Italian insurtech, Neosurance chosen by Plug&Play

Among 1000 candidates, one of the leading accelerators worldwide, has selected the startup that offers a push sales system of micro-insurance policies to companies. The aim is to focus on the business model and introduce the company to venture capital and potential partners

Published on 08 May 2017

“It’s exciting to have been chosen among 1000 candidates from all over the world. It is a great achievement for Neosurance, the Plug and Play Tech Center is an inception towards the Valley and the world scene of Insurtech; we will gain access to a network of 180 venture capital investors, and the vast know-how of Plug and Play” said Pietro Menghi, Neousurance CEO, commenting on the news that the company was accepted into the next batch of 25 startups taking part in the Insurtech Acceleration Program, held at the Silicon Valley Tech Center. Three months of acceleration, and the next highlight will be the Expo Demo Day in early June, when Neosurance and other participants may present themselves (with a pitch) to partner companies and to the community of venture capitalists, depicting their own solution, their business model, potential market, the team.

“Our yearning, namely offer customized micro policies (based on the context) via push notifications directly to smartphone, is getting more and more attention even if we are still at the beginning of our insurtech adventure”, said again Menghi. “In this age of mobile and mobility, where virtuality and material merge into a single experience, smartphones are an extension of the person making up a strong connection between the universe of the individual and the outer world, opening up a whole new world based on emotional and spontaneous purchasing behavior, even towards insurance products”.

To be understood is therefore the enthusiasm of Neosurance team (made by serial tech entrepreneurs), for this news: Plug and Play is one of the largest accelerator in the world, perhaps the one with the greatest integration both with corporations and venture capital. In 10 years of activity, it has achieved great results (among its exit will remind Dropbox and Paypal) and enjoys authority and prestige. Being welcomed in one of its programs, represents a sort of “quality label” and an incredible springboard for any startup. Just think that only in the insurtech sector (one of the latest vertical markets in which Plug and Play is operating in parallel with Fitech, Iot, retail, travel, food, mobility, media, etc.) already includes among its official partners Aviva, Allianz, Talanx, Traverlers, Zurich, HDI, USAA, AON, Munich Re, AIG, Swiss Re, and with BNP Paribas has even launched a number of joint accelerator programs.

Entering Plug and Play, then, is more than important for a company that wants to work primarily in the B2B, that is, sell its own technology to insurance companies.

Less than a year ago, Neosurance had drawn attention to itself in another important European context, the Insurance IoT Europe Awards in London, winning the first prize, we reported in this article whereof.

Back then, Dario Melpignano, co-founder and CEO, explained the future of insurance according to the company (see here also a video) and technology and the proposal that it has developed.

“There is no single thing that revolutionises the insurance. These are several, the mobile, the internet of things, wearable. The future of the Insurance is in granular products, in micro-momentscapable of reaching its customers when they need it, through new channels. This was the inspiration behind the creation of Neosurance”.

Neosurance must be analyzed primarily as a technology company, which is directed to the insurance sector, offering to companies (in particular to the most innovative that in the website are called “insurance disruptor”) based on a system of micro insurance policies push sales: with just a touch of the screen you can kick off an insurance policy. The solution is designed over an AI system working with the IoT data, capable to “learn” and suggest to the end customer of the company, the right insurance at the right time. General purposes are manifold, but this could be an easy example of how the service could be used: you’re traveling and you’ve not subscribed the insurance. Landing in London, you get a personalized alert advising you of the possibility to make it for a short period and in a few steps directly from your device. Easy, fast, convenient.

Recently, the start-up has had a capital increase through the investment of Pietro Menghi, new CEO of the company, and Matteo Carbone, founder and director of the Osservatorio Connected Insurance, and Senior Advisor.

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