Deatils
The InsurTech Company MotionsCloud has developed a mobile one-step AI-based claims solution for insurers. Net Insurance is an insurance company that provides protection solutions for individuals, families, and small and medium-sized businesses. Together tell Lex (MotionsCloud) and Pittana (Net Insurance) in an interview about how their paths crossed and how Net Insurance came to be an investor in MotionsCloud.
What is behind MotionsCloud?
Lex: MotionsCloud is an insurance company based in Munich. We streamline and automate claims processes in property and motor insurance with the help of mobile AI Computer Vision Technologies. We help insurance companies reduce claims cycle time to three hours, reduce claims processing costs by up to 75% and improve the customer claims experience. Since then, on average, we save our customers about 80€ and about 1.5 man-hours per claim. Today, MotionsCloud serves customers in the USA, the Netherlands, Germany, Italy and Southeast Asia.
What is Net Insurance all about?
Pittana: Net Insurance is an insurance company that offers protection solutions for individuals, households and small and medium enterprises. The current character as well as the history of the company, makes Net Insurance an important player in the Italian insurance market after the merger with Spac Archimede in 2018. The company's product range is based on a Insurtech Inside Approachwhich permeates the entire range of insurance products and associated services. Not only in terms of fully digital policies (push / on-demand), but also in terms of insurance coverage for loans and in the bancassurance and brokerage world.
Where did you meet?
Pittana: Thanks to Mr. Matteo Carbone, one of the world's leading opinion leaders in Insurtech, we got to know each other. Matteo introduced us and showed us that there is a possibility to collaborate and find interesting synergies. I would say with great success from both points of view!
Lex: I meet Matteo Carbone very often at Insurtech conferences and that's where it started. We are very grateful for the collaboration with the open-minded Net Insurance team, which understands the speed, innovation and creativity as one of the key points to be competitive in the market.
How did, from that point on, the relationship between MotionsCloud and Net Insurance develop until Net Insurance decided to join as an investor?
Pittana: We were looking for an Insurtech tool to produce FNOL (First Notification of Loss) in a very smart way and we agreed to prototype. Phase 1 was delivered on time and on budget and the relationship was very easy. So we moved on to Phase 2 when we had the opportunity to improve our respective knowledge. At that point, becoming an investor was quite easy.
Lex: We work very well with people in a pleasant atmosphere. This has allowed us to build a strong relationship. Plus the timing, because MotionsCloud is in the fundraising phase. So, eventually everyone comes together.
Why were you interested in the solution?
Pittana: I can say that two factors have essentially played a key role in our partnership: On the one hand, agility - MotionsCloud has always responded in a timely and appropriate manner to our needs . On the other hand technology - here was adopted the approach, by Matteo Carbone, which involves a comprehensive vision of technology.
In addition, technology and agility go hand in hand and form the basis for our decisions, not only in terms of partnership.
What exactly convinced you that you wanted Net Insurance on board?
Lex: Net Insurance is also an experienced insurtech investor, they have invested in over 4 insurtech companies and understand the insurance business. Being part of the Net Insurance and MotionsCloud family would eventually open opportunities in Italy and vice versa. With a very good alignment of goals and intentions, we finally came together.
What exactly convinced you to become an investor? What is special about MotionsCloud?
Pittana: Net Insurance has a targeted investment plan that focuses on companies that are particularly innovative and improve the company's value chain. In this case, we were fully convinced by the long-term development plan of the potential partner and the shared vision of the market.
Where do you see MotionsCloud in the future? What is your vision?
Pittana: The claims settlement process - which is always at the forefront of the insurance process - has become even more important with the development of new technologies. Today, customers are used to simple and streamlined processes and this can really make the difference.
AI based on a huge database of photos and intelligent algorithms will drive fully automated claims processes from FNOL to payment. Ensuring a very good SLA (service level agreement) for customers.
Lex: Our vision is to automate touchless claims processes for insurance companies and policyholders from the ground up. With the advancement of AI, IoT adoption and high customer expectations, automation would be the future for MotionsCloud and the claims industry. I would also like to emphasize that loss prevention will be another area MotionsCloud will explore in the near future.
Do you have any experience or tips for startups/insurers who would like/imagine collaborating as well?
Lex: From our point of view, understanding the expectations, culture and timing from two sides would be a good and strong start of the cooperation. A willingness for both sides to learn and adapt would establish a long-term collaboration. Never forget to cheer and have fun!
Pittana: If I may quote a somewhat synthetic maxim: insurance companies are too slow, start-ups are too easy (no compliance barrier). Both need smart minds to cooperate and move forward!
MotionsCloud meets Net Insurance I Lex Tan & Fabio Pittana in interview
