Croatian tech firm Amodo recently bagged blockchain-based insurtech company YAS MicroInsurance as one of its clients who will be leveraging on its insurance telematics technology in creating usage-based products for consumers.
The mobile-centric platform of YAS makes use of the decentralized blockchain to shorten the entire ‘application to claims process’ and transforms insurance products to be more efficient using smart technology, resulting in relatively cheaper rates.
This technology offers real-time coverage all from a smartphone application and the current line-up of products include public commute insurance like Bus Ryde and Ryde, outdoor sports products like Byke Pro and Hyke, and even non-fungible token (NFT) coverage like NFTY.
With the deep data insights sourced from Amodo’s telematics technology, YAS stands to gain autonomous insurance via automated and streamlined underwriting of insurance products, and an opportunity to paint a better picture of its individual users and user segments.
Both companies said the decision to partner up is driven by each firm’s goal of “reforming traditional insurance” by integrating smart technologies to augment or revise legacy processes.
Amodo CEO Marijan Mumdziev expressed his fascination in entering the new partnership with an “innovative high-tech company” like YAS, adding that on-demand micro-insurance is set to change how customers buy and claim insurance.
“Using Amodo’s technology and know-how, YAS will enrich and further optimize its current offer. I am delighted about this and can’t wait to show to the world what these two companies have on their roadmap,” he said.
Amodo’s platform is able to drive higher revenue to insurers through its blend of automated engagement, gamification, and sales features. Amodo handles end to end processes from policy issuing and claims reporting, to cutting time to market with at least six-week long integration timetables.
“We see huge synergies in forming this strategic partnership with Amodo. Their presence in Europe and our footprint in Asia will unlock a truly global platform for us,” said William Lee, co-founder of YAS.
Lee explained that the telematics engine of Amodo, when integrated with the insurance blockchain of YAS, brings the world closer to how the future of insurance looks like, in the backdrop of the world’s transition from the old web and web2 to what is now an interconnected web3.
“YAS will take this partnership forward to produce machine-to-machine and human-to-machine protection, preparing global users for the interconnected future of smarter and greener cities,” he concluded.
