Reading about the acquisition of Onlia didn’t surprise me, but it did spark a sense of excitement for what the future holds for the company and its customers. Having been a part of Onlia for a brief period, I recognized its potential to revolutionize the industry with a tech-based solution designed to simplify the insurance buying and servicing experience for a new generation of digitally savvy consumers. However, as the days passed, I began to realize that despite the numerous reasons why this was a fantastic opportunity to disrupt an antiquated industry, there were equally compelling reasons that hindered progress. One can still come across stories of fragmented and disjointed customer experiences online, reminiscent of my time there. During my time at Onlia, I was privy to the teething troubles of a young organization. The focus was heavily on tech and customer enablement around tech. However, this led to some hiccups, with customers sometimes feeling frustrated due to the time taken to process even simple tasks. But every new venture has its learning curve, and these experiences were part of that journey. Now, as I look back, I see these as stepping stones that have led to where Onlia is today. The lessons learned have undoubtedly contributed to shaping a more robust and customer-centric approach. So here’s to Onlia Insurance! Congratulations on this new chapter. Brian Reeve great investment. I’m excited for what the future holds for you and your customers. With your commitment to leveraging technology for customer enablement, I have no doubt that the customer journey will continue to evolve and improve. Here’s to the success of future customer journeys at Onlia! #insuretech #fintech #customerexperinece
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Exciting times in the insurance industry! ?? The latest Weekly Notable Startup Funding Report from AlleyWatch highlights some impressive funding rounds that are shaping the future of our industry. Here are a few standout companies making waves: 1. **Herald** - Raised $12M Boston-based Herald is building digital infrastructure for commercial insurance. Their innovative approach is set to transform how we handle commercial insurance processes. With this latest funding, Herald plans to expand its AI capabilities, add new products, and strengthen its relationships with brokers and carriers. Learn more about their mission and solutions here: [Herald](https://www.heraldapi.com/) - [Herald Raises $12 Million to Revolutionize Insurance Connectivity](https://lnkd.in/gV32Y-YS) - [Herald on PR Newswire](https://lnkd.in/g4GSqtNT) 2. **INSHUR** - Raised $19M New York-based INSHUR is a digital insurance platform providing auto insurance to drivers and fleet owners. Their tech-driven solutions are making auto insurance more accessible and efficient. This latest funding will help INSHUR expand its services and continue to innovate in the on-demand economy. Discover more about INSHUR's offerings here: [INSHUR](https://inshur.com/) - [INSHUR Raises More Than $19M in Latest Funding Round](https://lnkd.in/gcYYtUC7) - [INSHUR Secures $19 Million Series B](https://lnkd.in/geX8J8D8) These companies are not only securing significant funding but also driving innovation and transformation in the insurance industry. Check out the full report for more details on these and other notable funding rounds: [The Weekly Notable Startup Funding Report: 10/21/24](https://lnkd.in/gzYWYVRD) Let’s stay informed and inspired by these trailblazers! ???? #InsuranceIndustry #StartupFunding #Innovation #DigitalTransformation #InsurTech #Tivly
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Today’s spotlight is on Gil Arazi,?a fellow Israeli who's been shaking things up in the global Insurtech scene. Gil’s vision, dedication, and leadership continue to make a significant impact, setting a high standard for all of us in the field. His work not only elevates the Israeli Insurtech ecosystem but also reinforces Israel’s reputation as a global leader in insurance innovation. This is Evy here with your #ITC24 Update on the Speakers at InsureTech Connect! As #WeAreAllNerdsHere, join us for engaging profiles of the key figures shaping the future at #ITCVegas – and we’re just 5?? days away! As the Founder and Managing Partner of?FinTLV Ventures, Gil has been instrumental in shaping the global Insurtech landscape. His portfolio includes some of the biggest names in the industry, like Hippo Insurance, Next Insurance, Unqork, Corvus Insurance, AKUR8, and wefox. Before founding FinTLV, Gil spent 20 years as a senior executive at Israel’s leading insurance companies, holding top positions such as #VP at Migdal Group, Senior VP at Phoenix Financial, CIO at Clal Insurance & Finance- ??? ????? ????????, and CEO of Clalbit Systems. His deep industry knowledge and entrepreneurial spirit have made him a key player in the global Insurtech ecosystem. I had the privilege of hosting Gil on my podcast,?Policy in Wonderland (Heb), where we had an incredible discussion on the future of Insurtech. ? A highly recommended watch: Gil led a fantastic project, "Unveiling Insurtech," where he interviewed industry leaders and discussed the future of Insurtech and innovation in the insurance space. It’s a must-see series that offers valuable insights into how top players are shaping the sector - https://lnkd.in/dwW_Rhdz. Additionally, the FinTLV Ventures team has developed a #dynamic, ever-evolving #map of #Israeli Insurtechs, highlighting the innovative companies shaping the industry. This map is a valuable resource, and if you’re heading to ITC Vegas, it’s highly recommended to take a look—it’s constantly updated to reflect the latest developments, and you’ll likely meet many of these Israeli pioneers during the event! https://lnkd.in/d-U4BRXP Want to learn more about his fund??Read this article: ecosystem:?https://lnkd.in/dJQ3gSJZ Upcoming Panels at ITC Gil will be sharing his insights at ITC 2024 in ***3*** exciting panels: VC Office Hours?