Bambi Dynamic: Dynamic On-Demand and UBI- Insurance Platform for modern mobility
Tel-Aviv based Bambi Dynamic platform develops and distributes insurance products characterized with On-Demand and Usage Based Insurance (UBI) solutions. Beginning with insurance products for the car industry, going all the way from Private Car insurance through car services insurance like Ridehailing & Carsharing and up to the Connected and Autonomous cars.
On their cloud platform, they develop on-demand and UBI insurance products which by nature of a data driven platform are connected to the relevant data sources of the users, cars or the mobility platform (i.e. Smartphones, API’s, sensors, external sources, telematics or directly with connected cars). They implement interfaces with the insurer and through our insurance agency they distribute the Insurance products. Alternatively, the Insurer can choose to distribute the products directly in a different business model. Their current and road map modules include real time underwriting, policy production, on-demand activation, usage-based billing, on-going operations, fraud validation, claims handling and value adding services. Bambi dynamically collects and analyzes data. With the usage and mining of data they optimize and personalize pricing, actuary and claims handling.
Bottom line, Bambi Dynamic provides immediate transformation to digital, enables a competitive solution that is continuously adaptable to changing economies and innovative technologies and saves them and the insurance company heavy investments and major operational cost.
The ambitious startup first POC was with Uber Israel, an on-demand and usage-based insurance for Ridehailing. Currently Bambi is developing an on-demand and usage-based car insurance product for private cars with one of the biggest Insurance companies in Israel and an on-demand insurance product for a car sharing platform.
Personal and dynamic
The new ways of transportation opened for a new shared mobility ecosystem, driven by greener environment, social trends and the autonomous car revolution. As mobility environment changes, consumers need a personal and dynamic car insurance and the insurance industry can’t afford to stay behind. Whether customers own a car, rideshare, share a car or rent one. At Bambi, they provide a personal and dynamic car insurance tailored for the customer’s personal needs, as they pay only for the time they drive and the way they drive.
Bambi’s solution is built on the idea that the whole car insurance model needs to be dismantled to its smallest elements and re-assembled dynamically to different car insurance products according to their specific needs taking into consideration the future elements of evolving mobility. Like:
- Usage measurement maybe flexible by time or by distance
- Type of driving maybe flexible by private, commercial, ridehailing, carsharing, etc.
- There may be more than one user of a car and more than one car per user
- All relevant insurance coverages today and in the future must participate in the product – liability, comprehensive, collision, product liability for autonomous cars etc.
- Personalization can be achieved from existing Data, behavior, activation, or dynamic data arising from many sources, etc.
How it works
Insurance products can be combined to serve several solutions. For example:
- an on-demand private car insurance can contain also a solution for drivers who use their cars for Ridehailing or Carsharing
- a product that is integrated with an OBD telematics solution can be adjusted to be used with smartphone telematics
- the systems flexibility may allow different drivers sharing a car to be listed as drivers for that specific car and they can each pay for the on-demand insurance with their personal credit card while they use the car
- connected cars can be used for private usage, fleet related usage, for shared mobility usage and with each usage a different layer of insurance is applied and billed accordingly with user profile, the service used and time of usage.
Why we selected Bambi Dynamic for DIA Munich
By connecting insurance companies, consumers and modern mobility companies to their platform, Bambi Dynamic is bridging the technology gap towards a new insurance offering providing simplified consumer engagement, fast automated and trustable underwriting and claim services. The platform relies on Big Data analytic and a powerful framework for fast and flexible implementation, removal or amendment of rules in insurance products for their risk assessment/approval and dynamic premium calculations.
Who is Bambi Dynamic?
Bambi Dynamic was founded in June 2017 in Tel Aviv, Israel by Mr. Zion Madmon and Mr. Moshe Pinto. Currently Bambi provides its solution to the local Israeli Insurers, but their goal is to grow globally through partnerships with insurance companies.
Bambi has partnered with Phoenix Insurance Company Ltd, one of the biggest insurance companies in Israel to provide its on-demand and usage-based solution for ridehailing, carsharing and for private car insurance.
Zion, the Chairman of Bambi is a serial entrepreneur with more than 20 years of experience in information and real time technologies. Zion founded the first dating website in Israel “Cupid” and sold it to “Jdate” later. He then founded “Travelist” the leading tourism price compression website in Israel where he still serves as a board member.
Moshe, the CEO of Bambi has more than 20 years of experience in domestic and international business management, business development, operations, finance and legal. Moshe is a CPA and served as CFO, COO and various Executive positions during the years mainly in Financial, Commercial and Media companies conducting business globally.
“Bambi Dynamic was founded to be a dynamic, personal, and accurate insurance solution for the new way we consume transportation, going all the way from private cars, shared mobility ecosystem up to the connected and autonomous cars “ Zion Madmon & Moshe Pinto Founders, Bambi Dynamic
Zion Madmon (left) & Moshe Pinto (right) Founders, Bambi Dynamic