The guys from Prewave have one goal: To build the leading tool for predicitive risk intelligence for SCM, sustainability and insurance. In the interview with the InsurTech Hub Munich Harald Nitschinger, co-founder of Prewave, tells us a little bit about the opportunity the spot in the market, how the W1 Forward Accelerator helped them to fine-tune their product and why Munich offers a lot of advantages for startups.
- What exactly does your start-up do and what is special about your business model?
Prewave (www.prewave.ai) uses artificial intelligence to predict insurance loss events based on global analysis of social media and news media data to provide large (re)insurance companies with:
- Predictive alerts on upcoming loss events for loss prevention and proactive claims management
- Loss histories “on-demand” to insure the uninsurable and improve underwriting decisions for existing insurance products
- Why did you choose the W1Forward Accelerator Program of the InsurTech Hub Munich?
The W1Forward Accelerator Program is the perfect platform to enter the insurance market and validate our use cases by conducting pilot projects with the insurance partners.
- What opportunities does Munich offer for start-ups?
Munich is an economic powerhouse in the center of Europe offering startups access to many exciting industries, particularly the insurance and automotive industry. Initiatives like Werk1 and the W1Forward Accelerator Program underline Munich’s commitment to building a strong startup ecosystem.
- Where do you see yourself and your start-up in 5 years?
In 5 years, Prewave is hopefully the leading provider of predictive risk intelligence serving customers in the industries of Insurance, Finance, SCM and Sustainability.
- What advice would you give to other founders?
Always be mindful of your own strengths and limitations, both as an individual and as a company.
- What surprised you most when you founded your company?
The amount of support (financial, mentoring, infrastructure or otherwise) an early-stage startup can get these days is absolutely incredible.