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Inspire Insurtech Interviews: daisee

July 12th, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: daisee”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Richard Kimber, Founder and CEO of daisee. Enjoy!

Tell us daisee’s brief pitch.

daisee helps you know exactly where to focus by analysing every word your customers say to your company. Our solution ‘hears between the lines’ and can evaluate the quality of every voice interaction using our proprietary algorithms.

daisee has developed a fully automated programmable scorecard that rates and ranks all calls. High-Risk calls are clearly flagged, so you know which calls to focus on. The benefit is that you can dramatically improve your control framework, deliver significant operational savings and most importantly, increase your revenue generation and customer experience.

So how did daisee begin?

daisee began with the concept of commercialising Artificial Intelligence research from Australian Universities. A number of areas were evaluated and after experimenting with several other solutions and business challenges.

How has daisee evolved since its inception?

We originally decided to specialise in computer vision and voice and had several product ideas. One of them resulted in a Joint Venture called BuildAI with Mirvac. This offered a Computer Vision application to create a ‘Digital Twin’ and compare the buildings progress to the plan and to improve quality as a result.

This evolved when we realised how effective our Speech Analytics solution was. Then we took the strategic decision to focus solely on this area with a goal to be a world leader in its application.

What is your team currently working on for 2021, or what have you accomplished recently?

We recently launched Daisee Essence – which uses unsupervised learning to derive the core reason for calls. These are often called Call Drivers – and we have developed a method to decipher all the language and evaluate what the core reason is for the call. This can then be used to evaluate many factors, including process wastage, customer effort, and many other elements of improving customer experience.

We are also working on revolutionary technology to evaluate and improve Live Person Chat and bot chat outcomes. This product will evaluate the text interactions between customers and agents, score and rate and rank them for effectiveness, timeliness and how well they resolved the issue. We believe this a world first and will have the potential to open up many new markets.

Another big focus for us is the RG271 legislation and helping Insurance companies prepare and improve their complaint handling identification and processes.

How does daisee give back?

daisee employees a number of interns that are still completing University. We feel that this gives the students real-world experience and understanding of how technology is applied to business situations. We train them in AI and provide access to real business problems and exposure to our clients.

daisee works with a number of organisations and government agencies on policy issues, including privacy legislation, AI strategy and improving Australia’s international position in the application of AI technology. We have also worked on a number of regulatory projects which we feel will have wide benefits for consumers as the frameworks evolve to add more sophisticated protections.

What is daisee‘s biggest challenge in today’s market?

Our biggest challenge is generating enough awareness of the power of our platform with Senior executives. This then manifests itself in longer sales cycles as companies can be slow to innovate and adopt new technologies. We see dramatic improvements in all our customers’ operations, so we are impatient to roll it out more widely.

Anything else you’d like to say that we didn’t ask?

We offer a solution that is pre-trained, ready to go and will deliver immediate value to any Insurance business. We feel that we can substantially improve your efficiency and generate a very positive ROI. Our solution is a real game-changer, and we will offer any member organisation a free POC.

Feel free to contact Richard Kimber at rbk@daisee.com.

Thank You.

July Newsletter

July 12th, 2021 Posted by Members, News, Newsletter 0 thoughts on “July Newsletter”

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Inspire Insurtech Interviews: My Life Capsule

June 2nd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: My Life Capsule”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Pam Moorhouse, CEO, and Founder of My Life Capsule. Enjoy!

 

Tell us My Life Capsule’s brief pitch.

My Life Capsule is an InsurTech start-up with a difference. It’s not an insurer but a value add for insurers, providing unprecedented emotional engagement to support lifetime loyalty.

We are all overwhelmed with day-to-day logistics and administration, and often, we are not as prepared as we could be for life’s significant events, such as personal illness, marriage, divorce, having a baby, or the death of a loved one.

My Life Capsule is a digital platform to organise, protect & share your critical “life” information. With International award-winning bank-level digital security vaults, GDPR compliance, and world-class customised sharing and consent protocols, My Life Capsule empowers family connection across multiple generations and supports day-to-day and time-critical administration; privately, securely and centrally.

So how did My Life Capsule begin?

