Photo - InsureVite
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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: 10.10.2022
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Idea

A full stack hybrid neo-insurer advancing inclusive insurance

Current Status

Beta product launched Jan to Sep
33% month over month growth
735 users onboarded
30% retention rate

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

In Indonesia, 120m rural people have little access to insurance. They are priced out, traditional agency and digital direct models do not reach them, leading to a gap in insurance coverage

Solution (product or service)

A full stack insurer underwriting suitable products, with the ability to nimbly adapt to market shifts, as well as a hybrid distribution model, utilizing offline to online or fully online approach.

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

Monthly 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 - B2B omni-app communications and transaction platform
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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
Presentation