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Virtual i Technologies

Virtual i lets the insurance industry to see the risks.

Switzerland
Market: Insurance
Stage of the project: Operating business

Date of last change: 17.09.2020
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Idea

We created the first scientific risk scoring platform in the world – our proprietary Virtual Risk SpaceTM, a fast and affordable piece of technology, B2B-aimed.

Current Status

There are 236 risk engineers registered & more than 750 inspections have been completed on the Virtual i Platform, and the numbers increase gradually. We completed nearly USD 2B asset value inspection in SME risk segment, having a logarithmic increase, with a min 30% margin.

Market

Our customers are insurers/reinsurers, brokers, insured clients and risk engineers. Our product is unique, proven to function in a very large market vacuum.
Total available market is calculated based on the 2.5% of the property insurance premium, as market standard.
Virtual i aims to conquer 5-10% of the USD 10 billion global market within the next 5 years (USD 1 billion-EMEA, USD 4 billion - Emerging Markets).

Problem or Opportunity

We bring a simple answer to a complex, unsolved current problem in the insurance industry. More than 100m commercial locations & over billion consumer policies are insured without inspecting the risks. We believe that EACH AND EVERY risk should be seen and assessed, either by computer eye or by human eye. We prefer by both. Our mission is to democratize high-quality and normally expensive services such as risk engineering and loss prevention and to allow business owners to access loss prevention advisory services, thus ensuring their business continuity in difficult times. We trust that small and medium entreprises are the basis of sustainable growth and want them to survive and prosper.

Solution (product or service)

Please see our official product promotion video: https://www.youtube.com/watch?v=fNJSRsML-pY

Competitors

Competition with the full breadth of Virtual i offerings not in sight. However, we can list the remote inspection service providers below as respectively similar service providers in the market. The list below is a reference list of our potential competitors:

WeGoLook - US, UK, CA
ViewSpection - US
Cape Analytics - US
Dropin - US
Claim Central - US
Livegenic - US
Core Logic - AU
Nuxeo – Global

Yet our value proposition is much more comprehensive. The listed competitors mostly offer video solution only, providing user with a basic remote-inspection solution. (In the next answer you'll find the further details).

Advantages or differentiators

We are the only one who offers “commerical risk engineering module” and “scientific risk scoring” in the market. Other than these two features strongly differentiating us, in terms of having all the features that represent the absolute criteria of the needs of the industry players all together such as remote inspection, loss adjusting module, portfolio management, automated report generation and being a market place for surveyors, there is no single other competitor in the market.

Finance

1) UBERIZATION OF RISK ENGINEERS:
20% Margin
Clients: Insurer, insureds , Reinsurers, loss adjusters, brokers, agents, globally risk engineers
Payment per transaction through Virtual i.

2) SAAS MODEL:
70% margin
Clients: Insurer, reinsurers, brokers & agents,
Annual license and monthly subscription fee based on the total number of inspections.

There are four pillars: Subscription, Commission, White-labeling, & Professional Services.
The highest percentage comes from subscription, followed by white labelling; then professional services & commissions. Each of these revenue streams relates to a specific target group (Please refer to the Target Group slide).
Contracts are made yearly with monthly or quarterly invoicing.
In case of white labelling, invoicing is agreed in one complete installment or in two installments/year.

Business model

Our key performance indicators are:
-Number of users
-Number of inspections
-Total disk usage (GB) within our platform.

Money will be spent on

Uses of funds will be as follows:
Technology and Data - 32%
General and Administrative - 27%
Marketing and Expansion - 41%

Offer for investor

We prefer to discuss in a virtual meeting with the investors.

Risks

COVID-19 became a catalyst for our business model (both in terms of the necessary paradigm shift in the industry + increasing demand for remote solutions due to the outbreak). There are no external risks for our business.

Incubation/Acceleration programs accomplishment

No acceleration programs

Won the competition and other awards

Virtual i Technologies is the winner of the ACORD InsurTech Innovation Challenge 2020 London amongst other strong 12 innovators. This is very exciting news and opportunity for us to share the existing and the potential impact of our solutions on the industry with the insurance ecosystem and recognized by a wide range of players in the field.

You can see the press release by ACORD here: https://www.acord.org/news-detail/2020/09/03/acord-insurtech-innovation-challenge-london-names-virtual-i-technologies-winner-in-virtual-competition-of-insurance-innovators

Photos

Photo 1 - Virtual i lets the insurance industry to see the risks.

Product Video

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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