Lovys Buys Out an AI Specialist
- The InsurTech Lovys, behind a mobile app for subscribing insurance products (home and smartphone) uses AI technologies to expand their offer.
- They are acquiring another technology-focused start-up able to apply AI techs to on-the-go insurance offers.
- This French start-up called Ockert will be adding their prevention algorithms in Lovys products making it easier for them to assess costs and process damage claims.
- Ockert’s technology can, for instance, be applied to insurance offers for nomadic terminals. A picture of the object can be taken and location tracking may be implemented.
- 50 fraud prevention algorithms by Ockert
- 2018: Ockert was founded
- 2017: Lovys was founded
- 3.3M raised by Lovys in July 2019 to support their subscription-based insurance model
- 3 investors: Maif Avenir, Portugal Ventures and Plug&Play
- A digital approach to dealing with damage claims. Lovys built a full-digital offer and pulls a new string with their technological addition of Ockert. This strategy allows them to validate indemnifications in no more than one or two hours when dealing with home-related claims or smartphone breakage.
- Automating processes. Through buying out Ockert and integrating their technology they will be able to speed up claims processes which, when AI-powered, may require but a few seconds. Lovys also tries to detect possible defects in devices before insuring them.
- Besides home and smartphone insurance policies, Lovys plans to introduce car insurance services (with the MAIF), travel insurance and pet insurance contracts. AI technologies could then apply to a large range of products.
- Lovys intends to attract 10,000 users by the end of 2019.
- On-demand insurance offers don’t seem to be taking off in France even if more products have seen the day (Luko, Wilov, Moonshot Internet, etc.). Lovys bets on a slightly different, subscription-based model: the amount customers may pay different amounts each month, depending on the objects they included in the contract. Their value proposition also relies on a commitment to featuring non-binding offers.
- Yet another challenge for this start-up is to become more visible via several marketing campaigns. A partnership is in place with work councils who agreed to promote their offer with 5 million employees.