In this installment of our series on the Israeli Insurtech delegation attending the upcoming ITC Vegas convention in October 2024, we are thrilled to introduce our readers to the innovative companies reshaping the insurance landscape, continuing with Connected Insurance, and delve into the depth of their journeys, challenges, and cutting-edge technologies through in-depth interviews.
Company Overview
Can you briefly describe your company and its mission?
Connected: Connected is a leading provider of artificial intelligence that optimizes better mobility insurance. We empower fleets and OEMs with comprehensive solutions and intelligence to minimize risk costs, maximize fleet safety, and streamline insurance operations.
What inspired you to start this company?
Connected: We are three founders who come from extensive backgrounds in advanced AI technologies, banking and Insurance practices. We have realized the monumental gap that there is between the new Mobility era, which has become extremely rich in data, vs the Insurance industry, which stayed way back and is far from being able to cope with new business models and needs.
Product and Innovation
What is your main product or service?
Connected: Connected offers an Insurance & Risk Platform that Cut fleet insurance costs and streamline operations with AI.
How does your product differentiate itself from existing solutions in the market?
Connected: The existing insurtechs and standard insurance providers are trying to build risk models based on Telematics and Driving BEhavior. But while Telematics is a key part of the solution, Telematics-based Driver Risk Score methods don’t really work. They focus on speeding and breaking, lacking the context and usage understanding. Connected Insurance is all about big data and Context based risk assessment.
We enrich each car ride with contextual data such as location information, weather, maintenance, and traffic, and using AI to find high risk correlations and behavioral patterns.
So basically, there are driven miles that are higher in risk, and others that are less. No more same price for every mile driven. The Insurance costs is now the accumulation of lower risk miles and higher risk miles.
Can you share any unique features or innovations your product offers?
Connected:
Smart Insights and Analytics
- Machine-learning driven Risk Assessment that goes beyond standard driver behavior analytics by considering real-time context like traffic conditions, geographic location, and weather
- Offers predictive analytics to anticipate risk costs, identify potential risks, and optimize operations
- Provides actionable insights to improve fleet efficiency, reduce costs, and mitigate risks
- Provide alerts and notifications for potential risk factors and safety violations
Centralized Policy Management
- Enable fleet managers to consolidate insurance policies for multiple regions/operations into a single, unified platform
- Streamline the insurance renewal process by providing reminders and comparisons of policy options
- Offer insights into insurance coverage gaps and recommend adjustments to ensure adequate protection
Real-Time Claims analytics
- Access an integrated view of claims data for in-depth analysis
- Evaluate factors influencing claim frequency, causation, and severity
- Utilize predictive insights to anticipate future claims and enhance proactive risk management strategies
Operational Advice and Recommendations
- Offer personalized recommendations and best practices to optimize fleet operations
- Provide guidance on improving fuel efficiency, reducing maintenance costs, and enhancing driver safety
- Deliver alerts and advisories to address immediate concerns and prevent potential risks
Cost-Effective Insurance Options
- Direct insurer communication facilitates smarter policies, directly reducing premiums through improved safety and risk mitigation
Market and Problem-Solving
What specific problem are you addressing in the insurance industry?
Connected: leverage on big data in order to predict and assess risk and key risk factors more accurately. Not only based on claims and history.
Who are your target customers, and how do you reach them?
Connected: Our target clients are commercial fleets and car manufacturers.
What is the market potential for your solution?
Connected: The entire connected and smart mobility industry.
Business Challenges and Solutions
What are the main challenges you have faced so far?
Connected: Our number one challenge is to educate carriers how to better take risk and price it.
How have you overcome these challenges?
Connected: Our clients are the businesses themselves and not the insurers. When we help big fleets to manage their entire risk and insurance operation (external policies and captive), Connected becomes their gateway to the entire insurance industry. Carriers talk with us in order to work with the enterprises that uses us as their everything in the context for insurance and risk management.
Current Status and Future Plans
What is the current status of your business (e.g., development stage, revenue, user base)
Connected: We already have major paying clients.
What are your key milestones for the next 12 months?
Connected: Keep growing our client base and strengthen our AI driven risk models based on tons of new generated data.
Goals for ITC Conference
What are your primary objectives for attending the ITC conference?
Connected: Find and partner with more insurance carriers who are keen to get better capabilities to offer and manage smart solutions to car OEMs and Commercial fleets.
