns, stimulating and rewarding desired behavior via a gamified approach. Ultimately, Amodo enables insurance companies to achieve significant savings through lower claim costs and facilitate business growth through lower acquisition cost.
Amodo is already leaving a footprint in Europe, North America and the Asia-Pacific region. Clients are companies like BNP Paribas Cardif Italy, AIG Hong Kong, Generali, Triglav and Porsche Holding.
Using the full potential of Usage-Based Insurance
Amodo’s Usage-Based Insurance program is a game changer providing valuable and relevant content for the insurance customers, content which motivates customers to interact with insurance communication channels more frequently. The flexible program enables insurance companies to establish new direct communication channels towards customers and gain ownership of customer relations. One of the challenges when engaging with customers directly is the potential cannibalization of the direct sales channel. The Amodo platform involves the existing Sales Agent network in the overall digital transformation roll-out.
Effective digital acquisition channel
With a user-to-customer conversion ratio of 9% Amodo’s is one of the most effective digital acquisition channels. Active users exhibit significantly safer driver behavior resulting in up to 25% lower claim frequency. Amodo can launch on a new market within weeks with very fast adaptions cycles. Within weeks from implementation insurers can:
- Acquire new customers through a gamified, try-before-you-buy, model
- Differentiate on the market; engaging customers and avoiding price wars
- Improve loyalty and reduce customer churn by using integrated rewarding mechanisms
- Reduce claim frequency and costs; bad drivers are filtered out improving the claim cost ratio
- Develop new products and address new market segments; actively piloted and tested
An example is AIG. They launched “Are you the best driver in Hong Kong?” competition that will reward the best driver with one-year worth of free fuel. By downloading the AIG Drive Master app –based on the Amodo platform – participants become eligible to compete.
Why we selected Amodo for DIA Munich?
Amodo ’s approach is a prime example of engagement innovation which is the next level of digital transformation. Engagement innovation not only includes customer experience, but customer-centric products, new added value services and new business models as well.
Who are Amodo?
Amodo was founded in 2013 as a spin-off from one of the most innovative digital marketing companies in Croatia with over 15 years’ track record in the field, working for brands such as Nike, Molson Coors, UniCredit Bank and Volvo Car Corporation. Amodo received initial funding from SGH Capital and Bee Next Fund, and last year from Austrian investment fund Speedinvest, for its international expansion.
They were recently selected in the 2% most innovative insurTech companies globally by Silicon Valley based Plug and Play program.
Marijan Mumdziev, CEO Amodo left and Gorgan AgaÄeviÄ‡, CTO Amodo right
“The key success factor for insurance telematics program is not only acquiring the right technology, but also defining a winning go-to-market strategy” Marijan Mumdziev, CEO Amodo
Presenter: Marijan Mumdziev
Contact Info: Marijan Mumdziev
Email: [email protected]
Telephone: +43 660 367 0009