Neosurance. AI micro-insurance: win-win for the customer & the insurer
Neosurance is the successful Italian startup awarded for the Insurance & Previdenza 2017 Elite prize for the “best insurance startup” category by Milano Finanza, an important Italian-based newspaper. The startup provides micro-insurance solutions. They created a unique system which proposes “push” micro-insurance based on a system capable of correctly perceiving insurable moments through an evolved AI and machine learning system which elaborates data and “learns by doing”. The insurer is able to offer the right coverage when the customer actually needs it through a seamless mobile user experience.
Neosurance is trying to improve customer experience and address an audience that is more and more part of the ‘connected generation’. In a world where the smartphone is a proxy of the customer it would be a wasted opportunity not to address clients where they feel most at ease, while using their devices. The average attention span of people is getting lower and lower and our daily lives seem to be made up of micro moments related to the use of smartphones. Neosurance has identified this opportunity and has created a SaaS solution for insurers based on artificial intelligence.
Neosurance’s innovative technology is based on an artificial intelligence engine that allows insurance companies to sell limited time insurance covers 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. The user can choose to activate the cover with 4 easy taps on the screen as part of a flawless digital customer experience journey. Recently selected by Plug & Play Tech Center, one of the best startup accelerators worldwide based in Silicon Valley, Neosurance aims high and hopes to have a real transformative effect on a large scale in the insurance sector while helping to reduce the existing protection gap.
There is no shortage of potential for the application of AI within insurance. The hurdle to be overcome however, is how these new technologies improve the customer experience in an industry that has a notoriously futile relationship with its customer.
Neosurance’s solution allows insurance companies to sell limited time insurance covers via push notifications that 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. The user can choose to activate the cover with 4 easy taps on the screen as part of a seamless digital customer experience journey which has been designed together with the insurers. For the customer this means insurance is always close at hand when they need to be protected, with the possibility of buying personalized products on the spot directly from their smartphones.
The first instant insurance in Italy
Neosurance has a partnership with AXA Italy, which started with the launch in the Italian market of a travel insurance coverage that can be purchased in 10 second and only three touches of the screen. Neosurance and AXA Italy created together a product for Tiassisto24 – an auto concierge community app – offering a travel insurance that covers medical expenses for the 25K users of the community. The policy is available through the TiAssisto24 mobile App and sells customized travel insurance based on the country where the client is travelling to.
In a partnership that is the first of this kind in the world, Neosurance provides the technological platform (SaaS) and artificial intelligence system, while AXA Italy provides the insurance policies that are specifically designed for this use case.
Why we selected Neosurance for DIA Munich
Neosurance has created a platform which enables insurers to deliver scenario based tailored policies. They can deliver the right insurance at the right time to create great customer experiences, drive the adoption of mobile insurance, and close the protection gap. Through Neosurance, it only takes 10 seconds to get insured with an entirely digital user experience.
Who is Neosurance?
Neosurance was founded at the beginning of 2016 by Andrea Silvello, CEO and co-founder of Digital Tech with more than 15 years of experience in strategic consulting, and Dario Melpignano – co-founder of Neosperience, the leading digital customer experience platform. Recently the startup has gained a pre-seed investment thanks to Pietro Menghi, the new CEO, and Matteo Carbone, founder and director of the Connected Insurance Observatory, who took up the role of Senior Advisor. The startup has a partnership with AXA Italy.
Neosurance is part of the Plug&Play Insurtech Accelerator based in Silicon Valley. Thanks to the Plug & Play acceleration batch, Neosurance has also closed an insurance commercial agreement with BeeBell, a US community active in the area of events, with more than 800K members.
The Neosurance Team:
“At the heart of Neosurance’s Software-as-a-Service (SaaS) platform stands a sophisticated artificial intelligence agent: “a smart way of capturing and interpreting user and contextual data which allows for custom made instant insurance propositions to be sent via push notifications, right when customers need it”. Pietro Menghi, CEO of Neosurance.
Representative 1: Andrea Colombini
Representative 2: Andrea Sivello