Amodo Connected Insurance Platform: a revolution in the way insurance products are created and sold
Amodo is a provider of a Connected Insurance Platform that enables insurers and insurance brokers to create new products and services based on Usage and Behavior data. Amodo Platform is used on a global scale from Brazil and Trinidad & Tobago, to China and South Korea by companies such as BNP Paribas, AIG, Generali, Porsche and others.
Insurance industry is saturated with traditional insurance products, and most of Insurance companies deal with daily “Red Ocean” challenges. Amodo Platform changes the game. With the data being acquired and analyzed by the Amodo Platform, insurance companies can create a completely new portfolio of insurance products. Amodo customers use the Platform today to create and distribute Travel Insurance, Extended Warranties, Second Hand Car Warranties, short term comprehensive Insurance, Uber driver insurance, and other new Mobility related Insurance Products on the market.
Instead of competing with the price, Insurance companies can now rather compete with the product-based innovation.
Strong modularity aspect
The Amodo platform has a strong modularity aspect to it, which supports different use cases in the Mobility sector. Whether it is an insurance that wants to acquire technology capabilities to underwrite Uber drivers, or the road tolling company that wants to enter the insurance market as a broker, or a car distributor that wants to differentiate based on customer centric services built on in-car data, by choosing the relevant building blocks from Amodo Mobility platform, they can enable their digital proposition for the local market.
One of the fastest growing UBI programs in Europe
Amodo is behind one of the fastest growing UBI programs in Europe. The platform was awarded multiple times for innovation. Customer engagement suite was named as Best in class by AmTrust Best Review. The AIG on Go app from AIG Singapore has been awarded as one of the top 3 in Asia. Also, the AIG on Go application was awarded by EFMA & Accenture for Innovator of the month, January 2019.
How it works
Customer Use Case built on Amodo Connected Insurance Platform, will show how usage and behavior data can be used to unlock advanced marketing capabilities. User data such as location, behavior, previous purchases, weather and other information are used in order to govern “Just in Time” marketing to relevant customer segments.
Travel Insurance, Life Insurance, Extended Warranty, Gap Insurance and other Insurance products are offered based on predefined triggers and ML algorithms, in order to boost cross-sell campaign efficiency and effectiveness.
No friction in the sales process
It is all about reducing the friction in the insurance sales process. Amodo Smartphone based Connected Insurance platform enables one click payment and simple Insurance purchase and extension with prefilled information based on customer usage and behavior data.
Marketing Automation and Customer Segmentation based on advanced ML technology, enable Insurance Products to be personalized in coverage and in promotion to relevant users.
Amodo enables P&V to deploy Insurance Policies in a prepaid payment model, available as an “in-app purchase” with fully customizable coverage options. The insurance policy to be presented is an example of additional Material coverage for Motorcycle drivers that already have the mandatory base insurance. User of P&V service can decide to go on a drive on a nice sunny weekend and be secured in a few simple clicks and pay only for the time when they are truly exposed to risk.
Why we selected Amodo for DIA Amsterdam
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. Amodo Connected Insurance Platform brings a revolution in the way Insurance Products are created and sold.
At DIA Amsterdam Marijan Mumdziev, CEO at Amodo & David Destappes, Director P&C Product & Business Development (P&V group) will demonstrate how new and innovative insurance products can be easily and quickly deployed as well as retracted from the market.
Who is Amodo?
Amodo is founded in 2013 and ever since led by senior executives from telco and marketing industries. The company is financially backed by three Venture Funds, namely Speed Invest (Austria), SGH Capital (Luxembourg) and Bee Next (Singapore). With a very strong growth, company dependence on initial capital is very limited, thus Amodo raised only smaller amount of capital to date, in the range of €1.500,000 and kept the founding team as the majority shareholders.
“Amodo” in Latin means “From now Onwards”. Since the day Company is founded, we had a vision to change how Insurance business is done. Technology can do wonders, which is exactly what we do for our Clients.” Marijan Mumdziev (CEO) Amodo
Marijan Mumdziev CEO Amodo