AI for Services: Insurtech Matchmaking Event
A chance to meet leading insurance firms in an evening of facilitated speed networking.
AI for Services, in partnership with¬†Early Metrics, is hosting an exclusive Insurtech Matchmaking event on Thursday 30th January in London. This session will offer innovative AI & Data start-ups the opportunity to meet leading organisations and commercial partners in the insurance sector to help them solve their R&D challenges. Confirmed participants include Axa XL, Brit, Bupa, Dai-chi Life,¬† Direct Line Group and Hiscox.
The event will take place from 17:30 – 20:30 on Thursday 30th January in London, Moorgate. Up to 20 of the most innovative companies who apply to attend will be invited to meet with established insurance firms for an evening of facilitated networking.
If you are a startup or SME interested in attending, please complete the application form by Thursday 9 January. Before submitting your application, please read the background information below and ensure you answer the questions in full. Applicants will be selected based on their level of innovation and ability to solve the partners’ challenges (available below).
The event format has been designed to connect entrepreneurs with potential clients and collaborators through a series of rapid ‚Äòspeed dating‚Äô style sessions, which may lead to successful commercial relationships. Digital innovator attendees will rotate around the room with strictly seven minutes within which to have a one-to-one conversation or pitch to each industry representative. There will be refreshments throughout the evening with industry, academic experts and special guests joining the event.
The insurance sector represents some of the largest opportunities for innovation, with the potential for around ¬£50 billion worth of revenue to be disrupted in the UK insurance market.¬†As stated in the World InsurTech Report published by CapGemini and Efma in October 2019,¬†‚ÄúTo deepen customer relationships, insurers will have to collaborate more with InsurTechs who are already mastering the customer experience by leveraging the most innovative technologies and use of data.‚Äù¬†Anirban Bose, CEO of Capgemini‚Äôs Financial Services Strategic Business Unit and Group Executive Board member.
This matchmaking event will open doors to leading insurance firms to connect with AI and innovative data startups, within a ‚Äòspeed dating‚Äô style format.
Please find below the list of confirmed participants and their respective challenge statement:
- Axa XL¬†is a subsidiary of the global insurance and reinsurance company AXA . For this event, their focus will be on commercial and specialty insurance including energy and environmental specialty lines. Axa XL is interested in the use of external data to enrich and validate asset (property) information; connected services marketplace for risk mitigation and management, and privacy preserving techniques for data sharing for ML and AI. They are also seeking to engage with businesses developing fleet analytics solution for safety purposes; both autonomous and non autonomous.
- Brit, the leading global speciality insurer, recently launched its new innovation and venture arm, BritX to identify and explore opportunity spaces for growth and create the business of tomorrow. Currently they are exploring bionic underwriting (augmented underwriting that algorithmically selects, prices and places risks), Next-Gen Claims (real-time based mitigation, management and prediction of risk) and Risk Management (preventive claims experience, underpinned by visibility and automation). BritX are looking for partners to help define these opportunities and then solve the problems to write the future.
- Dai-ichi Life are looking to explore the ways in which health related services and elderly services can be enhanced by new technologies. For example, diagnosis and prevention using connected technologies to detect diseases, provide health advice, and the prevention of illnesses.
- Direct Line Group is the leading direct general insurer in the UK. They have been taking a growing interest in the development of Advanced Driver Assistance Systems (ADAS) and Automated Driving and the challenge these new emerging technologies represent to insurers. In particular, DLG has been involved in two Driverless Car projects (Move_UK and Streetwise) and has access to several billion miles of human driving data through their long established telematics products.They are now looking at solutions that would help them adapt their current risk model structure and techniques to reflect the growing involvement of ADAS and AD technology into the driving task. The objective would be to offer DLG customers with a single integrated view of risk through a single motor policy. Additionally, DLG has access to a wealth of customer engagement and behaviour data through their phone and digital channels that could have substantial value in understanding customer risk. They are interested in identifying the tools needed to make use of that data and potentially developing a toolkit for doing this at scale.
- Hiscox is a leading business and personal specialist insurer specialising in property and casualty insurance aimed at companies and high-net-worth individuals. They are looking for innovative solutions to detect in real-time when a significant event occurs to one of their insured commercial properties across the world with the aim of better predicting the likelihood of incoming claims. In particular, Hiscox are interested in solutions which have the ability to crunch through multiple public data sources (local news, Twitter etc.) – most specifically in niche locations not covered by international headline news.
- Bupa, the global healthcare company, is looking at ways that could transform the way health insurance customers access the care they need, including simplifying/eliminating the pre-authorisation and claims process, guiding customers through complex healthcare systems and performing continuous risk rating and pricing.
- Gocompare.com¬†helps people make better-informed decisions when buying their insurance. As a price comparison website they are the interface between customers and their insurance needs and insurers and their insurance products. They use data to connect these two things together ‚Äì primarily the data that customers supply about themselves and what they want from their insurance. Thanks to their SaveStackTM technology platform they have a wealth of data that informs their understanding of their customers and insurance partners. GoCompare is interested in ways in which they might be able to supplement this data to help customers get better pricing for their insurance, and provide insurers with better data to price against. They are interested in products, services, data sets, ML and AI that could help their customers use their data to get better insurance.
If you are an established brand and would like to attend as an industry partner, Astrid Ayel ¬†or Jordan Fletcher will advise on availability and potential opportunities for future involvement in matchmaking events.