Involving anyone who has an innovative idea (startup, technology provider, professionals, developers, students, etc.), Open-F@b Call4Ideas is an Open Innovation project launched for the first time in 2014 by BNP Paribas Cardif in partnership with InsuranceUp.it, the first Italian web portal dedicated to digital innovation in the insurance industry.
In this new edition dedicated to Preventive Insurance (selected by the BNP Paribas Executive Board and BNP Paribas Cardif Executive Committee, by College professionals in digital technologies, journalists and industry experts) all finalists will present their projects live during the final event to be held in Milan in November. Among them will be awarded the three winners who will be chosen among projects with the highest innovative content.
The BNP Paribas Cardif R&D team will follow the winners in the development and implementation of projects, taking into account both Company and market needs.
This year, the competition also includes the collaboration of Openup, the digital platform developed by BNP Paribas, which connects startuppers and team members; and Medici, the strategic consulting platform for innovation in Fintech powered by the largest network of startup in the industry, with about 8,000 startup.
All finalists will also benefit from MEDICI platform marketing and visibility services for a value of € 1500.00 and their project will be presented to C Entrepreneurs Fund, BNP Paribas Cardif Venture Capital Fund.
What is Preventive Insurance
Preventive Insurance has become a fundamental aspect for the construction of future insurance of BNP Paribas Cardif, among the top ten insurance carriers in Italy. Advantages become more and more tangible and consistent, and startups, thanks to their dynamism, can play a key role in helping the Company to develop high-value new generation products and services for the customer. Open-F@b Call4Ideas 2017 will pick and reward the best projects in areas always considered as a priority for consumers: health, family, home and mobility.
Predictive models and technology applications on which Peventive Insurance is based, will support the increase of prevention, care and protection level, thus also representing a useful saving tool for families. A first confirmation came from the analysis of BNP Paribas Cardif conducted on Habit@t, the first integrated telematics policy launched by the Company in 2013: the data show how the use of the telematic tools included in the policy reduces the risk of damage (water leakage, fire, etc.) by 20%, the average cost of claims related to damages by 15%, and increases the use of policy service by customers (20% increase in support requests).
A positive experience that can be replicated in other areas such as health, where Italian private spending in 2016 hit 37 billion euros (Istat data). A record figure that could be greatly reduced thanks to the Smart Health Insurance through the use of Wearable Devices and Integrated Assistance Services that allow constant monitoring of health conditions and disease prevention.
The same for the Motor sector, where ACI-Istat report data show that the social costs generated in 2016 by 175,791 road accidents with personal injuries racked up € 17 billion.
In this case the use of telematic detection systems, such as black boxes, has already led to a drop in the frequency of claims. According to the latest ANIA2 report, the reduction of claims between 2012 and 2015 for vehicles with black box was almost double compared to vehicles with no device (-14.3% vs. -7.7%).
The call will be open until October 23, for more info click here.
