Neosuranceis growing – and it’s growing fast It’s been just over a year since we talked about the company for the first time, when they won at the Insurance IoT Europe Awards 2016, and the startup—founded by DigitalTech International and Neosperience—has already achieved important milestones, such as entry into one of the world’s most important startup accelerators PlugandPlay and a partnership with Axa, one of the most important companies in the world.
The company has recently announced a major capital increase of around 700,000 euros following an initial seed round (90k from Pietro Menghi, current CEO and 90k from Matteo Carbone, Senior Advisor); and another investment, equal to around 800,000 euros, is due to follow shortly. These investments will mean that the Italian insurtech startup will have amassed the most venture capital of any company of its kind in Italy – over €1.7 million.
“This strong shareholder structure will have a flywheel effect on the industrial development of Neosurance, and represents another important driving force for the continuation of discussions regarding the entry into the shareholder base of strategic institutional partners”, said Pietro Menghi.
So aspirations are high for this company, and have been since their first forays into the international scene, timed perfectly for the explosion of the ‘insurtech’ phenomenon. But above all there is the appreciation that this startup’s technology (fully developed in Italy) is receiving funds from all sides: from investors, accelerators, business partners, influencers; it’s the best advantage that an innovative young company can have.
As for the more commercial side the company has two live clients: one is Axa Italia, with whom they have launched the first instant insurance product for assistance with and coverage of medical expenses while travelling; the other is a leading insurance company (which Neosurance has preferred not to name) who wanted to apply the innovative technology in a unique way, namely to build pioneering propensity models on the bancassurance segment.
“Our core business is still b2b2c,” says Diego Caputo, Head of Business and Product Management at Neosurance, “in the sense that we connect insurance companies (including reinsurance companies and brokers) with digital communities of users, made up of apps and sites, who are interested in driving insurance proposals that are – in their structure – interesting for the end customer because they are tailored to their specific needs; insurance, typically temporary, that is useful for that time and place where the user is located; an insurance policy whose conditions are clear and transparent for everyone; insurance you can buy simply with a few clicks on your smartphone, and which is active immediately”.
The commercial pipeline, explains the startup, is very conspicuous, nationally and internationally, from both the insurance and the communities aspect, with relationships in various stages of progress. Together with several leading companies Neosurance has already designed the next “instant” insurance products and use cases, but these will be launched officially on the market when they are finalised in detail, which will be in the next few weeks. “One of the most interesting aspects for the insurance companies who work with us,” explains Caputo, “other than the ability to target whole swathes of otherwise unreachable customers through traditional channels alone, is the maximum scalability of our solution: after the “instant” insurance product has been designed and the “full digital” processes have been developed, the sales proposal can be conveyed by virtually all digital communities interested in – and relevant to – that given use case for which that insurance product was built, without having to remodel anything in the product or in the process.”
Following the capital increases, the shareholder structure of Neosurance is today composed of DigitalTech International and Neosperience who are the majority shareholders, Pietro Menghi and Matteo Carbone, respectively CEO and senior advisor of Neosurance, and about 20 business angels, individuals belonging to this work environment, who are managers and executives of the insurance and technology industries, as well as professionals and entrepreneurs with extensive networks covering several areas.
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