Neosurance and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group community and their partners. The microinsurance product will be provided on demand by a leading reinsurer and insurer (to be disclosed soon) together with the price and features of the microinsurance offer.
The InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, with an eight fold increase in media coverage and over 300% investment growth within the sector since 2014. Lemonade has raised $60 million to date and is a benchmark among insurtech startups for managing to fire-start much needed changes in an outdated US insurance market by using Artificial Intelligence and a mobile first approach.
Following in Lemonade’s footsteps but now targeting ASEAN, is Neosurance: the startup that is ready to shake up the Asian insurance industry as part of this exciting macro trend. Neosurance has created the first virtual insurance agent that sells micro policies to communities managed by third parties. Neosurance proprietary award-winning solution is able to “push” a highly personalized microinsurance offer to the customer’s smartphone according to the individual needs and the environmental context. The push notifications are sent to users in an intelligent way thanks to a the Neosurance Artificial Intelligence and machine learning system which bases its knowledge on contextual data. The AI component builds the profile on insurable moments and on personal behavior in order to sell the right cover at the right moment, in the most effective way.
Neosurance has already received important recognition at an international level through several recent wins: Medici TOP 21 Insurtech Award, Insurance IoT Europe Award, AXA Insure Lab Contest and the Aviva Digital On Award.
KLCC Runners Group is a runner’s community which has grown organically from 100 members in April 2016 to over 17,000 members in December 2016, and is on course to reach a target of 100,000 members by Q1 2017. KLCCRG is the only running group in Malaysia to have free structured running events weekly for members which include Group Runs, Running Clinics, HIIT Workouts, Integrated Yoga and Running Workshops. The group’s exponential growth can be attributed to its busy social media channels, and its strategic partnerships with sponsors, media companies and ticketing vendors.
This agreement marks an important stepping stone for both organizations-
Neosurance has recently been first to market in Europe with the push microinsurance model, and is now rapidly expanding into Asia. In Malaysia, Bank Negara (Malaysia’s National Bank) has been developing a regulatory framework to facilitate the growth of the microinsurance market.
KLCC Runners Group is Malaysia’s biggest running community with ambitions to become the largest running group in ASEAN, and can deliver scale across the region. Microinsurance offers the group the opportunity to take the lead in terms of innovation and services by offering an unprecedented value proposition to its members through the KLCC Runners app and affiliate partnerships.