Amodo: Revolutionizing Insurance Industry via Telematics
Marijan Mumdziev, Chief Executive Officer
Today, the internet, smart devices, and other technologies have transformed the way people sell and purchase insurance. Taking the industry a notch higher from generalization to personalization is Telematics. This innovation has the potential to fundamentally change insurance propositions, especially in the motor and automotive sectors. It has impacted all insurance business areas, from improved risk selection and pricing, reduced claims, and improved fraud detection to an entirely new set of services resulting in higher levels of customer retention. However, as most insurance carriers and brokers have followed traditional business methods for a long time now, keeping up with the new trends, demands, and transformational activities has become quite arduous. As a result, insurers are struggling with a range of strategic, technological, and regulatory issues. They are seeking to understand consumer perceptions, driver psychology, and how to use telematics technology effectively.
A trailblazer in the insurance industry, Amodo addresses these issues with its groundbreaking telematics platform and a team of experts who help insurance companies radically change the way they meet the needs of their customers. Since its inception in 2013, the company has been working relentlessly toward providing robust tools to companies interested in applying insurance telematics.
Although modern technologies have made the insurance ecosystem simple, convenient, and easy, there are a few gaps between the customer expectations and the capabilities of insurance companies to deliver products. For starters, today’s new generation consumes different financial products from various sources. They want to receive personalized offerings from their financial institutions on their preferred devices, mostly on mobile phones. “We identify such gaps and bridge them using smartphone-based solutions. We not only offer, but help insurance companies implement telematics, which allows them to develop their own preferences,” states Darko Tukulj, Chief Growth Officer (CGO) of Amodo.
We identify such gaps and bridge them using smartphone-based solutions. We not only offer, but help insurance companies implement telematics, which allows them to develop their own preferences
Amodo Connected Insurance Platform enables its clients to collect and analyze user behaviour data from various sources, develop and sell new categories of insurance products, and engage with customers, all through a smartphone.
Amodo collects data from smartphone sensors, smart wearables and other IoT devices but also 3rd party platforms such as connected car OEM. The platform further allows insurance companies to create innovative and relevant usagebased insurance products optimized for the mobile channel and based on comprehensive customer profiles and behavioural segments. Typical implementations of Amodo’s platform include Pay as You Drive, Pay How You Drive and On-Demand Insurance products beyond motor insurance.
Another interesting aspect about Amodo is that it allows insurance companies to implement their product, using the ‘try before you buy mechanism.’ This means anyone can download the application and use it for a brief period. If they like it, they can request a quotation of the policies they want to purchase. All these tasks are done remotely, without having to visit any point of sale. The userfriendly application guides customers till the end of the process without any hassle.
When it comes to delivering the right solution, Tukulj explains, “Being excellent in collecting data and developing smartphone applications is not enough; one has to understand customer objectives, pain points, and needs before recommending a sustainable solution.” For that reason, Amodo has invested significantly in highly skilled people like data scientists and customer executives, who understand the clients’ business and deliver a scalable solution. This is the aspect that most of the customers appreciate about Amodo.
Amodo has made customer interaction easy. Insurance companies can engage with the users through multiple channels from one place. Amodo also lets them launch personalized and scheduled gamification and communication campaigns. This approach increases the capacity and effectiveness of the insurers’ network, ultimately resulting in significantly higher revenue. Apart from creating products, Amodo helps clients sell them too. With the help of dynamic behaviour-based segmentation, the company suggests which users they should push which products from their portfolio.
Overall capabilities and benefits of Amodo platform led by the valuable user behavior insights it provides, resulted in increased interest for Amodo technology among companies from other industries, e.g. telecommunication and banking sector.
With such capabilities, hard work, and vision, the company has attracted 5M USD investment from Investors such as Speed Invest, Lead Ventures, SGH Capital and Bee Next. This investment supported and empowered them to build a top-class connected insurance platform and acquire an excellent customer base, including, among others, AIG, Porsche, BNP Paribas and UNIQA.
Having carved a niche in the European Union insurance sector, Amodo is set to establish its footprint in APAC, Middle East and the African region. The company wants to continue with its mission of helping insurance companies innovate their business model and position through mobile channels, with new personalized and optimized products for various customer segments.