Name of the Company: PureSight Technologies Ltd
Describe the Company’s Core Activities: Providing AI-based online child safety services for parents that include practical tools for parents to use on a daily basis, such as:
- Social protection service that monitors all the conversations of the children on social platforms, like WhatsApp, Instagram, and TikTok, and detects and alerts parents on conversations that require parental involvement Such as cyberbullying, a pedophile that is trying to connect with the child or their exposed to inappropriate or harmful online trends.
- Content filtering service allows parent to block inappropriate web content from their kids, like porno, and gambling.
- Location service that monitors the location of the child and sends geo notifications to the parent on places that were defined by the parent like home, and school.
- Screen Time service allows parent to monitor the time their kids spend in front of a screen and manage the usage of applications on their devices.
These tools help parents to overcome the new challenges of Digital Parenting and to become involved with their children’s digital lives, too.
What Specific Challenges in the Insurance Sector Are You Addressing?
Although the insurance market is very competitive, it is difficult for insurance companies to differentiate themselves from the competition. The products marketed to all customers are very similar and it is challenging to create differentiation that will transfer customers from company to company or strengthen customer loyalty.
Over the years of marketing our services to the clientele from the field of families with children, we have shown that combining our service with products marketed to this segment is an advantage that strengthens the offering and thus differentiates the company from the competition.
In addition, we have seen that among the customers who use our service, there is a decrease of approximately 15% in customer abandonment compared to customers who do not use our service from the same segment, for the simple reason that when a customer uses our service and installs the protection on his children’s devices, he will think twice before deciding to leave the package due to receiving a more attractive offer.
We understand today that our service can help insurance companies increase their market share in the family segment, which allows us to be relevant to any area of the insurance industry that markets products to families with children.
Could You Explain Your Business Model?
# Device protection
By bunding PureSigt’s AI-based Online Child safety with the Device protection policy, we can empower the offering for parents that now covers the device plus protects their children online.
This bundle provides market differentiation for the offering of the Insurance companies and also increases ARPU.
In addition, one of the challenges for device protection coverage is the short Life Time Value, since the customer’s motivation to renew the device insurance is dramatically decreasing as a result of the drop in the value of his device, but protecting his children online is still important.
# Home Insurance
The most popular tools that insurance companies use to differentiate their offering on home insurance policies is to add Cyber insurance or Pet insurance to their offer.
Pet Insurance – covers your pet at home and our online child safety provides protection for your kids. This is why our service should provide a better value for the family segment.
Cyber Insurance – covers the compensation for the child for psychological treatment that he needs to get after cyberbullying attacks. Since PureSight knows how to identify those digital hazard events we can reduce the claim for this service and provide tangible tools for daily use for parents.
In addition, we provide an essential value for home insurance family segment that will increase the retention rate by providing a daily usage tool for families.
# Digital wellbeing
Health Insurance is changing, and insurance companies also realize that there is a strong correlation between getting offended in the cyber world ( Cyberbullying, Boycut, Screen addiction, Self-imaging, etc.) to the damage that can lead in the physical world to depression and even suicide.
Offering PureSight online child safety solutions as an add-on to the digital well-being offering allows the insurance companies to differentiate their offer and grant a marketing advantage to the brokers that sell the health policy.
# Employee Benefits
As part of the E.B. program, PureSight Online child safety can be offered as a valued benefit ( market price of 150$) for the family segment that will differentiate the offer of a broker approaching a big customer.
Enumerate the Core Values Important to Insurance Companies/Brokers:
- Differentiate offer
- Increase LTV
- Increase ARPU
- Increase Sales
- Boost NPS Score
- Corporate responsibility
Detail the Previous Investments in Your Company:
We have established our Round A on those dates and are looking for a 5M$ Investment
- Outline the Notable Partnerships or Agreements You’ve Entered Into:
# We sign a TermSheet with Boltech
# We created a Phone4kids with Samsung IL
- Identify the Key Executives in the Company and Their Respective Roles:
Royi Cohen – CEO
Oz Kornblum– VP of sales
