Insurtech and automotive, «Italy is up by five years at least»

In Italy we are always ready to get blue with regard to business innovations. Yet reality often contradicts this cultural attitude.

As far as the insurance industry and its evolution are concerned, long ago we have talked about the Italian company Octo Telematics as the absolute pioneer of the insurtech global framework. Now, on the Italian ability to be at the forefront of innovation in automotive and insurance, Marco Marinucci, CEO of Mind the Bridge, the organization in support of innovative companies founded by Marinucci and Alberto Onetti, spends some words.

“Contrary to what we are accustomed to read, Italy in Automotive and Insuretch is up by 5-6 years compared to other countries. With about 7 million connected cars on which black boxes are installed, Italy is at the forefront of the new business model for insurance by analyzing the behavior of users monitored by telemetry systems”.

Mind the Bridge, which also has its headquarters in San Francisco, has completed the first edition of the Mind the Bridge Global Matching Program dedicated to the Automotive and Insurance markets, which hosted 25 startups and 23 large companies both from Silicon Valley and other international markets, a program crowned by the “Demo Day” event featuring a corporate presentation and 1:1 matching meeting between companies and startups.

“We are very proud of the results and enthusiasm shown by the companies in this first edition – said Marco Marinucci, founder and CEO of Mind the Bridge – Everything was born with our Report ‘European Innovation Outposts in Silicon Valley’, which revealed that the Automotive and Fintech sectors are the most represented by European companies with a Silicon Valley outpost. So in April we started off with the program and in July we finally hosted the Demo Day to introduce startups to a selection of 23 big companies coming from the United States, the UK, Germany, Italy and South Korea”.

Among the main international companies involved there are AAA, AIG, Aviva, Axa, AXA strategic Ventures, Bosch, Bosch-RBVC, BMW iVentures, BNP Paribas, Enel, Groupama, Hyundai, Hella, Munich Re Group, Munich Re Group-HSB Ventures, NXP, Group Renault, SAIC Motor, SAP, State Farm, Unipol, Wells Fargo. Among the startups presented, there are also Italian companies.

Primarily to represent Italy there will be AIR by Igor Velandro, that recently received an award at the Digital360 Awards. Founded in 2014, Air sells insurance products through a dealer network. It has created a white label platform that enables new insurance products based on driving behavioral analysis. With contextual data, diagnostic information and telemetry, Air offers a comprehensive and integrated solution to its partners, such as car manufacturers, insurance companies, car dealers, and drivers.

Another company to be considered, based in the US with an Italian development, is Saphibeat, by Carlo Ciaramelletti. Founded in 2014 in Redwood City (CA), it deals with the development of breakthrough technologies to be installed on portable security devices. Distant from the standard telephone tracking service, PhiPal Adventure Monitor enables people to stay in touch in case of emergency and provides status reports and information about the position of those who respond.

Finally there is Energica Motor Company S.p.A. by Livia Cevolini, the first hyper-sport electric motorbike manufacturer Made in Italy focused on manufacturing Formula 1 components. Renamed the “Tesla” of the motorcycle market, Energica supports the entire event with its new product, Eva, the first 100% Italian streetfighter with battery, inverter, charger and ABS control units always monitored and managed by a sophisticated Vehicle Control Unit.

“Sectors no longer exist – commented Alberto Onetti, Chairman of Mind the Bridge – New technologies are cross-platforms which provide solutions and enable new services. Not by accident we have joined Insurance and Automotive. There are so many startups that operate at the crossing point between these two markets, enabling innovation”.