Member Article

Vittoria hub launches search for UK insurtech startups

Quarterly insurtech funding for Q4 2022 dropped to its lowest level since Q1 2020, plummeting by 57% quarter-on-quarter – this equated to a $1.01bn (£813m) fall, according to Gallagher Re’s latest report, but 2023 could see this sector improving as there is still capital available for startups seeking investment.

Against this background, Insurtech UK member Vittoria hub (part of Italian insurer Vittoria Assicurazioni) has launched a Call for Ideas from startups operating in the UK across four sectors, Person – Health & Wellness, Property, Mobility and Connected Business.

The new Call is focused on identifying innovative projects proposing predictive analysis systems and special attention will be given to solutions that can be applied to “Property” and Silver Age services belonging to the “Person” ecosystem. Newly formed companies which are either early stage or post seed are invited to apply.

Business ideas can be submitted by filling out the online form at vittoriahub.com until 30 April.

Start-ups entering Vittoria hub benefit not only from important financial support but also from services for the development and growth of their company such as mentorship, sustainable development, financial and operational support, logistic and administrative services.

To date, the network includes the following company partners: G2 Startups; Knowhedge; Doppia Elica; Altea; Backtowork; ClubDealOnline; CRIF; Design Group Italia; Doppia Elica; E-levation; F2A; Fair Connect; Fintastico; Gellify; HORSA Group; HubSpot; Italian Insurtech Association; Logotel; LCA; Maps; Microsoft; Opera Logica; Orrick; Osservatorio Polimi; Robosque and Studio Delta. Start-up partners: Lokky and Hlpy.

Vittoria hub is looking to attract recently formed companies – not necessarily operating in the insurance sector or similar – which develop technologies such as Predictive Analytics, AI, IoT and Oracles also with the possible use of new paradigms of Web 3.0 and the Productive Metaverse for the prediction of upcoming events or behaviours.

The ultimate goal is to provide new user experiences and innovation at the level of the risk-taking process in the digital channel, whilst supporting the creation of new parametric and embedded policies. The first concept defines those highly innovative covers capable of recognizing the insured a pre-established indemnity upon the occurrence of a certain event, regardless of the damage caused, while the second term indicates those guarantees that can be purchased in combination with the products to be insured such as electronic locks (or anti-theft systems) which are insured against burglary damage.

In particular, Vittoria hub will be focused on the potential development of the following types of insurance contracts:

Pay-per-use or money back policies: models with soft automatic underwriting with reduced average cutbacks. In this context, the variable premiums would depend on the detection or measurement carried out by third parties through the so-called “oracles” or give rise to forms of money back, due to virtuous behaviours.

Pay-per-event policies with smart contract: selection of specific events to regulate risk-taking with digital contracts in the IFTTT (“if this then that”) form which provide for certain and predefined indemnities upon the occurrence of certain circumstances and which do not require evaluations or appraisals.

Digital and cyber physical policies associated with specific IoT objects and sensors available in the physical world and/or digital twins of the virtual representation of the object and uniquely identified with NFTs and DIDs that can be served with secure and protected protocols according to the new paradigms of Web 3.0 and/or the Productive Metaverse.

Selected start-ups will have the chance of accessing the program called Via2 (Vittoria Incubation, Adoption & Acceleration) aimed at a growth path from the idea to the go-to-market.

This was posted in Bdaily's Members' News section by Vittoria hub .