After being selected by Plug and Play in March to take part in the four month intensive acceleration program designed for insurtech startups, the time has come for the final Expo Demo Day in Silicon Valley. Neosurance CEO Pietro Menghi pitched on June 6th to an audience of over 500 participants from the corporate partners and the venture capital communities and announced the new partnership with AXA to launch by the end of June the first push instant insurance product in the world. In the last months the startup went through a step by step process that helped define their business model and market strategy making them ready to take off on the international market.
Official corporate partners of the Plug & Play accelerator have reached now the number of 48, including Aviva, Allianz, Markel, Farmers Insurance, Munich Re, Swiss Re, Nationwide, The Hartford, Talanx, Travelers, Zurich, HDI, USAA, AON and many others.
Neosurance offers AI and machine learning solutions for insurance companies to enable the sale of micro policies “on the spot”. The core of its value proposition for clients is building a digital customer experience journey on the basis of contextual, behavioral and emotional data through a “learn by doing” approach.
During the Expo Demo Day, Pietro Menghi, CEO and investor in the young start-up stated: “We had some great and productive months here at Plug & Play Tech Center meeting with VC’s, communities and other interesting start-ups across insurtech and other verticals, and we are now able to go out there and showcase our AI-based solution that is able to offer micro policies via push notifications in a smart and customized way to the users of a community.”
Neosurance can boast a brand new partnership with AXA, starting with the launch in the Italian market by the end of June of a travel insurance coverage that can be purchased in 10 seconds. Together they have created a product for Tiassisto24 – an auto concierge community app – offering a travel insurance that covers medical expenses for the 25K users of the community. The policy will be soon available through the TiAssisto24 mobile App and will sell customized travel insurance based on the country where the client is travelling to. In a partnership that is the first of this kind in the world, Neosurance provides the technological platform (SaaS) and artificial intelligence system, while AXA provides the insurance policies that are specifically designed for this use case.
After the launch of this first product, Neosurance will be revealing more details about discussions with AXA in order to extend the offering to other communities both in Italy and abroad.
Thanks to the Plug & Play acceleration batch, Neosurance has also closed an insurance commercial agreement with BeeBell, a US community active in the area of events, with more than 800K members. “From the very fruitful meetings organized within the program, we were able to identify suitable partners with whom we are now closing agreements. The American market is very important for insurtech, so I can anticipate that we decided to incorporate Neosurance in the US and to open an office here to capitalize on all the exciting activities we started in these months in the Valley and to scale our business model up”, said Menghi.
About Plug and Play Tech Center:
Plug and Play Tech Center is a global innovation platform and accelerator that helps connect startups with corporations and investors while providing them with logistics and mentorship support. Plug and Play has its main headquarters in Sunnyvale, California, and has a network of more than 300 tech startups, 180 investors, and a community of leading universities and corporate partners. Their successful portfolio includes Dropbox, Soundhound, Lending Club and PayPal.
Neosurance was founded at the beginning of 2016 by Andrea Silvello – CEO & co-founder of Digital Tech International with over 15 years of experience in strategic business consulting, and Dario Melpignano – co-founder of Neosperience, the leading digital customer experience platform. The startup has gained a pre-seed investment of 180K euro from Pietro Menghi – CEO – and from Matteo Carbone – founder and director of the Connected Insurance Observatory – who also took up the role of Senior Advisor. Neosurance offers AI and machine learning solutions for insurance companies to enable the sale of instant insurance policies. The core of its value proposition for clients is building a digital customer experience journey on the basis of contextual, behavioral and emotional data through a “learn by doing” approach.