InsurAngels Suisse: thebroker was invited to a Pitch-Session

The Non-Profit Association InsurAngels Suisse was created in August 2023, with the scope of teaming Business Angels with interest in a wide sense of Insurance. It is a member of Global InsurAngels with three networks to date. They are sourcing, analyzing and helping startups/insurtechs in the seed phase with innovative and ambitious projects. The Business Angels (members) invest individually and support startups.

thebroker was invited to the third pitch on Monday, 23 September at Debattierhaus Karl der Grosse in Zurich. As guests are receiving exclusive information during the event about the pitching startups, they had to sign a non-disclosure agreement to keep all confidential information about the five disclosing parties as confidential. The rules for the pitches were: 10 minutes for the pitch and 5 minutes discussion.

Michel Ruggaber, President of InsurAngels Suisse, explained that to apply for a membership one can complete the application form and send it to info@insurangels.ch. By mid 2024 there were 11 members, 8 Individual Members and 3 Associated Partners with the Association in Switzerland. Now, there are 11 startups being studied, 2 given detailed instructions and 3 plenary sessions. The Federation of «Global InsurAngels» covers France, Switzerland and Morocco. At one of the next pitches, streaming will be introduced, so that people who can’t attend personally, can still participate at the pitch.

First Pitch: Car Insurance Sector

The first pitch targeted the car insurance sector, where insurances specifically fail to utilize data to create customized pricing. The pitcher described themselves as an insurance intermediary for car insurances. Connected cars represent a massive opportunity, which is still not tackled. The startup is essentially a turnkey solution for carriers that want to generate more premium and revenue by partnering with them through their B2B distribution partners. Pricing algorithms utilize the data to engage the customer to create personalized pricing. They are hoping to raise 1 million Euros.

Second Pitch: Coach for Back Pain

The speaker of the second pitch was presenting the world’s most personalized coach for back pain. As a former participant of several ironman competitions, the pitcher had different back injuries which were not healed. Therefore, he decided to try the self-healing route with a physiotherapist. As a data scientist he looked at the best programs around the world. In doing so he healed himself after nine months. The startup is proposing a very easy to use app, and a SaaS platform to collect data. The startup is planning in doing 43 million revenues with an average revenue per user of 100 and 120 for companies. They are looking for 1 million Swiss Francs.

Third Pitch: Redefining Traveler’s Experience through AI-powered Claim Management

The next pitcher was talking about the challenges and strategies within the insurance industry, particularly focusing on travel insurance. Research has shown that a 25% of clients who are dissatisfied with the insurer’s service in the event of an incident do not return to their insurers, which poses problems for companies. The start-up redefines traveler’s experience through AI and enables to close claims within minutes, as well as simplifying all interactions with policy holders. The company presenting is the only provider of specialized technology for travel insurers that enable the complete automatization of the process. They are looking for 200,000 Swiss Francs.

Fourth Pitch: Simplified Way of Collecting Indemnities from Travel Insurances

A startup was introduced that aims at improving underwriting performance by providing actionable ESG insights through advanced analytics. The founders emphasized their unique approach to industry experience is to create consistent frameworks for analyzing corporate behavior across different sectors. They aim to enhance decision-making in commercial insurance without replacing existing systems but rather augmenting them with valuable data insights. The speaker concluded with an overview of their business model and its plans for future development in response to market demands related to climate change and client expectation. They are looking to raise 300,000 – 500,000 Swiss Francs with which they will finish the user interface (UI), so it can be deployed.

Fifth Pitch: Transactional Credit Solution in the Online Travel Industry

The last pitcher of the evening wants to help small and medium size travel intermediaries to grow their business through easy, accessible and secure transaction-based financing because of the significant growth in the online travel industry. The problem is that there is not enough working capital for travel intermediaries. The start-up sees itself as a catalyst of the ecosystem. With the help of AI/M proprietary engine the risk of default for every transaction is being analyzed and the financing party is insured against default risk of travel intermediaries. The pitcher’s solution works as a catalyst for the insurers. He is looking for 2 million Euros.

Swiss InsurTech Hub

Silvia Signoretti, President of the Swiss InsurTech Hub (SIH) informed about an upcoming initiative to gather feedback from potential members interested in joining the network focused on the insurance ecosystem. She highlighted the role of the SIH as a partner, emphasizing their efforts to build connections among insurtechs and industry leaders. Silvia mentioned past events and future plans, including the important Summit & Award 2024 scheduled for November 12th, which will feature discussions on innovation in insurance and celebrate outstanding startups. The focus is on fostering relationships and knowledge exchange within the community rather than just financial support.

This pitch session by InsurAngels Suisse was an insightful event giving five startups the opportunity to present themselves and their insurtechs businesses to other startups, members of InsurAngels Suisse and, most importantly, to investors. The next pitch will take place on November 25, 2024.

thebroker.ch

Also read: InsurAngels Suisse: Verein für die Versicherungswirtschaft