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 – 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 solutions.
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 tomorrow.
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.