About
Neosurance provides insurance companies and digital communities with a CRM enrichment and analytics platform to enable the sale of instant micro-policies through push notifications on the smartphone, when and where it matters with the help of Behavioral Sciences and AI.
Innovation presentation
The solution created by Neosurance is based on an artificial intelligence engine that allows insurers to sell contextual based micro policies via push notifications which arrive directly to the user’s smartphone. By gathering contextual data related to the customer at a given time, the AI system is capable of identifying the potential specific insurance need for that customer and send a notification on the smartphone. Neosurance’s AI delivers not only personalized insurance offers to each customer but also does it at the right time and with the right message. The user receives the push notification with the offer on his or her smartphone and can choose to activate the cover with a few easy taps on the screen as part of a seamless digital customer experience journey which has been designed together with the insurer. In this way Neosurance manages to create insurance-backed life experiences that meet the customer's immediate needs and drive the use of instant mobile insurance.
The start-up was founded at the beginning of 2016 by Andrea Silvello – CEO & co-founder of Digital Tech with over 15 years of experience in strategic business consulting, and Dario Melpignano – co-founder of Neosperience, the leading digital customer experience platform.
Neosurance is collaborating with different Italian and International insurance players like AXA Italy, Bene Assicurazioni, Squarelife (Lichtenstein) and RGA. The startup has just been incorporated in the US by setting up an office in Sunnyvale. With this move Neosurance aims to bring to the US its instant insurance technology dedicated to app-based communities. In the past months Neosurance has enabled several new use cases, with products provided by different International Insurance Groups.
Uniqueness of the project
We use a personalized “push” notifications in order to propose insurance policies based on AI and this is what makes us different from our competitors (for example Trov) who use a “pull” approach.
From an actuarial perspective, our push recommendation engine approach allows to avoid the “adverse selection” problem and to reduce the risk of fraud dramatically. We are utilizing machine learning, context-based filtering, and A/B testing to guarantee the quality of the underwriting and to improve the effectiveness of insurance sales.
We believe that one of our competitive advantages will be based on the knowledge of the database of customer profiles, behaviors and claims, well beyond the current “static buttons” to add insurance covers to the products sold through e-commerce apps and websites.
Our solution has been designed to minimize the number push notifications and to maximize the sales of the insurance products thanks to our deep knowledge of the clients’ actual and potential needs and his or her habits/behaviour. Once the customer has experienced a successful push-based insurance proposal he will become more prone to buy further policies also with in an demand approach – which is also supported by our technology.
