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Amodo: The Art of Creating Usage-based Insurance Products

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Marijan Mumdziev, CEO, AmodoMarijan Mumdziev, CEO
Today, the growing prominence of smartphone and IoT-enabled devices is generating more consumer data than ever. Businesses can now derive more actionable insights from customer preferences and behaviors and translate that into new products or value-added services.

However, every industry is not the same in adopting cutting-edge data collection and analysis tools and reaping the full benefit of this data deluge. Take the insurance industry, for example. Despite the apparent benefits they can derive from paying more attention to consumer data, many of the traditional insurance companies have always been slow to act on this. The reason: these legacy companies are often limited by the operational and cost barriers to digital transformations. As a result, they fall short in incorporating all the latest data science tools and make the most out of the currently available consumer data. Helping such insurance companies augment their data compilation and assessment processes with cutting-edge digital capabilities is Amodo—one of the most successful European insurtech companies.

Amodo has developed a state-of-the-art and market-proven digital platform to help insurance companies and brokers collect and effectively utilize their customers’ behavioral data. At present, leading insurance providers such as BNP Paribas, Porsche Bank, AIG, the Maritime Financial Group, and many others use the Amodo platform on a global scale to offer personalized usage-based insurance (UBI) products for connecting with their consumers better.

Even though the Amodo platform caters to every insurance needs, Marijan Mumdziev—the CEO of Amodo—states that one of the most critical use cases of this innovative platform is in the motor insurance space.

Mumdziev elaborates that due to the current COVID-19 pandemic, the behaviors of vehicle owners are fast changing. An efficient and robust data collection and advanced analysis tool can help motor insurers tap into this changing behavioral pattern and develop new insurance products accordingly. To this end, the Amodo platform collates all the telematics data of their end-users’ vehicles from multiple sources, including but not limited to smartphones, IoT sensors, and on-board diagnostic (OBD) devices. The platform then overlays these data with other relevant information such as geolocation, region presence, mobility patterns, parking habits, and risky lifestyle aspects of a consumer. This offers a granular view of customer personas to the insurance companies, which can then be used for tailoring a perfect UBI proposition.

In addition to collecting and analyzing data, the Amodo platform can also be used for marketing the UBI products. The platform comes with the provisions of creating targeted promotional campaigns for different user segments and market tailored products, making it a go-to platform an insurance provider needs to connect with their customers.

What truly takes the Amodo platform ahead of other similar platforms is the provision of creating smartphone-based gamified content to encourage the end-users in safe driving. With integrated features such as pay-as-you-drive (PAYD) or pay-how-you-drive (PHYD), the gamified contents can help insurers engage their customers in safe driving best practices and offer them pre-determined rewards for completing each milestone. For instance, David Destappes, the director and head of P&C business development at P&V Insurance company, says, “The agility and professionalism of Amodo enable us to develop and deploy innovative, personalized, and qualitative insurance mobility solution for our customers.”

Today, apart from scripting such positive use cases in the motor insurance space, Amodo is also looking at another area of the instance realm when their platform can hold a tremendous value proposition—the healthcare insurance sector. And as Amodo strengthens its foothold in these other spheres of the insurance marketplace, the company is laser-focused to continue enhancing its current offering for the motor insurance space. “At the end of the day, our core mission is to help the insurers use the advanced functionalities of digital channels and market the right insurance policy to the right customer. All our future initiatives will follow that mission statement to the T,” concludes Mumdziev.

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Top 10 Insurtech Startups - 2020

Company
Amodo

Headquarters
Zagreb, Grad Zagreb

Management
Marijan Mumdziev, CEO

Description
Amodo Connected Car platform, Driver Copilot, enables all stakeholders in the automotive ecosystem to better understand how their products and services are being used, thus enabling better cross-sell and up-sell opportunities for businesses and optimized car ownership for drivers. Insurance companies, corporate or shared fleets, car repair shops, road assistance providers and most importantly – drivers, benefit greatly from the driving behavior and car usage data we provide in real time