Kingsly Kwalar, one of the co-founders of StilFresh as well as its SpinnOff OPTIMIZ reveals to us in an interview how he fared after the Accelerator Program at InsurLab Germany 2018 and how OPTIMIZ has developed to date. Growth, challenges, markets and surprises.
How would you describe OPTIMIZ in three sentences?
Kingsly Kwalar: OPTIMIZ offers a digital platform that enables international traders and their insurance companies to connect directly with shipping companies and other carriers. Our aim is to promote AI-supported claims settlement. Our system reduces claims cycles from three to six months to just a few clicks, improving process efficiency and providing deeper insights into the risk situation. CroP has the potential to become another "container revolution in the shipping and logistics industry".
OPTIMIZ was founded as a SpinnOff of StilFresh during the InsurLab Germany Accelerator program in 2018 with the help of mentor IBM. How did this idea come about and what added value does this collaboration bring you?
Kingsly Kwalar: For some years now, we have been offering physical services, collection and promotion management to the market through StilFresh. Here in Germany, we have customers who have their focus on Africa and thus can benefit significantly from our expertise. At StilFresh, we are always thinking about how we can add value to our customers at a low cost. This is how the idea of our system came from CroP - the digital platform behind OPTIMIZ.
When we joined the InsurLab Accelerator, IBM and Maersk developed the international trade documentation "Highway", which is now known as "TradeLens" is known, completed. We were lucky that Dr. Klemens Hägele from IBM agreed to mentor us during the Accelerator program. This allowed us, along with our tech team, to use the IBM Bluemix sandbox to design and deploy our three blockchain use cases. Today, we're excited to hear that shipping and logistics company CMA CGM Group as well as MSG, provider of global container shipping, join "TradeLens" together with other shipping companies. This confirms that we have taken the right path with our vision and will benefit from the emerging changes in the industry.
As part of the InsurLab Germany Accelerator program, what mentoring and/or training best helped you make OPTIMIZ marketable?
Kingsly Kwalar: We are active in two industries, shipping and transport insurance, which have proven to be very resistant to change in the past. To get the ball rolling, the various accelerator programs and the support of mentors were very helpful. This is how our journey at InsurLab Germany started. Thanks to you guys, we had the honor to work with some of the leading experts in the DACH insurance industry. In addition to this support, we worked with consultants from EY who reviewed our value proposition so that we could successfully apply to the EU H2020. The EU H2020 is the EU's largest research and innovation program, to ensure Europe's global competitiveness. IBM not only gave us free access to their online services, they also helped us finalize our product "TradeLens-Ready". And through our mentors from SCOR we received contact with one of the largest shipping companies in the world. This contact was a great opportunity for us to adapt our value propositions to the cargo ship segment.
That sounds like an exciting and at the same time thrilling time. What happened afterwards? How has OPTIMIZ developed since then?
Kingsly Kwalar: After the Accelerator program, we were able to implement a pilot project with one of the leading companies in the shipping industry and also became part of Cohort 2 at Lloyds Lab in London. This association opened many doors for us, especially in the specialized Lloyds market, which controls over 8% of the global transportation market.
How do you see the future of OPTIMIZ? What are your next goals?
Kingsly Kwalar: During one of our many meetings in the shipping market, a leading vendor indicated that our solution had the potential to become the standard in the market. We are working hard every day to make this a reality. We are refining our offering to ensure that our customers have a clear advantage and service differentiation in the marketplace, both to increase their competitiveness and to help them attract and retain new customers.
It shows that you are on the right track and have already overcome many hurdles. What are your three most important tips for young startups that want to enter the German insurance market?
Kingsly Kwalar:
- Don't be put off by the German language if you're not from Germany. In the time it takes you to take German classes and become culturally literate, you might as well meet lots of people who are happy to speak and work with you in English.
- Join an accelerator like InsurLab Germany. They know all the important contacts and specialists. Moreover, their main goal is to give you tools to be successful on the German market. Take this chance!
- Get out there and build your network!