- Allows insurers to create
new solutions based on behavioural data on blockchain infrastructure
- Cost-saving, secure,
high-efficiency blockchain technology provides a single source of truth
HONG KONG / ZAGREB - Media
OutReach - 17 December 2020 - Amodo and
Galileo Platforms, two of the world's leading business-to-business (B2B)
insurtech companies, today announced a new strategic partnership that will
utilize innovative telematics and blockchain technologies to enable insurance
companies to both transform their customer experience and offer new insurance
The partnership between Galileo Platforms, a specialist blockchain
technology platform for the insurance industry, and Amodo, a provider of
insurance telematics technology and advisory services, including behavior data
analysis, will enable clients to benefit from their years of experience and
expertise in their respective areas of the insurance industry. The
partnership's new customer-focussed insurance offerings will be available
globally with the initial roll-out in Asia.
At the heart of the partnership's service are the tools that will
enable insurance companies to create new insurance solutions, such as
pay-as-you-drive pay-how-you-drive insurance covers, swipe-on-swipe-off travel
or accident cover, or other tailor-made personalized insurance. These are
solutions based on behavioral data, held securely and efficiently on the
world's first blockchain-based core policy administration system.
The patented blockchain offers a shared source of truth to better
serve the customers while eliminating both duplication of data and cost in
back-office systems. The security,
scale, and efficiency it brings will create cost savings.
"Consumers want more personalized, the relevant insurance cover that
is easy to access, easy to use, and meets their lifestyle needs. We are very pleased to partner with Amodo to
help create radically new digital solutions that will help protect families
when and how they want it and based on their lifestyle and usage," said Mark Wales, Chief Executive Officer at
Galileo Platforms. "Our low cost,
high-efficiency technology enables the whole life-cycle of insurance
transactions to be completed at scale, without touching human hands".
"We are excited to partner with the Galileo Platforms team as we
believe that together we can bring even more value to our insurance partners or
large brands wanting to offer innovative insurance services to their customers.
Together, with our solutions combined in one we will move the insurance industry
forward in Asia-Pacific", says Darko
Tukulj, Chief Growth Officer at Amodo.
About Galileo Platforms
Galileo Platforms Limited is a technology company serving the
insurance sector (www.galileoplatforms.com). Using blockchain technology,
Galileo Platforms connects participants in the insurance ecosystem, enabling
them to deliver revolutionised client experience and reducing costs. It takes much of the functionality typically
found in legacy policy administration systems and encodes it in smart contracts
in a blockchain. This mutualises the
policy administration function, creating new opportunities for insurance. Galileo Platforms enables the insurance of
Amodo is an InsurTech company on a mission to disrupt the insurance
industry as we know it (www.amodo.com.eu). By turning users' smartphones into powerful telematics sensors,
the Amodo connected insurance platform enables insurers to deliver tailor-made
products by gathering and contextualizing behavioral data. With its advanced
technology, Amodo allows drivers to adapt their insurance cost to their driving
habits by leveraging the one item most of them always have in their pocket -
their smartphone. By offering new insurance models like Pay How You Drive, Pay
As You Drive, Manage How You Drive, Amodo set new Telematics insurance
standards and consequently acquired a great customer base, including P&V,
AIG, Porsche, and BNP Paribas.