Contxto – If you’re an insurtech aiming for innovation, you have t-minus one day until applications for Liberty Open CoLab wrap up. Sponsored by the Brazilian branch of Liberty Seguros, the open innovation program is currently seeking high-growth potential startups developing unique insurance models under five thematic areas.
To reiterate, prospective candidates must offer products or services in the following five categories. Moreover, startups with an MVP (mínimum viable product), market validation, or well-established market presence can all apply.
Preventative actions to reduce claims
This area pertains to startups utilizing machine learning and data analysis for mitigation purposes. That’s to say, preventative steps to lower the frequency and severity of liability claims. What this means is prevention, communication, and preparation in case disaster strikes.
Keeping in mind that the fintech revolution spans across multiple industries, this program is also welcoming startups with their own payment solutions. These range from digital wallets to payment aggregators.
In today’s digital era, automation allows companies to achieve higher levels of efficiency without human labor. Hence, the program strives to aid startups in developing process automation to improve management and business practices. In the end, this helps partners reduce operational costs.
Whether startups offer auto, life or home insurance, this thematic area is meant to support those assisting those without any insurance. In other words, those startups working with clients who tend to keep their distance from traditional institutes. This is certainly the case in many parts of Latin America.
Let us not forget about those startups focusing their innovation on fraud reduction. With this area, Liberty Seguros intends to accelerate companies concocting new solutions to escalating online insurance fraud.
Although Liberty Insurance is a U.S. company, its Brazilian subsidiary is its second-largest market. With tomorrow being the deadline, the program will reportedly consist of five phases until it wraps up on March 27, 2020.
For Liberty Seguros, the goal is to build a prototype in hopes of some good ol’ market testing, meaning that participating startups could very well become business partners with the insurtech. First, they must pitch their proposals to company executives before receiving an invitation to pilot and test solutions.
Similar events have recently been advertised in Chile, such as the Insurance Evolution accelerator.