When My Life Capsule Founder Pam Moorhouse’s father-in-law, Kevin, died, her family had just seven days to notify his friends, find his critical information and piece together his life story before his funeral. It was a devastating time made worse because Kevin hadn’t had an opportunity to organise and share his critical information, documentation or life memories with his family.

This personal loss, coupled with Pam’s role as an adult, a wife, a mum and a daughter, led her to consider the problem from a cross-generational perspective. She concluded that each generation has its own innate and intuitive needs that are not being met in modern society.

And so, the journey began with pre-launch social media testing, a graduate research program, a successful pilot trial, and National Television exposure which verified the market fit. In December 2020, My Life Capsule was awarded a Top 30 Global Impact Venture by International Innovation platform EarthTech and received a scholarship to the Springboard Enterprises Evolve Accelerator Program.

How has My Life Capsule evolved since its inception?

Twelve months after Pam’s light bulb moment, she recalled a report she’s read many years before in her high school psychology class. In 1967 two psychologists, Holmes and Rahe developed a stress scale that identified 43 significant life events that are likely to affect every human life. These events may be positive or negative experiences such as marriage, divorce, death of a loved one, pregnancy, a new job or finishing school.

Life is now more complicated, hectic and much faster than in 1967, yet the likelihood of us all experiencing many of these events has not changed. The 43 significant life events have four things in common – emotion, logistics, paperwork and lots of personal stress.

My Life Capsule is a global solution to empower family connection for humankind, assisting us all prepare for and address these significant life events that now form My Life Capsules guiding star.

What is your team currently working on for 2021, or what have you accomplished recently?

After the successful pilot program in 2020, My Life Capsule secured a strategic technology partnership with International award-winning digital security experts. With this foundational architecture, My Life Capsule now has GDPR compliance and world-leading personal privacy & security, keeping it ahead of the technology & compliance curve.

My Life Capsule recently released its B2C freemium proposition – offering free Emergency Vaults to families across the globe, complete with secure vaults, 3-key encryption and unique time-based sharing options. The Emergency Vaults securely store an individual’s critical information. It can be accessed anytime, anywhere, on any device and can be shared securely with immediate family, carers or travel companions for use in an emergency. My Life Capsule Emergency Vaults are now available via the web, Apple Store and Google Play.

Premium subscription features including Personal Vaults to manage daily and time-critical administration, Family & Memories Vaults to capture emotional milestone moment. My Life Capsule Junior to capture health, education, and milestone moments for children will follow soon. Corporate co-brand & enterprise white label solutions will commence development in mid-2021.

How does My Life Capsule give back?

My Life Capsule empowers not only documentation and data storage for logistical reasons but also embraces humankind’s instinctive and intuitive need for emotional connection at every age and stage of life. It also proudly addresses multiple United Nations Sustainable Development Goals, including Gender Equality, as women are commonly responsible for household & cross-generational organisation.

With My Life Capsule, families benefit from better relationships and more transparent and secure communication with family members, service providers, teachers, doctors and insurers on historical information.

For Channel Partners, My Life Capsules sophisticated security architecture protects and humanises customer relationships to increase lifetime value and retention. It also helps meet the consent requirements of the increasingly relevant Global Data Protection regulations, including the European GDPR and Australian CDR.

What is My Life Capsule’s biggest challenge in today’s market?

There is a lack of trust in the privacy and security of digital services. This has been made worse by big tech and social media companies abusing personal data. This historical lack of trust requires consumer education that world-leading technology now provides true privacy and security like never before, and so managing the busy lives of our families inside secure digital vaults is a natural progression.

COVID-19 has highlighted the need to stay connected with our extended families. Together with My Life Capsule’s upcoming co-brand and white label solutions, insurers are uniquely positioned to help millions of people globally to be better prepared for the unexpected.

Anything else you’d like to say that we didn’t ask?

It’s a challenging time for our global community, and it’s now more important than ever for Insurers to provide peace of mind to their customers by taking the stress out of different life situations. My Life Capsule offers a unique opportunity to differentiate from more traditional insurance service offerings by enabling people to be better prepared, more connected and less stressed if the worst happens.

