In this edition of our series on the Israeli Insurtech delegation heading to ITC Vegas in October 2024, we’re excited to showcase the forward-thinking companies transforming the insurance industry. This time, we turn our spotlight to Seenity, exploring their journey, challenges, and groundbreaking technologies through detailed interviews.
from the left: Oren Atia, Elad Palensia
Seenity is an AI-powered risk management platform dedicated to changing the way organizations assess and manage risk. Our mission is to empower companies with real-time data-driven insights that improve risk assessment visibility, accuracy and profitability.
The inspiration for Seenity came from our collective experience in the intelligence, insurance and technology sector. We recognized the inefficiencies and high costs associated with traditional risk assessment methods. Our goal was to leverage AI and Big Data to create a more accurate, real-time and cost-effective solution.
Israel is going through difficult times. However, we are a broad-hearted nation in the right place, standing on the right side of history. We are meant for challenges, but we will win through our love of life and resilience.
Product and innovation
What is your main product or service?
Seenity: Our main product is a comprehensive AI-driven platform for risk assessment that combines real-time data, advanced analytics and real-time end-to-end process management. The system links companies to reality – where the risk is actually reflected by data.
How does your product differentiate itself from the existing solutions in the market?
Seenity: Unlike traditional solutions, Seenity offers real-time data integration, continuous monitoring and a customizable platform that allows users to design and implement their own risk assessment processes, similar to how platforms allow users to build websites, we enable end-to-end risk assessment processes.
Can you share unique features or innovations that your product offers?
Seenity: Unique features include real-time updates, high accuracy in risk forecasts, end-to-end process management (building models, monitoring, self-learning, simulations), and a risk assessment tool operated by the user that enables complete digitization of the insurance risk assessment process.
Market and problem solving
Which specific problem are you referring to in the insurance industry?
Seenity: We refer to the inefficiency in data integration, the lack of real-time insights, and the high costs associated with inaccurate risk models as well as the problem of transmitting data relevant to real-time risk assessment.
Who are your target customers and how do you reach them?
Seenity: Our target customers are insurance companies, financial institutions and other organizations that require strong risk assessment capabilities. We reach them through direct selling efforts, strategic partnerships and participation in industry conferences such as ITC.
What is the market potential for your solution?
Seenity: The global insurance market was estimated at almost 6 trillion dollars in 2022. By focusing on democratic countries and potentially engaging with an insurance company, we estimate an annual revenue potential of approximately 270 million dollars.
Business challenges and solutions
What are the main challenges you have faced so far?
Seenity: The main challenges are mainly around the sales process. Beyond that, there are challenges including integrating diverse data sources, maintaining data accuracy in real time and ensuring compliance with various international regulations.
How did you overcome these challenges?
Seenity: For the sales process, we have developed a unique sales model that uses a system to prove ability very quickly. We have also developed advanced data integration and artificial intelligence algorithms to handle diverse data sources. We also maintain strict data security protocols and ensure compliance with global data protection regulations.
Current status and future plans
What is the current status of your business (eg, stage of development, revenue, user base)?
Seenity: We successfully deployed our platform in the insurance and finance sectors, with four large clients in Israel. We increased the amount of Friedtzakis to hundreds of thousands per month and accordingly the ARR increased..
What are your main milestones for the next 12 months?
Seenity: Key milestones include opening new offices in London and New York, increasing customer acquisition rates by 50% and achieving a 30% increase in monthly forecasts.
Do you have product launches or major updates planned?
Seenity: We plan to launch a range of products adapted to the European and US markets, leveraging local insights and data. One of the two products we recently launched is a connection to vehicle IOT data, and through this the system offers a complete prevention infrastructure, a positive connection to the customer as well as an accurate risk assessment.
Objectives of the ITC conference
What are your main goals for attending the ITC conference?
Seenity: Our main goals are to connect with industry leaders, explore strategic partnerships and showcase our platform capabilities.
Are there any specific partnerships or opportunities you are looking to explore?
Seenity: We are looking to create partnerships with insurance companies, financial institutions and technology providers that can complement our platform.
Team and culture
Can you introduce your founding team and their background?
Seenity: Our founding team has over 17 years of experience working together. They bring a wealth of expertise in AI, cloud computing and big data. The specialty of the leading team is familiarity and long-term cooperation. Our CTO Elad Palnesia is a very unique technologist with very broad knowledge and amazing personal and interpersonal skills. Our development manager Uzi Yaish, he also worked with us for years, sharp and precise. The rest of our staff are first of all thinkers, and secondly technologists. We believe in people before technology.
How does your team’s expertise contribute to your success?
Seenity: Our team’s deep understanding of both the insurance industry and advanced technology allows us to create innovative solutions that effectively respond to real-world challenges.
How is the company culture in your startup?
Seenity: We foster a collaborative, innovative and agile work environment that encourages continuous learning and development. The atmosphere is like family 🙂
Financing and investment
Have you secured any funding to date? If so, from whom?
Seenity: Yes, we have secured a seed investment of 4.2 million dollars and the company also benefits from revenues.
Insights and trends in the industry
What are the biggest trends or changes you see happening in the insurtech industry?
Seenity: we see three main trends:
Personalized risk assessment: Leverage extensive data to provide tailored risk assessments for individuals.
Improving customer relations: strengthening the relationship with customers by providing added value through the extensive information that insurance companies have.
Global connectivity: Moving beyond traditional data adapters to a more connected and comprehensive data analysis approach. The era of searching only under the lantern is over.
How do you see the insurance landscape developing in the next 5 years?
Seenity: I foresee collaborations between product manufacturers who can provide insurance services and insurance companies with deep expertise in the industry. For example, in the future, you might buy a car and insurance directly from the car manufacturer, which has partnered with an insurance company to offer integrated services.
Unique sales offer
What is one thing you want potential customers or partners to remember about your company?
Seenity: Our platform lives up to its promises. This provides results that improve profitability. We stand for honesty and direct influence. Our bottom line is that we give you the tools and insights to improve your bottom line.
