Israeli Insurtechs Pitch at Sollers Consulting
Warsaw, 4th April 2019: Ten Insurtech companies from Israel presented their solutions to executives from the Polish insurance industry at Sollers Consulting’s main office in Warsaw. In a pitch round, start-up companies such as GetmeIns, Facio and Cyberwrite reported about their applications and platforms supporting sales and underwriting, improving legacy systems, fraud detection as well as cash management.
Yesterday, the Israel-based Insurtechs 2TeaM, CallVU, Centerity, GetmeIns, Cyberwrite, Facio, Gefen Technologies, Glassbox, OpenLegacy and SilverNet presented their solutions to numerous representatives from the Polish insurance industry gathered at Sollers Consulting’s office in Warsaw. The pitch allowed each company to summarize its offering in six minutes. The meeting was organised by the Economic & Trade Mission of Israel, the Embassy of Israel in Warsaw, the Israel Export Institute and Sollers Consulting.
‘There have been some major shifts in the insurance industry. From a technological point of view, insurers are not much developed. There is an enormous window of opportunity in the industry right now and there is a lot to be done. Many technologies have become mature and they will have profound impact on the business,’ commented Grzegorz Podleśny, Partner at Sollers Consulting, in his opening speech.
The Insurtechs which visited the Sollers Consulting’s office support insurers in a variety of functionalities, reaching from fraud detection (GetmeIns), Sales Support (2TeaM, CallVU, Glassbox), legacy systems (OpenLegacy, Centerity) to underwriting (Cyberwrite, Facio) and cash management (SilverNet). The start-ups companies offer platforms and application programming interfaces (APIs) which help insurers to boost their digital capabilities. The start-ups explained how they apply technologies including Big Data tools, machine learning, data analytics and artificial intelligence to make insurers understand and serve their clients better and to assess risk more accurately.
‘Two or three years ago, there was some fear that Insurtechs would disrupt the industry. Currently, we observe that most Insurtechs partner with established insurers to apply advanced solutions and processes. About 90 per cent of the insurance industry leaders believe partnerships will become much more important,’ said Grzegorz Podleśny.
Sollers Consulting is an active contributor to the Insurtech community and has supported two Insurtechs in setting up their operations. The business and IT-consultancy is a partner of the Polish chapter of the Massachusetts Institute of Technology Enterprise Forum (MITEF) which acts as an accelerator for Insurtechs and other start-ups in the entire CEE region.
‘Insurtech investments have reached a record level. A large amount of the investments is going into early stage funding. Insurtech companies from Israel are among the most important contributors to the worldwide Insurtech community. The ability to partner with Insurtechs has become one of the major competitive advantages in the insurance industry,’ Podleśny commented.