My Life Capsule’s Free Emergency Vaults are now available to securely store personal critical information for access anytime, anywhere, and on any device for use in an emergency. To learn more about My Life Capsule or to access a Free Emergency Vault, visit the website or download the app in the App Store or Google Play.

Follow My Life Capsule on LinkedIn, Twitter, YouTube, Facebook and Instagram.

Thank You.

June Newsletter

June 2nd, 2021 Posted by Members, News, Newsletter 0 thoughts on “June Newsletter”

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Inspire Insurtech Interviews: DigiSure

May 3rd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: DigiSure”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Bernie Niehaus, Managing Director of DigiSure. Enjoy!

 

Tell us DigiSure’s brief pitch.

DigiSure utilises historical and real-time data and digital techniques to automate the underwriting and distribution of Insurance Products. We provide, direct to customer and agent/broker, channels depending on the product and Market. Our effective use of technology enables our partners to provide services with significantly lower capital and operational costs compared to their competitors. Our selection and monitoring techniques further reduce risk and costs.

Our technology enables our partners to launch new products and enter new territories quickly and effectively, usually within a couple of weeks. DigiSure now works with Insurers, Agents, Brokers, Coverholders in Asia, Australia/New Zealand and Europe.

So how did DigiSure begin?

DigiSure began as most others do, as a conversation over a bottle, born from months of frustration. However, it was a water bottle in a ‘Gym’ rather than the ‘Pub’ as one of the founders is a teetotaller (much to the other founder’s disbelief).

The Insurer had a product, and they had a target market; what they did not have, was a way to profitably underwrite the market or to distribute in a way that could be efficient and gain critical mass. We developed the Original DigiSure platform to address this issue. With that product, we gained 30% of the market within 6 months and ended up in partnership with one of the world’s most famous insurers and one of the world’s biggest brokers.

How has DigiSure evolved since its inception?

DigiSure had significantly evolved from our humble beginnings in 2016-2017. We now have offices in Singapore, Ireland, Australia and New Zealand. We started off with a concept that was to digitise, simplify and speed up the distribution, underwriting and sales process. Due to customer demand, the DigiSure platform has significantly evolved to be a full end to end system that supports and provides for the full insurance value chain, from distribution to Claims management.

We have also now developed a full agency portal for some large insurers. This platform enables agents/brokers to quote and manage their clients while providing underwriters with instant access to all the data and information required to assess risk. This platform has led to a significant reduction in Underwriting time that significantly reduces cost for all stakeholders.

What is your team currently working on for 2021, or what have you accomplished recently?

Q1 2021 has seen us working with several Local carriers and Re-Insurers to significantly expand our presence in South East Asia and Europe. We have also expanded the range of products, and we also support, for example, Takaful Islamic insurance and Professional Liability. On the technical side, we have expanded our use of satellite data for risk assessment and continue to invest in our Machine Learning initiatives.

How does DigiSure give back?

Environment, Social and Governance (ESG), our business and solutions are well-positioned to promote ESG in a number of ways:

Micro Business Insurance.

Micro Business, with fewer than 5 employees, are the engine rooms of many developing countries. According to the World Trade Organization, small-and medium-sized enterprises (SMEs) represent over 90 per cent of the business population, 60-70% of employment and 55% of GDP in developed economies. Yet countless millions of informal traders, micro-entrepreneurs and small businesses either can’t access or can’t afford insurance. Access to affordable Insurance increases their resilience and encourages investment, as well as opening up new funding opportunities.

DigiSure enables the direct distribution of insurance to Micro Businesses, typically via mobile phone with low operational and underwriting costs and the ability to pay as you go (e.g. daily/weekly) premiums payments. This combination provides access to and affordability to Micro Business, thus enabling their stability and growth. We are currently working with a number of Global and local insurance providers to roll out our products in Africa and low-income south-east Asian countries.

Personal Micro Insurance.

Microinsurance policies provide protection to low-income households against specific risks in exchange for a regular payment of premiums that are calculated proportionally to the likelihood and cost of the relevant risk. The DigiSure platform, which combines low-cost distribution (mobile phone) with automatic underwriting and pays as you go payments, allows our Insurance partners to efficiently bring personal Micro Insurance to low-income countries in Africa and Southeast Asia. Typical products include Disability and Property Microinsurance.

