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InsureVite

B2B omni-app communications and transaction platform

Singapore
Market: Insurance
Stage of the project: Operating business

Date of last change: 11.05.2020
Min investment
$  300.000
Show contacts
Total required
$ 1.000.000
Rating
equalizer из 1000
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Idea

A cloud-based platform that combines conversational AI with Robotic Process Automation, integrated with social messaging apps

Current Status

Initial revenue. Seed stage
Incorporated in US (Delaware) & Singapore

Market

Insurance carriers that offers personal lines in the following:
a) Property & Casualty lines
b) Health/Hospitalization
c) Auto
d) Term life

Problem or Opportunity

1) Low satisfaction rate for insurer's digital offerings (15%)
2) Insurers are failing at transforming digitally (70% failure rate)
3) Cost of failing is high (900b USD wasted)
4) Millennial workforce (75% by 2025)
5) Millennials are more likely to read text messages than emails (35x)
6) More millennials will buy insurance if easier or faster (67%)

Solution (product or service)

Our solution has the following attributes and features:
1) Integrated with messaging apps
2) Multilingual servicing
3) Process automation is built into Conversations
4) Instant switch-to-human service capability

Competitors

Reply.ai
InsureMi.com
Pypestream.com
Pand.ai
Hi Marley
Intercom.com

Advantages or differentiators

Transactional AI embedded within Conversational AI
Processes are automated on messaging apps via cloud
Flexibility in deployment (Webbot, App bot, etc.)

Finance

8 months runway left
6500 burn rate
10k revenue collected

Business model

Platform customization and implementation fee
Transaction fee OR Usage based licensing fee

Money will be spent on

Quadrupling annual revenue in target markets (US, Japan)
Business Development
Technology advancement
Operational expenses

Offer for investor

Option 1:
US$1m SAFE note
20% discount, no valuation cap

Option 2:
US$1m at 20% equity

Team or Management

Risks

1) Generalist startups crowding insurtech markets
2) Insurers developing internally
3) Poor user experience causing lack of utilization
4) Messaging apps disallowing APIs
5) Section of employees resisting new innovation

Incubation/Acceleration programs accomplishment

Global Insurance Accelerator (Des Moines Iowa) 2020
Startupbootcamp Melbourne (Melbourne, Australia) 2019
Plug and Play Japan (Tokyo, Japan) 2019
Fintech Hive Accelerator (Dubai, UAE) 2018

Invention/Patent

Invention (No patent):
1) OCR
2) Process automation bot within conversational AI

Photos

Photo 1 - InsureVite

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address