Portugal's presence on the insurtech map of the insurance sector through its startups

By the end of 2023, Santalucía Impulsa He launched the IV Insurtech Map of the Spanish Ecosystem, this time with a completely new format and expanding the reach to startups in Portugal and LATAM.The Insurtech Map includes those initiatives that, focusing on the three blocks that represent the value chain of the insurance business (product, infrastructure and distribution), can set a trend in the medium and long term future, anticipate the future and the needs of the client. Portugal, the insurtech vertical has evolved thanks to the mobilization of its main agents to have more than 2,150 startups, around 50 venture capitals, a cumulative investment of 3.5 trillion euros since 2018 and a compound annual growth rate (CAGR) of 11.3% until 2022. In this post, we analyze in depth some of the startups from Portugal collected in the Insurtech map of the Spanish ecosystem.

Lovys

Lovys offers its customers a household policy which they define as the best possible home insurance: 100% online, simple, easy to understand, accessible and fully personalized. The insurance offered by Lovys are:

• Home insurance for homeowners
• Home insurance for second home owners
• Home insurance for renters

The customer can choose between the Basic, Medium, or Full plan, adding whatever coverage you want and customizing your policy to avoid paying for something you don't require. Lovys home insurance is transparent and has no strings attached or predetermined fees. It allows the customer to pay for their monthly subscription, modify their coverage and pay only for those they really need. In addition, its fully digital model, work with algorithms and dispense with physical branches allows Lovys to offer a most competitive price.The insurance company is characterized by its Committed to innovation. He has worked on the entire UX/UI in an innovative way, promoting an integrated experience and a modular and balanced offer in terms of price with strong arguments for younger segments.

Coverflex

Coverflex It is the Portuguese startup that revolutionized the schemes of incentives and benefits for employees in a highly personalized way. This is a compensation management solution which brings together every part of employee compensation beyond salary. Flexible benefits, restaurant cards, nurseries, transportation, discounts, insurance and personal development services: all in one product. Through its platform, Coverflex gives companies the opportunity to offer your employees compensation of their choice. This way, they can customize their compensation package at the same time that organizations access tax benefits.

• For the firms is a way of offering more options and giving value to its employees, improving their quality of life and, therefore, the results of the organization.
• For the employees, is the opportunity to get the most out of your salary and to create a personalized compensation package that can be managed in your own way.

With this model, Coverflex, which was founded in 2019 and has already raised a funding of 20M €, seek that people have a insurance portfolio best suited to your specific needsIn fact, since its launch, the platform has been able to be implemented in more than 3,600 companies such as Santander, Bolt or Revolut, and has more than 70,000 active users.

LOQR

LOQR is an AI-driven fintech that focuses on transformation of the digital business of banks and financial companies and compliance with their regulations. The goal of LOQR is to help financial institutions to improve the user experience from a digital point of view and evolve towards a proactive digital transformation. The company proposes the Journey as a Service (or customer journey as a service), the visibility of where your leads are throughout the journey or journey with a constant update of the data. This is precisely what allows institutions to have all the integrated services, with unique details of their users that allow them to analyze changing trends. With information on the user's digital journeys, the LOQR's All-in-One platform is able to integrate different services. For example, KYC (Know Your Customer), identity verification, optical character recognition, detection of real users or electronic signature. Obtaining real-time data on customer behavior derived from their digital actions is what allows banks and financial institutions to enhance their digital business. So much so that LOQR technology is used by the 85% of the Portuguese banking sector, and is now expanding across Europe. LOQR's solution is a SaaS (Software as a Service). And while many users show resistance to the cloud, it's their levels of security, transaction and response that end up convincing them. In addition, it is a solution that can run on any cloud.

Fraudio

Fraudio broke into the market with the objective of simplify payment fraud detection and money laundering prevention industries. And it does so with a patent-pending AI brain. Thanks to its disruptive, secure and scalable technology, Fraudio helps companies of all sizes in the payment ecosystem to combat payment fraud and financial crime. To do this, it provides them with access to an intelligent brain based on artificial intelligence that prevents, detects and combats fraud in real time.Fraudio connects all its customers, from merchants, payment service providers and commercial purchasers to card issuers to the same centralized AI brain, generating a powerful network effect that benefits everyone.This is a centralized and sophisticated data-based solution that uses AI and machine learning to combat fraud. The advantage of this patented “plug & play” brain is that it does not require a long and expensive integration or configuration process and is constantly learning.

GoParity

GoParity It is a Portuguese digital crowdlending platform that is dedicated finance sustainable investments of SMEs that seek to conserve the environment. Its mission is to democratize access to sustainable finance. To achieve this objective, the entity connects investors (private or institutional) who want to invest in sustainable projects with companies that have projects that contribute to the achievement of the Sustainable Development Goals (SDGs) of the United Nations (UN) .It is a new type of investment in which you can participate with a minimum contribution of five euros And what does it offer returns that range from 4% to 9% of annual interest, depending on the project in which you decide to invest. In addition, it allows organizations and companies that need funding for their positive impact projects raise money in an easier, faster and more flexible way compared to traditional banking.LA sustainable finance platform of Portuguese origin has landed in the Spanish market to promote impact investment, one that seeks a social or environmental benefit, beyond traditional performance. With all this, Goparity seeks to become a digital platform for managing personal and organizational finances in an ethical and sustainable manner, where people can choose how and where to use their money.

