Israeli startups GetmeIns and Seegnature shared the top prize in the Insurtech Israel competition, a first of its kind competition in Israel for startups in the field of insurance technology. The quality of the competition was so impressive that Jerusalem Venture Partners (JVP) decided to double the grand prize, investing over $2 million in the winners. The grand prizes were awarded by JVP managing partner Gadi Tirosh and partner Yoav Tzruya.
GetmeIns operates in the field of fraud prevention, and has developed a unique platform to lower loss ratio for insurance companies. GetmeIns applies methodology from the world of intelligence to the insurance industry to prevent fraud before it occurs, saving companies the time and money it takes to investigate claims. GetmeIns uses “intelligence as a service” designed to predict fraud upon purchase. This is done by combining various disciplines, including correlation analysis, open sourcing, signal processing, photogrammetry, and others. Seegnature empowers consumer-facing enterprises to close transactions remotely by verifying clients’ identity and getting their signatures on documents in real-time. Seegnature increases closing ratios, reduces processing time, and increases customer satisfaction. Using machine learning, Seegnature also analyzes big data used in the deal closure phase and can provide valuable real-time insights to insurance agents on how to more efficiently close deals.
The Insurtech Israel competition was launched in November 2016 amongst great interest from the international insurance industry. Over 80 startups from a cross-section of innovative technological solutions from the world of insurance entered the competition - the majority (90%) from Israel, but also from the US (7%) and Europe (3%). The five finalists Included: GetmeIns, Jones, LeO, TrueNorth, and Seegnature. The competition was led by JVP and AXA, one of the world's largest insurance companies, in cooperation with Deloitte, Earnix, the Herzog, Fox and Neeman (HFN) law firm and Startup Nation Central. The winners were selected by a team of judges including representatives from JVP, AXA, Kamet, along with the competition partners.
Submissions to the competition spanned a variety of areas: Health IT (19%), Customer Engagement (16%), Risk Management (14%), Cyber-security (14%), AI (8%), Big Data (7%), Blockchain (5%), Automotive (4%), Customer Management (4%), IOT (4%), Analytics (3%), Distribution (1%), and Wearables (1%).
“Insurance companies will need to adapt at the same pace as our ‘new economy’ is adapting,” said JVP Managing Partner Gadi Tirosh. “The variety of applications that entered the competition and the winners themselves have only confirmed for us that Israel will be a significant hub of innovation in this field as well.”
GetMeIns founder and CEO Eugene Greenberg said, “For us, this is a double victory: we intend to integrate AI capabilities to the core of our business, to raise more funds in Israel, and, by the end of the year, to open up an office for business development in the US with at least three active customers.”
Seegnature founder and CEO Yair Ravid said, “The platform we created allows companies to remove obstacles when closing complex deals. This win will help us introduce our platform to the US financial markets, specifically to insurance companies and banks on the east coast. We intend to begin sales activities with a team in the US, while leaving our R&D in Israel.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2017
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