Russian insurtech accelerator launches

Source: Fintech Innovation Lab

Over 80 applications from many Russian cities and abroad were submitted for participation in an insurance accelerator organized by the Fintech Innovation Lab. Based on the results of preliminary selection 22 teams were invited for the onsite tour.

After real-life presentations Alfa Insurance, VTB Insurance and D2 Insurance representatives selected the following projects for the insurance accelerator program:

  • Adaperio is a service for collecting information about cars and their owners, used by insurance companies for motor insurance underwriting.
  • Aura Devices is the developer of the wearable device used for measuring blood count, water content, pulse and physical activity of the insured person.
  • DataFuel is a service that enhances the accuracy of insurance scoring defining liability for risk and scrupulousness of a person based on the data of social networks and machine learning.
  • Gero is a biotechnology company, a developer of technology enabling to evaluate personal risks of mortality and health, life expectancy based on a number of biological signals.
  • Insurion is a P2P platform where some users can buy insurance protecting against delayed flights(insurance), and other users may cover their risks with their own money (insure them) and make money on it.
  • Rega Risk Sharing is a platform for mutual decentralized insurance which enables its participants to insure against mutual risks without financial intermediaries using blockchain technology.
  • Thewaay is an advisory service for clients of insurance companies.
  • is an application for inspection of cars and other insurance objects.
  • Medo is a medical insurance broker helping to select the programme of voluntary medical insurance from insurance companies, providing telemedicine and legal support to insured persons.

Over the next 12 weeks the Insurtech Lab residents will have to work under high pressure to launch the joint projects with the insurance partners of the accelerator.

"Over the past three years we have made a big step forward in application of insurtech technologies with 60% of our clients today buying the insurance products online. More than 1 million customers use a mobile application and a personal area on the website. Such changes promote a large number of new products. “Big data analysis, scoring models, disease prevention with healthy living habits, safe driving to further define the possibility of the insurance event is our job,” says Tatiana Puchkova, the deputy director of Alfa Insurance. “New technologies in AI and machine learning and other ideas suggested by startups selected during the accelerator can be extremely useful to us, and we’re considering all submitted applications in all earnestness. If we realize that there is at least 10% probability for a successful mix of the ideas of the projects and our technologies to foster true innovation, we will definitely take a shot, and I guarantee my support to all interesting ideas.”

"There are not so many insurtech accelerators in the world. Being happy to be the pathfinders in Russia, we build the future of the insurance market jointly with our partners. The complex way of acceleration and very challenging three months await the startups,” says Anton Arnautov, General Director of Fintech Lab. 

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