1. How does your business model work and what is your USP?
Wenalyze is a Big Data Analytics platform that enables insurance companies to discover new selling opportunities and reduce fraud rates. We apply an “Analyticsas-a-service model”, which means that we charge the client based on the amount and quality of data analyzed. On top of that, we also consult our clients to facilitate an easy integration with the insurer’s systems and to make big data become actionable data.
2. Why did you join the InsurTech Europe powered by Plug and Play Accelerator Program?
The first reason is that InsurTech Hub Europe powered by Plug and Play is a scale up program that allows us to hone our product and user funnel by getting valuable insights from mentors and industry experts. The second reason is that we want to enlarge our footprint in the European market. Getting access to large players from the industry is key for us to shorten sales cycles and fuel traction. Hence, the InsurTech Hub Munich provides the ideal framework to trigger rapid growth.
3. What is your biggest takeaway from the program and would you recommend other startups to join?
I would definitely recommend it to any InsurTech startup that is in a similar stage than we are. Here, we have great facilities and conditions for growth and expand our services by running various pilots with established insurance players. It also helps to identity the pain points of various insurance companies that generates new insights for our product.
4. What do you believe is the biggest challenge for innovation in technology insurance?
The fundamental change is the cultural change. Without that, technological change cannot be facilitated. Fortunately, the establishment of innovation departments seems that something is starting to change, but there is still room for improvement and this change is taking place in all parts of organizations.
5. In your opinion, what can established insurance and reinsurance companies do to simplify collaborations with InsurTech startups?
From our experience, the two main problems of insurers and reinsurers are the connectivity in relation to the exchange of information, as there is no extensive and intensive use of APIs. Also, when it comes to collaborating with startups, incumbents should lower bureaucratic and administrative hurdles to realize joint pilots and projects faster in future.