Workplace Diversity (Women in Tech).

According to the US National Centre for women in Information Technology, women represent only 26% of the workforce in Computing and Mathematical occupations compared with 57% across all professions. Women currently represent 50% of DigiSure’s Workforce. As well as targeting diversity in our recruitment pipeline and providing flexible working arrangements. We consistently seek to promote an inclusive work culture.

Workplace Diversity (Neurodiversity).

Unemployment in the Neurodiverse population runs as high as 80%, even though they can be typically 30% more productive than their peers given the right environment. DigiSure is targeting to have a 25% of its workforce Neurodiverse 2023. In addition to targeted recruitment, our main focus is on flexibility, workplace accommodations and culture.

What is DigiSure‘s biggest challenge in today’s market?

Identifying and choosing the right partners to work with. It may sound a cliché; however, with some minor exceptions, we have managed to work with good partners, i.e. Insurers, Re-Insurers and Brokers. As we scale up, this may become more difficult and something we need to be wary of.

Anything else you’d like to say that we didn’t ask?

DigiSure is proud of our team for their hard work and dedication to all projects. We do all our development and research in-house, which would not be possible without the fantastic DigiSure team. The long hours, endless focus and immeasurable dedication are truly appreciated.

My last reflection, given the target audience, fellow Insurtechs, is that you should be prepared for the long lead up times, particularly with large Insurers/Reinsurers, sometimes 12 to 18 months. However, once you’ve proven yourself and gained your customer’s confidence, expansion becomes much easier.

Thank You. If you wish to know more about DigiSure, watch their overview and demo video here: https://www.youtube.com/watch?v=iogFwhDercM.

May Newsletter

May 3rd, 2021 Posted by Members, News, Newsletter 0 thoughts on “May Newsletter”

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Inspire Insurtech Interviews: Picnic

April 14th, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Picnic”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Charles Pollack, Chief Executive Officer of Picnic. Enjoy!

 

Tell us Picnic’s brief pitch.

We build and manage self-insurance pools, backed by the Picnic syndicate at Lloyd’s.

So how did Picnic begin?

In 2016 the Founder of Picnic, Mark Arnold, had an unfortunate accident playing squash where he ruptured his Achilles tendon. The subsequent income protection claim experience was horrible, so Mark decided the insurance industry in Australia needed a new approach.

At the time, I was Chief Actuary at Youi. Mark was looking for insurance experts to join him on this new approach.

How has Picnic evolved since its inception?

The last 3 years have seen us evolve and refine the model – products being offered, organisational structures, licensing aspects, the creation of Lloyd’s syndicate to allow us to deploy quickly into international markets. There isn’t much that hasn’t been subject to review and refinement!

What is your team currently working on for 2021, or what have you accomplished recently?

Our first mutual – Our Ark Mutual Limited – launched late last year. So, we focus on scaling that and onboarding new members offering an insurance alternative for community-focused organisations, charities, not-for-profit and faith-based organisations. We are also working on several other new self-insurance pools for different communities. The level of interest and support that we are getting has been amazing.

How does Picnic give back?

Picnic’s entire model is about giving back – one of the many benefits from our self-insurance pools is that any profit, after costs and claims, is retained by the customers making the contributions. This means that the communities that join together to protect themselves share the benefits and any resulting profit.

What is Picnic‘s biggest challenge in today’s market?

Our biggest challenge historically has been getting potential investors to support the concept pre-revenue. Now that we have demonstrated the model and the ability to drive revenue, those conversations are quite different!

Anything else you’d like to say that we didn’t ask?

We’re working with a broad range of communities – everything from the motor industry, the financial services industry, community-based organisations, indigenous communities and other groups that are each aligned around a cause, belief or circumstance. Our model is highly extendable, flexible and is tapping into an unmet need across many markets at just the right time.

Thank You.

April Newsletter

April 14th, 2021 Posted by Members, News, Newsletter 0 thoughts on “April Newsletter”

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Inspire Insurtech Interviews: Blue Zebra Insurance

March 3rd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Blue Zebra Insurance”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Colin Fagen, Managing Director of Blue Zebra Insurance. Enjoy!

