Neosurance's objective is to propose innovative short-term insurance policies,proposed to the client a few hours before an event he is going to participate,through an advanced machine learning engine

Project Information

NEOSURANCE

Grant agreement ID: 744988

DOI

10.3030/744988

Project closed

EC signature date 19 November 2016

Start date 1 December 2016

End date 31 March 2017

Funded under

• INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

NEOSURANCE SRL
Italy

Periodic Reporting for period 1 - NEOSURANCE (Neosurance's objective is to propose innovative short-term insurance policies,proposed to the client a few hours before an event he is going to participate,through an advanced machine learning engine)

Reporting period: 2016-12-01 to 2017-03-31

Summary of the context and overall objectives of the project

Neosurance is a joint venture formed by a partnership between Neosperience, a SME specialized in Digital Customer Experience and Digital Tech International, a SME operating in InsurTech sector. The objective of Neosurance is to propose a new insurance product.
The insurance industry is set to be rejuvenated by wearables, telematics and the Internet of Things; devices sending and receiving information about an individual’s environment and habits. So, mobile devices are a pervasive
element in the daily lives of insurance customers.

The insurance need is often not perceived until a claim occurs. Customers struggle to understand the value offered. Insurers submit complex and cryptic contracts requiring a long and cumbersome process that the client is neither willing nor able to follow.
When not compulsory, the insurance purchase can only be achieved through the sales speech of an intermediary, typically the insurance agent or the broker.
Mobile devices are a pervasive element in the daily lives of insurance customers, but insurers are not yet able to leverage them. Ultimately they miss a unique opportunity to be present where the customers are.
Based on these factual assumptions, we believe that mass, undifferentiated insurance will die a slow death as newcomers shift toward context and utility.
To stay relevant in the future, insurance companies must to be rejuvenated, in order to fit with customers needs. This transformation is affecting all phases of the customer journey and the insurance value chain.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Neosurance feasibility study has confirmed and defined the strategies to be implemented in order to offer Neosurace products at european level.

The results obtained thanks to the feasibility study are:

1. Technical objectives: definition of technical updates needed, to be implemented in the execution phase of the project.

2. Business Objectives: they include several areas of action:
a. Analysis of the reference sectors and countries of top interest; research of interesting potential partners at EU level;
b. Definition of the markets of reference, considering the potential customers. Definition of strategies to enter into different markets of interest and definition of the business model.

3. Financial goals: revise the global business plan based on the feasibility studyoutcomes, in order to maximize profitability and set up a robust and rational growth track.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The European insurance market, although it has a different set up of operators, has a very similar system and offer in the main European Union countries in many ways static that is hard to implement market inputs.
The current insurance policies, by duration, price, and proposed sales channels, does not fit properly with the lifestyle and the purchase ways that have been outlined in the last 10 years, with customers buying constantly through their
mobile devices and having a hectic lifestyle with a lot of small daily events.
Neosurance wants to fill this gap, create a new market where to offer new solutions that can be easily purchased online by smartphones and mobile devices.

Neosurance's Virtual Insurance Agent is delivered as-a-service and paid on performance. Neosurance is flexible, scalable and easily customized to insurers' and communities' needs. Its safe and robust evolution path constantly evolves with new features, enabling recurring revenue models with increased revenues for insurers and communities.

Once realized and marketed, the project will bring strong innovations to the insurance market, able to better understand the needs of consumers.
We look forward to offering a completely new product to the insurance market. The insurances can offer to their customers a new and affordable product.
The new product will be able to understand the needs of an increasingly smart and short-term market, capable of quickly adapting to customer needs.

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