The insurance sector has been overwhelmed with insurtech investment, new start-ups, labs, innovation hubs, hackathons and much more in the last three or four years. Investment keeps pouring in, and there’s no doubt that companies must embrace change to survive, but which ideas are the winners and which are the also-rans? The one way to show your insurtech idea really has practical applications is to offer a Proof-of-Concept showcase, which is exactly what NavVid did with their smartphone dashcam system.
If much of the car ownership market migrates to car-sharing services in the 2020s, then this tech could well underpin much of the PAYG insurance market. Just saying.
NavVid was one of three firms invited to present technology offerings at the InsurTech Alliance (ITA) Science & Engineering Expo (Expo), co-hosted by Numerati® Partners.
The ITA is a collaboration between Numerati® Partners, a New York-based data analytics and technology enablement firm, which seeks to foster the next generation of data-intensive risk and liability management enterprises in risk technology (RiskTech), and leading global reinsurance broker Guy Carpenter & Company, LLC, a founder of the ITA. In collaboration with Numerati® Partners, Guy Carpenter expands its insurance technology (InsurTech) offering through the ITA, in order to serve client needs for engagement with the dynamic, rapidly evolving InsurTech sector.
NavVid, which offers an automotive telematics risk-safety software application, was one of the three technology offerings with which Numerati® Partners conducted a deep-dive Proof-of-Concept (PoC) technical assessment and proposed for further engagement with Guy Carpenter, the ITA, and the broader insurance and reinsurance sector. The NavVid app uses smartphones as dashcams to provide safety feedback and video to fleet operators, ride-share companies, individuals and autonomous vehicles, in order to promote safe driving.
“Working with Numerati® Partners has been incredibly helpful. Their rigorous process included testing NavVid with cars, trucks, commercial vehicles, bicycles, boats, and even on race tracks and high-speed trains. Given their technical expertise and insurance industry experience, we were able to refine our product based on their feedback. Further, they’ve introduced us to insurance companies looking for a product like NavVid. We’re looking forward to working with them in the future,” said Constantine Mittendorf, NavVid Co-Founder.
The second Expo highlights the completion of Numerati® Partners’ first cycle with the ITA, in addition to the concurrently ongoing second cycle. During the first cycle, Numerati® Partners conducted five deep-dive technical assessments — Proofs-of-Concept (PoCs) — of emerging technology offerings, performed research on another 60 technology offerings, and created quarterly bootcamps comprised of hands-on technical and scientific demonstrations, presentations and exhibits.
“The 2020 InsurTech Alliance Science & Engineering Expo demonstrates our ongoing commitment to advancement at the leading edge of rigorous, substantive, science-based, and industry-focused innovation which is relevant across the global insurance and reinsurance sector. We are pleased to continue our collaboration with Guy Carpenter via the InsurTech Alliance, and anticipate further progress in our shared goal of advancement in the insurance technology sector,” said Samantha Kappagoda, Co-Managing Member of Numerati® Partners.
“Prudent adoption and responsible deployment of technology by insurers and reinsurers require ongoing commitment to technical assessment by specialists and functional testing by experts at a fundamental level, as a foundation for reliable insurance and reinsurance innovation,” said David K.A. Mordecai, PhD, Co-Managing Member of Numerati® Partners.
Rob Bentley, Chief Executive Officer of Global Strategic Advisory at Guy Carpenter said, “Numerati Partners and its ecosystem of academics, scientists, and engineers conduct extensive and objective reviews of the emerging digital technologies, as well as deep dives into designated InsurTech companies and their supporting technologies, products, and services. It is this science-based, innovative and collaborative model that enables insurers to distinguish between good technology and bad, identify credible InsurTech partners, and anticipate the underwriting implications of these new digital technologies.”