As Poslovni Dnevnik/Bernard Ivezic writes on the 29th of October, 2019, The Croatian startup Amodo, whose software products are used by America’s largest insurer AIG, has been listed among the top five insuretech startups in the world by the Financial Times.
Insuretech stands for insurance tech, and these involve companies that make technological innovations within the insurance industry. The highly respected and reputable publication states that insurers have long resisted change, but that is now beginning to alter rapidly.
According to Deloitte, 2.6 billion US dollars was invested globally last year in insuretech companies, accelerating that investment. In the first six months of this year alone, that amount climbed to 2.2 billion dollars. Marian Mumdžhiev, CEO of Amodo, says that he is very proud of the success of his team.
“The Financial Times has listed Amodo’s collaboration with AIG, Triglav and P&V among the top five best practices in the insurance industry in the world, and it makes me so proud of the Amodo team,” says Mumdžhiev. The Croatian startup found itself in listed within a very respectable group indeed, alongside companies such as Aon, EY and Guardtime, Hiscox and Inrobin and Mapfre, thanks to jobs it did for AIG, Triglav and P&V.
The startup provided the aforementioned companies with telemetry data analytics services for driver behaviour. The Croatian startup Amodo gives drivers a so-called “driving score” or perhaps better to say driving rating. This information is then paired by insurers with their offers and goes to create new products that financially reward conscientious driving while penalising drivers who don’t drive carefully. One example of how Amodo does this is the AIG Drive Master mobile application (app). Under different names, this product is also available in Hong Kong, Singapore and Malaysia.
Based on the example of the AIG Drive Master in Hong Kong, the app uses GPS data from the driver’s mobile phone to evaluate, for example, with what style the driver accelerates and brakes.
Furthermore, the app encourages users to drive more safely and challenges them to compete with other drivers in the conscience of driving. One form of motivation is the competition for the best driver in Hong Kong and the other in the form of specific prizes. These can range from coffee all the way to free fuel over the next year. Amodo’s driving rating also affects the price a driver will pay for an insurance policy.
The Croatian startup Amodo is based in Zagreb and was initially founded six years ago. It has, to date, connected more than 700,000 drivers to its cloud platform, which, among other things, processes data on speed, sudden braking and acceleration, the GPS position of each user, and other things. Amodo has invested just over one million dollars in three investment rounds, as was publicly announced.
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