– sponsored by Munich Re Ventures (Oct 16, 3:00 PM – 4:30 PM); Addressing Longevity: Enhancing Life Insurance Policies for Aging Populations?(Oct 17, 10:30 AM – 10:50 AM);? Bending the Loss Curve: Driving Profitable Growth?(Oct 17, 11:10 AM – 11:35 AM). Finally, in the spirit of the upcoming Yom Kippur holiday in Israel, I want to wish Gil and all of us, many more successful “Chatimot” ahead—may you be signed and sealed in the book of life. #ITCVegas #Insurtech #Leadership #IndustryConnections #VCLeadership #BecauseofITC
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?? "From Loyal to Royal" isn’t just a catchy slogan, it’s the heart of a transformative journey we’ve embarked on — and the first loyalty system of its kind in the insurance field in the Baltics! Balcia Insurance SE as an insurtech company, we’re always exploring new ways to deliver added value. But at the core of all this innovation is a simple human truth: people want to feel valued. They want to know their loyalty means something beyond just a number on a spreadsheet.?? This program is about recognizing and elevating that loyalty. It’s about going beyond transactions and building genuine relationships where our customers feel heard, respected, and prioritized. Loyalty isn’t just a one-way street—it’s a two-way commitment. At the end of the day, it’s about creating experiences where our customers feel like more than just policyholders—they feel like partners. We believe that when you give people a reason to stay, not just for the service but for the way they’re treated, you build something stronger: a connection that’s built on trust and mutual respect. ???? A huge thank you goes out to everyone who made this possible—from the creators and drivers of the Balcia Insurance SE loyalty system to the talented team of internal creative agency that brought this idea to life and for pushing this campaign to new creative heights! ?? And of course, a shoutout to our partners-in-crime Panic Studio for the stunning video that truly highlights the essence of our loyalty program. ??? We’re not just introducing a new loyalty system; we’re shaping the future of customer relationships in insurance, with the human experience at the center of it all. ?? Ready to transfer from loyal to royal? Join us on this journey and experience the difference with Balcia Insurance! Your journey starts here ?? https://lnkd.in/dwGybuHe P.S. First time my creative idea sees the light on such a scale ?Amazing feeling ?? #LoyalToRoyal #BalciaInsurance #Insurtech #CreativeCampaign #CustomerExperience #Innovation #BalticsFirst #Gratitude #InternalAgency #Teamwork #PanicStudio
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Daniel Garsin and I had the pleasure of attending Insurtech Insights in New York last week. A few reflections stand out that I hope resonate with my LinkedIn audience... 1. Across the insurance industry there's a huge focus on operational efficiencies and minimising risk. This is driven by the macro factors that have caused a perfect storm of higher interest rates, political uncertainty, lower consumer spending and more. This became abundantly clear not only from the topics discussed at the event but also the start-ups that attended the conference, who were primarily focused on increasing the efficiency of claims processes, increasing the use of AI to reduce the need for human intervention and minimising risk exposure 2. The market forces at play mean insurtechs especially must adapt quickly. The heady days of a buoyant, high-growth market with a high-risk appetite has shifted to a market where investors are more focused on immediate ROI and their exit options. Insurtech founders need to develop strategic, long-term plans to tightly manage their business and achieve profitability sooner by delivering on metrics such as the underwriting cash flow ratio. Take a look at bolttech or Bamboo Insurance as examples of Insurtechs doing this well. This is a stark contrast to previous years where the focus was on high-risk, fast-paced growth and building for the next phase of funding 3. The value of people must not be forgotten. This was true across multiple perspectives. From the investor perspective, it can be a challenge when acquiring a high-growth tech start-up to retain the skilled talent that has built the market leading technology so it’s important to develop compelling employee value propositions. From the customer perspective, their demands are ratcheting up and it’s important to continuously engage with your customers in gathering feedback and testing new ideas to stay relevant or risk being left behind. From the employee perspective, it’s key to foster a contemporary workforce and culture so you continue to attract new talent, train them with the relevant skills and provide the opportunity to share ideas and shape the future direction of the organisation All in all, this reconfirmed that now is a Darwinian time for insurtechs with more pressure to adapt than before. Although there are signs the market is recovering from the challenges in 2023, it’s vitally important to be strategic, creative and laser focused on your customers.?