Knok

Knok is the place where attention meets digital innovation. This is a Portuguese healthtech startup that offers digital health solutions with integrated vital data. The purpose of the company is to orchestrate medical care through active patient participation, empowering providers and exploiting the potential of digital health solutions. The app allows you to call a doctor in any situation, and offers both the Videoconsultation Like the home consultation. To request a home consultation, the app verifies the patient's location and presents them with all the doctors who are nearby and can respond to the request. Once the request is made, the payment is processed in the application itself and the doctor travels and offers a traditional face-to-face consultation, with corresponding evaluation and treatment. In this way, the platform is a kind of all-in-one for patients and healthcare providers that includes telemedicine, advanced digital health solutions and a patient journey engine. The experience it provides is continuous, engaging and personalized, at all stages of life and for all conditions.KNOK, at the forefront of a digital health revolution, now operates in 12 countries and has grown at a multiple of 5X annually in terms of revenue. It has more than 50 internal alternable applications and an open API that integrates with any system.

Visor.ai

Visor.ai is the platform for AI-based customer service automation. It provides a better experience by automating interactions on different channels, such as the website, applications or email. Thanks to the AI-based technology, such as Machine Learning, Deep Learning and Natural Language Processing, Visor.ai allows non-technical customer support teams create and deploy virtual assistants or chatbots. Without the need for programming, Data Scientists or Developers. Intelligent chatbots offer companies speed, precision and the necessary security to provide a great customer experience, while innovating and reducing costs. In this way, Visor.ai automates conversations, improves customer satisfaction, analyzes customer behavior and provides autonomy. With Visor.ai, companies are ready to answer customer questions no matter where or when, ensuring a optimized, consistent and people-centered service.In addition, this platform has the advantage that any sector can simplify its conversations and workflows. For example, in the insurance industry, some of the requests or interactions that can be automated with an intelligent chatbot are filing an insurance claim without missing information, paying the insurance bill, reviewing the status of a claim, adding coverage to your insurance policies, and so on.

Automaise

Automaise It stands like the leading customer service automation solution, organizing customer journeys and improving agent productivity. It offers high-impact artificial intelligence solutions for customer service and administrative operations. It is an intelligent assistant that aims to maximize productivity. At Automaise, Support Genius is the set of AI-based products designed to increase productivity in customer service operations, and at the same time improve their experience, through 3 specific products:

• Agent Assistant: AI-based tool designed to maximize the productivity of customer service agents and improve support efficiency.
• Customer Assistant: AI-based front office solution to help brands reduce the number of support case tickets and forwarding calls.
• Backoffice Process Assistant: allows organizations to intelligently automate highly complex processes in a safe and efficient manner.

This is how the startup covers all areas of the operation, from diverting inquiries to self-service solutions, to automating processes in the backoffice, providing support to service agents in all facets of their work. Automaise solutions combine the capabilities of technology with the experience and knowledge of customer service agents. Agents have access to automation systems and advanced tools, such as virtual assistants and information search systems, which help them to prepare faster, more accurate and complete answers.

Habit

Habit is a technology provider and a insurance distribution platform which unites non-insurance brands and companies with insurers and reinsurers. It is designed to:

• Insurers: offer your insurance products and access new sales channels. To do this, it has a load of products with little or no IT integration, management and analysis tools, a wide range of related partners, and a scalable and flexible implementation.
• Dealers: sell insurance products that are important to customers. It provides multiple insurance products, management and analysis tools, insurance product customization, APIs for distributing insurance within the customer journey, and pre-designed landing page templates.
• Corridors: scale and bring efficiency to the distribution strategy. It offers efficiency and scalability and affinity relationships without a full project requirement.

The platform has a Unified insurance distribution API and orchestration technology which, regardless of the insurer and the insurance product, gives distribution partners full control over the life cycle of the policy and reduces telecommunication efforts, making it easier to market the product. At Habit they work with leading digital and connected insurance products in various lines of business, such as auto, home, pet, accident and gadget insurance.

JOVE

JOVE It's a integrated insurance platform. It provides insurance for self-employed workers, contractors and SMEs, which covers them globally, allowing them to work remotely anywhere in the world, with the possibility of pausing and activating their coverage in a matter of seconds.

• Flexible monthly coverage: monthly subscription that can be upgraded and canceled at any time. Monthly policy with no added financing cost.
• Pause and reset: allows you to suspend coverage to minimize the cost of the premium and, at the same time, ensure that previous projects under coverage remain protected.
• Insurance for a specific project: specific contract insurance for projects that last a short period of time.
• Global customer coverage: Traditional insurance typically limits the customer base to the local country. JOVE allows you to work with a portfolio of clients anywhere in the world.

OK! insurances

OK! Insurance It's a Direct Insurance Company Who developed a App for the digital inspection of car accidents Through image and video with the Spanish startup BdeoA. Through the app it allows the customer always carry your insurance with you and manage it whenever and wherever you want in a quick and simple way. Here are some of its features:

• Request assistance in the event of a breakdown or accident.
• Car accident report, faster and paperless.
• Issuance of interim car insurance certificates.
• Access to the digital health card.
• Search for doctors, clinics or hospitals in the medical network closest to the customer.
• Health care without leaving home, with general and family medicine consultations via video call.
• Integrated view of the insurance with all the details of the documentation and information, from receipts to payment.
• Adherence to digital documentation.