From left to right: Arik Shpak, Tal Cohen and Yaron Zurr
Connected Insurance (CI) invented AI models that identify and predict subtle patterns of risk exposures and helps digital platforms to lower their risk exposure, reduce their risk costs and manage self-insurance.
Our mission is to create precise insurance for the SHARING ECONOMY
which is risk-driven, per any short term transaction.
CI is implementing the Insurance of the Future!
The key figures in the company are Tal Cohen – Co-founder, CEO, Yaron Zurr – Co-founder, Chief Commercial Officer, and Arik Shpak – Co-founder, Chief Insurance Officer.
What problem is it meant to solve?
The world is shifting from a concept of OWNING & BUYING to RENTING & SHARING. The sharing economy has grown as web and mobile app technology allow the easy, cheap, and short-term usage of assets by anyone.
Current Insurance models are not feet for purpose and can be one of the greatest costs of digital platforms.
This is largely due to the following reasons:Lack of processed & analyzed historical data and old and not relevant risk models.
What is your business model?
CI works on two main roles: A technological enabler for insurance companies, allowing them to utilize their clients data and offer tailored products, where CI charges license fees. The second is via its Insurance licensing. CI broke and sell insurance in 49 states in the USA and also in Europe and UK , where CI receives commission according to each deal.
Which companies interest you?
Any player in the Sharing Economy space – Car Sharing platforms, Micromobility Platforms, home rental, Delivery platforms, etc.
What differentiates CI from other companies in the marketplace?
Usage-based insurance policies are becoming more and more common in commercial insurance for the sharing economy. Since the sharing economy is a relatively new industry with limited exposure history, traditional carriers and reinsurers are using traditional risk models that they used for similar products and adding a big buffer for the unknown risk factor. The result is very high-level pricing which is based on few risk factors, a black box that customers can’t understand or control.
CI breaks the insurance paradigm. Our technology employs pricing models with a much higher level of granularity as it works with additional data points currently ignored by traditional Insurance companies.
Connected Insurance is creating bespoke insurance products that are Risk Driven- Usage Based. With that, CI helps digital platforms harness data to predict risk, reduce insurance costs and get impactful insights to grow the business.
The company provides their clients transparency on their insurance costs and empower them to control and reduce costs by making educated decisions.
Technologically, Their AI models process millions of transactions per day, in order to find scientific correlations that accurately predict risk and exposure and translate it to insights.
