We dedicated him this article some time ago considering this young insurtech company to represent a great opportunity. Since then, this startup has further refined its business model, reached new goals and, as recently reported, raised a new investment amounting to 1.5 million euros from Innogest, one of the main Italian venture capital funds.
Stefano Molino, Partner of Innogest Capital, said: “We’re extremely excited to have completed this operation and to be able to support Giorgio, Carlo and their team in this new development process. Insurance market is undergoing a very significant disruption of business models connected to digital technologies and online channels. MioAssicuratore is well positioned to take on the challenge of the offline to online transition in the insurance market. Our focus on optimizing the user experience and the technology developed for calculating customized quotes completely online are key factors in providing the best product to the end-user”.
The venture capitalist clearly emphasizes the strengths of this insurtech startup, which can be summarized in some keywords: customer experience and offer customization.
The platform was created and is still being developed, using artificial intelligence and machine learning technologies, based on these two characteristics, and has been highly appreciated by potential customers as over 240,000 users are registered with an average monthly increase of 20% in the number of policies sold during the last year.
In the website of MioAssicuratore the customer can get in a couple of clicks the prices for any type of insurance of all the partner companies and directly purchase their choice, thanks to a series of proprietary algorithms able to analyze the risk profile of the user, his/her insurance needs and offer the appropriate mix of coverage. In addition to the insurance brokerage service, the startup offers its clients a personal service of insurance contract management, supporting them in recalling the expiry dates of their policies as well as archiving and storing the insurance contract documents.
“User experience is crucial: the user who can self-understand the features of a policy is a satisfied and therefore loyal user – says Giorgio Campagnano – Insurance and financial services market is undergoing a deep evolution: Mioassicuratore is going to face this change in consumer behaviour through technological innovation to develop new distribution patterns of insurance products”.
The strength of the model and the technology was a key factor in the success of MioAssicuratore’s agreements with 35 companies, which in total add up to about 125 different types of policies, all from the Non-Life Division: Professional Liability, Healthcare policies, Protection for Home and Family, but also coverage for Business and Leisure such as Accident policies. An approach far different from competitors focused on Car Insurance, which allows MioAssicuratore to become the sole on-line intermediary for a wide range of insurance products and coverage for different risks.
However, there is also a very strong team to lead this startup, founded on the vision of Giorgio Campagnano, whose family has been working in the insurance market for five generations, and who has therefore a family tradition. Back in Italy from New York, where he worked and studied business management, in 2015 Campagnano started to focus on the lack of digitalization (and therefore the opportunity) in the Italian insurance industry. Crucial was the first meeting with the co-founder and technological leader of the company, Carlo Martini, then a student of computer engineering, whose skills proved to be fundamental for the development of the project.All rights reserved