16 July 2019

Insurtech weekly: Cytora; MetLife; VitalityHealth; Akinova; BlockClaim

Convex uses Cytora's AI platform

Who's involved: Convex Group, a specialty re/insurer focused on complex risks founded by Stephen Catlin and Paul Brand; and Cytora, an artificial intelligence platform for commercial insurance underwriting

What's happening: Convex Group has entered into cooperation with Cytora

Significance of development: Using Cytora's platform, Convex said it will enhance its underwriting process, and use data to achieve a more complete and accurate view of risk

Timeline: With immediate effect

 

MetLife digital accelerator hosts nine tech startups

Who's involved: US-based insurer MetLife and Techstars, a networking business connecting entrepreneurs and startups. The technology startups include: Blockclaim; Bonbouton; The difference; Lazarus; Omni Fund; Slighter; Slope Software; Smiletronix and Zogo Finance.

What's happening: MetLife has chosen its second class of companies that will participate in the MetLife Digital Accelerator programme

Significance of development: The nine startups and what they hope to deliver are:

• BlockClaim (UK): Helps insurers to settle claims in 24 hours by providing data driven insights.

• Bonbouton (US): Is a smart insole that detects foot ulcers, a common cause of diabetes-related amputations.

• The Difference (US): Provides on-demand therapy via phone or smart speaker.

• Lazarus (US) Uses historical patient health data and machine learning to help predict the early onset of cancer.

• Omni Fund (US): Uses smart contracts to create autonomous insurance policies

• Slighter (US): Is a smart cigarette lighter that tracks smoking habits and trains users to reduce gradually until they quit.

• Slope Software (US): Helps actuaries build and analyse complex financial models using only a web browser.

• Smiletronix (Spain): Completes a dental health scan in under a minute with a personal handheld device.

• Zogo Finance (US) Teaches children to learn personal finance by partnering with financial institutions.

Timeline: On 10 October, the startups will formally present their ideas to MetLife and other potential investors during a demonstration event.

 

VitalityHealth partners with Doctivy

Who's involved: Health insurer VitalityHealth and Doctivy, a UK online review and booking platform for medical consultants.

What's happening: VitalityHealth has secured a partnership with Doctivy

Significance of development: VitalityHealth said it is the first health insurer to partner with Doctify and has used its platform to develop 'Vitality Specialist Finder powered by Doctify', a website that will allow its members to search for doctors by speciality, rating and location.

Timeline: The service is currently being rolled out to members via VitalityHealth's musculoskeletal team and will fully launch with direct member access to clinicians later this year.

 

FinTLV Ventures invests in Akinova

Who's involved: Digital risk trading insurtech start-up Akinova and FinTLV Ventures, an Israel-based venture capital fund, specialising in insurtech.

What's happening: Akinova announces FinTLV Venture as a Series A investor

Significance of development: In addition to the investment, Akinova chief executive Henri Winand said FinTLV brings insurance C‑level operational experience and a proactive approach.

Timeline: With immediate effect