Neosurance and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group growing community members. The microinsurance product will be provided ad hoc by a leading reinsurer and insurer who will be disclosed later, together with the price and features of the microinsurance.
The InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, reaching a media coverage 8 time higher and an investment level x3 with respect to 2014. Lemonade raised $60 million to date and is a benchmark among insurtech startups for managing to fire-start a so much needed change in an outdated US insurance market by using Artificial Intelligence and a mobile first approach.
Following in Lemonade’s footsteps but on the other side of the Pacific Ocean, is Neosurance: the startup that is ready to shake up the Asian insurance industry as part of this exciting macro trend. Neosurance has created the first virtual insurance agent that sells micro policies to communities managed by third parties. In other words, Neosurance proprietary award-winning solution is able to “push” a highly personalized microinsurance offer on one’s smartphone according to the individual needs and the environmental context.
The push notifications are sent to users in an intelligent way thanks to Neosurance’s Artificial Intelligence and machine learning system which bases its knowledge on contextual data. The AI component perfects the knowledge on insurable moments and on personal behavior in order to sell the right cover at the right moment in the most effective way.
Neosurance has already received important recognition at an international level through its several recent wins: Medici TOP 21 Insurtech Award, Insurance IoT Europe Award, AXA Insure Lab Contest and Aviva Digital On Award.
KLCC Runners Group is a runners community which has grown organically from 100 members in April 2016 to over 17,000 members in December 2016. KLCCRG is the only running group in Malaysia to have free structured running events weekly for members which include Group Runs, Running Clinics, HIIT Workouts, Integrated Yoga and Running Workshops.
This agreement marks an important stepping stone for both organization as Neosurance has just launched in Europe the first microinsurance to be distributed with a push approach and is now rapidly expanding to Asia by creating the world first push-based microinsurance case in Malaysia where Bank Negara (Malaysia’s National Bank) has been recently developing a regulatory framework to facilitate the growth of the microinsurance market.
KLCC Runners Group is Malaysia’s highest growth runners community with ambitions to become the biggest nationwide and to expand regionally. Microinsurance offers the Group the opportunity to take the lead in terms of innovation and services by offering an unprecedented value proportion to its members.
This article was first published on fintechnews.sg