 

Tell us Blue Zebra Insurance’s brief pitch.

Blue Zebra is an Insurtech Managing General Agency (MGA) that focuses on assisting brokers to efficiently deliver advice models to their customer base. Our organisation delivers tech-led change through our purpose-built portal so that we can continually improve and adapt to compete. We strongly believe that brokers should have a greater share of the Personal Lines market and continue their dominance in the SME market in Australia. Blue Zebra want to play a key role in facilitating this.

So how did Blue Zebra Insurance begin?

Our team is a mix of extremely experienced insurance professionals and tech-savvy individuals who have a strong belief that our industry needs to significantly change to compete for the future. The large established insurers in Australia all have major issues with legacy systems, and their priorities for investment are primarily their direct to market businesses. We identified this gap in the market and thought through how to take on the large corporates. This is achieved primarily by creating an extremely efficient system that accesses external data sets from a number of sources to prefill underwriting questions and then provide a number of quote options for brokers that match various segments of society.

One of our themes when initially launching Blue Zebra to the broker market was that `Your partners of today will not necessarily be your partners of tomorrow.’ We have seen this play out in February, with a major insurer withdrawing their capacity for Personal Lines to the broker market.

How has Blue Zebra Insurance evolved since its inception?

I think that the best way to describe our evolution would be to say that `Change is a Constant.’ Our strategy has always been to roll out our products in a MVP (Minimum Viable Product) form and quickly look to adapt through constant feedback from our brokers. We initially focused on creating Personal Lines products in the first year, with our Commercial products developed in the past six months. We have now delivered seven products to the market:

– Householders, Landlords and Private Motor
– SME Business Insurance, Commercial Motor, Cyber and Personal Accident & Sickness (through `Blue Point’)

In the three and a half years since Blue Zebra sprang to life, we have had more than 50 system upgrades, signed up more than 380 broker organisations comprising 10,500 users and typically have more than 1000 brokers transacting with us each and every day.

In addition, it was always our intention to focus strongly on the automation of our own business processes. As we have scaled, we have built technology to support finance, claims, underwriting and analytics. Aside from the service benefits to our broker and insurer partners, in the end, this means our cost base is set up to compete well in the long term with more established insurance businesses.

What is your team currently working on for 2021, or what have you accomplished recently?

During the past 12 months, we have changed our primary underwriter relationship. This has involved a great deal of pricing calibration, as we have significantly changed our risk appetite and target markets while looking to improve the underwriting result of our Personal Lines portfolio.

We are now completing our platform rebuild, which has been planned for some time. This will be seamless as far as our clients are concerned. This upgrade will enable real-time changes to our platform in a number of areas, including underwriting questions, referral rules, new data fields, documentation, pricing and our product suite.

Our technology is already being utilised by carefully selected insurance businesses via Platform as a Service (PAAS). Our offering is quick and cost-effective to deploy, and this re-platforming will enable our PAAS to be expanded to help deliver their products to market within 30 days.

How does Blue Zebra Insurance give back?

The central tenant of our business philosophy is to have constant communication with our clients – our brokers – to enable their best opportunity to compete for tomorrow. We will often look to adapt our methods and technology to improve a broker’s operations. Our experimentation and continual investigation are designed to provide our brokers with the opportunity to grow their organisations and customer base.

What is Blue Zebra Insurance’s biggest challenge in today’s market?

The market always delivers challenges, and the more dynamic it is, the better, in our view. There are a number of challenges developing on different time horizons. We have relentlessly driven digital delivery, with the foundation stone of effective use of external data. This has been supplemented by AI/machine learning techniques being employed in our back-office activities. This is critical for us to be able to compete with the multi-distribution insurers, who are driving more innovation into their direct businesses, in a relative sense. Our ability to drive forward is occasionally slowed by the delivery systems at the brokers’ end, so one of our challenges is working closely with their technology and delivery plans in order to jointly compete at the same speed.

Anything else you’d like to say that we didn’t ask?

Thanks for the opportunity to share our journey so far – we see it as just the beginning of something big!

Thank You.

March Newsletter

March 3rd, 2021 Posted by Members, News, Newsletter 0 thoughts on “March Newsletter”

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