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The world of Start-ups Transforming the Insurance Industry ???? Innovation is no longer a choice but a necessity. As the digital era continues to evolve, traditional insurance models are facing disruption from agile start-ups bringing fresh ideas and cutting-edge technologies to the table. These start-ups are reshaping the landscape of the insurance industry globally, offering tailored solutions, improving customer experiences, and driving efficiency like never before. Tech-driven Solutions: Start-ups are harnessing the power of artificial intelligence, machine learning, and big data analytics to revolutionize how insurance products are designed, underwritten, and distributed. By leveraging advanced algorithms, they can assess risks more accurately and provide personalized insurance offerings to customers. Enhanced Customer Experience: Customer-centricity lies at the heart of many insurance start-ups. Through intuitive mobile apps, simplified claims processes, and proactive communication channels, these start-ups are redefining the way customers interact with their insurance providers, fostering trust and loyalty. Disruptive Business Models: Gone are the days of rigid insurance structures. Start-ups are introducing flexible, on-demand insurance models that cater to the evolving needs of modern consumers. Whether it's pay-as-you-go coverage, peer-to-peer insurance, or micro-insurance for specific risks, these innovative business models are challenging the status quo and driving industry-wide transformation. Focus on Sustainability: With environmental concerns on the rise, start-ups in the insurance sector are also stepping up to address sustainability challenges. From offering green insurance products to promoting eco-friendly practices, these start-ups are aligning their business objectives with broader societal goals, earning goodwill and fostering a positive impact on the planet. Collaboration and Partnerships: Rather than competing head-on with traditional insurers, many start-ups are embracing collaboration and partnerships. By joining forces with incumbents, they can leverage their expertise, distribution channels, and regulatory knowledge to scale their operations faster and reach a broader customer base. The world of start-ups in the insurance industry is a testament to the power of innovation and adaptability. By challenging conventions, embracing technology, and putting customers first, these start-ups are not just disrupting the status quo but shaping the future of insurance as we know it. How is your experience dealing with start-ups? What do you think about this community? J.B.BODA Group #JBBODA #RBVentures #InsuranceInnovation #InsurTech #DigitalTransformation #Startups #ArtificialIntelligence #MachineLearning #BigDataAnalytics #CustomerExperience #brokerpreneur #investing #startups #invest
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Peak3 (formerly ZA Tech) rebrands as Peak3 and raises US$35M Series A from EQT Group and Alpha JWC Ventures ?? ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions. “We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Xuanbi Bill SONG, Peak3 (formerly ZA Tech) Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.” “Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT. https://lnkd.in/eenXpS-b #embeddedinsurance #openinsurance #insurtech #funding #insurance
ZA Tech Rebrands as Peak3, Raises US$35M Series A from EQT and Alpha JWC
https://openinsuranceobs.com
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??It’s OFFICIAL - Introducing Peak3!??? I am proud to announce the launch of our rebranding from ZA Tech to Peak3 and the successful completion of our latest funding round led by EQT Group and Alpha JWC Ventures. This milestone marks a pivotal moment in our journey, fueling our expansion into new regions and enhancing our investment in data and AI solutions. Our transformation into Peak3 (formerly ZA Tech) represents more than just a rebrand — it’s a strategic evolution reflecting our vision and perspectives, aligned with our ever-changing goals in today's dynamic insurance landscape. We will continue scaling in the new heights of innovation, commit to driving technology advancements, as we partner closely with insurers and industry experts to achieve the highest summits of their cloud??, data??, and AI?? capabilities. A huge thank you to our investors, our esteemed clients and partners, and our dedicated Peak3 team for this significant milestone. Together, we are poised to shape the new future of insurance industry in the years to come. ?? For more details, read here: https://lnkd.in/gTcqReUA
Press Release | Peak3
peak3.com
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Last week, Go Digit, India’s earliest insurtech company, went public. But despite the unicorn being one of those rare instances of a startup that has already cracked profitability, its listing was lukewarm. This anticlimax mirrors the reality of insurtech disruption. Go Digit’s own anticlimactic outcome likely stems from concerns around the sustainable profitability of the company’s largest segment—motor insurance. There are similar concerns when it comes to the company’s insurtech peers. The opacity surrounding business persistency figures and expense ratios only obscures the true state of these firms. Besides, many online insurers rely heavily on expensive digital marketing and aggressive sales tactics, mirroring the push approach of traditional distributors. If both traditional and new-age digital insurers employ similar sales strategies and offer nearly identical products—an approach that has led to the current abysmal level of insurance penetration in the country—will the insurance sector ever truly take off? To know more, read the full piece by Srinath Sridharan here:
Go Digit’s IPO mirrors the underwhelming reality of insurtech disruption
the-captable.com
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Anyone else feel the same about insurance? ?? “Today, insurance is about taking your money up front. You have no idea where it goes, and when it comes to making a claim, you’re begging and crawling to settle it. That’s if you even make it past the exclusions in the first place.” We spoke with Tobias Taupitz, CEO of InsurTech mobility startup Laka who is challenging the insurance model as we know it. Laka’s customers pay no upfront premiums. Instead, they are charged based on the previous month’s cost of claims for full transparency – up until an individual cap. Essentially, every Laka customer is united as one, and the cost of each customer’s premium at the end of the month is based on the collective number of claims filed in the past month. Fewer total claims mean lower charges for all. The company’s business model is catching on with some of Europe’s most renowned bike retailers/OEMs like Decathlon, Gazelle, Urban Arrow and Brompton favouring Laka. See the interview on Zag Daily here: https://lnkd.in/esPniMWx
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