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The dating platform for insurance – Insurlab Demo Day 2019

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Björn Crüts, Strokemark’s Chief Scientific Officer, is in a happy mood: “We have just closed a contract in Tel Aviv with one of the world’s largest medical device companies. So, I am pretty relaxed right now and will not talk about our startup, but instead about the lessons learned during our time at the InsurLab.“

Business is going well for InsurTechs and the Insurlab. After starting the program in 2018 with 5 participating startups, the 2019 batch has grown to 16 companies that hope to change the insurance landscape and grow into successful corporations in the process.

The demo day is taking place at one of the top floors of the Messehochhaus in Cologne overlooking the city. The focus of the day is to showcase what the startups have achieved during the past six months and the room is packed. Conversations flow freely as start-up teams meet up with their mentors that came from Insurlab members like insurance companies and service providers.

Falling in love with an insurer

Apart from its mission to strengthen innovation as one of the official German de: hubs, the Insurlab sees itself as a matchmaker, the Parship (dating platform) of insurance. As Dr Mathias Bühring-Uhle, the Insurlab’s CEO puts it: “Every couple of minutes an insurer falls in love with a start-up and the other way around”. To enable the chemistry to work its magic, the Insurlab encourages its startups and member companies to collaborate hands-on and develop concrete use cases which are now presented during Demo Day.

The field of 16 startups is quite heterogeneous in its make up and can be divided into Start and Growth companies. While the first group typically only had the first Proof of Concept (PoC) developed when entering the program, the latter already have a live product and secured at least one client from the insurance industry.

16 ways to change the insurance industry

Different themes can be identified among startups. Here are some examples:

  • Enablers: Naturally, for an accelerator program that focuses on matchmaking, we find a large number of enablers among these InsurTech. Their focus is to improve processes and elements in the insurer’s value chain. So, Growth start-up Personal Business Machine takes client communication and lead management to a new level by providing personalized communication based on specific communication touchpoints. As an example, the payout of a matured life insurance contract will be presented on a personalised landing page containing a video and other gamification elements to celebrate the achievement. Docudiet’s workflow solution, featured in the Start batch, strives to make the work of commercial insurance underwriters easier. Docudiet helps underwriters by analyzing quotes and provides a dashboard that compares quotes to the success rate of offers that have been produced in the past.
  • New services and product propositions: Tiegoo is creating digital patient care for pets and larger animals which it integrates with an emergency assistance service. Betterdoc, on the other hand, focuses on human patients. With the help of AI, the portal matches doctors with patients and provides second opinions on the necessity of medical procedures. Axa Health has therefore decided to include Better Doc in its corporate health insurance product. Further talks with insurers from the health, accident and life field are in the pipeline.
  • Again others leverage the experience they had collected in other industries and apply them to insurance use cases: After using AI to help Pro Sieben Sat 1 discover age-inappropriate imagery in its broadcasting material, ai is now applying the machine learning algorithms to improve insurance work flows, for example in life insurance underwriting. While participating in the Insurlab’s Start batch they were able to sign a deal with ideal Versicherung and another insurer. Nect on the other hand has already been using their identity verification technology “Selfie Ident” and “Card Ident” with numerous financial service providers, banks and insurers. Before the Insurlab, they had also participated in Munich’s W1 accelerator and signed a deal with the German mutual insurer R+V.
  • Last but not least, some discovered that insurance was actually not the love that it promised to be: As Valentin Collar, the co-founder of ReFit Systems which focuses on medical rehabilitation for children with movement disorders like cerebral palsy puts it: “ We are grateful to the Insurlab as it allowed us to realize within a short 6 months time-span that private medical insurers were not our main target group.” ReFit System focuses on a very specific patient group and is therefore now concentrating on clinics and social security providers which have a more relevant patient base for their solution.

Lessons from the field

Coming back to Björn Crüts from Strokemark and his first lesson learned “The German insurance world is complicated and complex (in other words you need help)”. These start ups have seized the opportunity provided by the Insurlab and have put their approaches to the test together with the help from established insurance mentors. In the process, they have seen that it is not about “Building an app” but providing a comprehensive solution to a problem because in the end [insurance] “It is always about people”.

InsurTech has grown up and is here to stay. The collaboration with a start up has become the new normal for incumbent insurers. This infusion of innovation is just what the industry and its customers needed.

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