Not just business. Among the new trends that attract more and more startups there is the social impact: more and more companies are born with the aim of introducing social innovation, that is, as explained in this article, “a new solution to a social problem more effective, efficient, sustainable or fair compared to existing solutions and for which the value created is mainly attributed to society as a whole rather than to individuals”.
A growing sector: while in Italy 50% of the incubators have stated to support startups with a strong social impact, all over the world this market is growing thanks to institutional initiatives (WEF, GSG, OECD) that increase the sensitivity of private companies and investment funds to support companies with an emerging social vocation.
The sector also attracts insurtech startups, whose solutions are increasingly oriented towards creating products or services or innovative models capable of meeting social needs, generating economic development and positive impact innovation.
These five social-impact insurtech startups prove it: that’s what they do and what they are taking into account.
Worldcover – New York startups with offices in the Netherlands and Ghana, WorldCover allows its investors to use funds for insurance investments in Africa, receiving in return a percentage of the premiums paid by African farmers. These, in turn, are insured against loss of harvest due to natural disasters or due to extremely negative environmental conditions.
https://www.worldcovr.com
88InsurTech – Brazilian Startup, has been selected by Unicef as one of the insurtech startups that have the potential to transmit their social impact on a global level. This startup in Sao Paulo applies blockchain solutions, smart contracts based on the Ethereum network and micropayments with Stellar to the insurance sector. The news is in the fact that the 88InsurTech platform, in addition to allowing payment in crypto currency, uses part of the premiums collected to buy micro insurance for those who cannot afford it, using the security of the blockchain to demonstrate the actual donation.
https://88insurtech.io
Kakau – Another Brazilian insurtech startup, was founded in 2016 and uses big data and artificial intelligence to offer cheap and customized insurance products to customers. According to co-founder Henrique Volpi, the company’s objective is to transform insurance into a tool for financial and social inclusion. In addition, Kakau, thanks to its partnership with Tech Para Mi Pais (a Latin American NGO that builds emergency homes for the homeless and promotes social housing programs), is committed to achieving a great social impact with its activities.
https://www.kakau.co/
BIMA – A Swedish startup that sells micro policies in developing countries to people who have never had insurance before, facilitating financial inclusion and, through it, access to health services for millions people. The social impact is obvious. The company already has over 24 million customers in the markets of Asia, Africa and Latin America, about 575 thousand new customers per month; it is present in 14 countries including some of the poorest in the world, such as Ghana, Sri Lanka, Bangladesh, Pakistan.
http://www.bimamobile.com/
Lemonade – It is the first certified Benefit Corporation insurance. Founded in New York, it works like this: through a technology based on machine learning and chatbot, Lemonade asks customers to appoint a charity when they buy a policy. Then, the premiums of people who choose the same “noble cause”, are grouped together and form a single fund to cover claims. At the end of the year, the money that was not used for the claims, is donated by Lemonade to the cause chosen by that group. “Knowing that every dollar we are denied in a complaint is a dollar more for our insurer, brings out the worst in all of us. So we designed Lemonade to avoid conflicts of interest. We take a 20% flat rate, and give the unclaimed money to causes that are dear to our policyholders,” says Dan Ariely Chief Behavioural Officer of Lemonde. We talked about Lemonade here.
https://www.lemonade.com/
BNP Paribas Cardif Call dedicated to Positive Impact Innovation
It is no coincidence, given the growth of the sector, that the fifth edition of Open-F@b Call4Ideas, a call launched by BNP Paribas Cardif, is dedicated to Positive Impact Innovation. The aim of the call, open until 22 October, is to collect proposals, solutions and ideas that have a positive impact on people and society as a whole.
The 2018 edition of Call4Ideas, promoted by BNP Paribas Cardif in collaboration with InsuranceUp, is therefore aimed at start-ups, scale-ups and innovative companies, entrepreneurs, young students and anyone who proposes an innovative idea or solution that can have a positive impact on citizens, families and society.
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