For founders developing transformational technologies in risk management and insurance.
BirdsEyeView is a digital-first InsurTech startup operating as a Managing General Agency. BirdsEyeView harnesses space-data, produced through a collaboration between NASA and JAXA, to design and structure innovative parametric insurance solutions. BirdsEyeView builds parametric insurance products to protect businesses against severe weather events and climate-change risks.
Cooper Pet Care is a digital platform designed for dog and cat owners. The service offers an online symptom checker, immediate veterinarian consultation via chat or video call, and pet insurance with easy-to-understand terms. The platform allows pet owners to use the symptom-checker separate from the insurance purchase, and have the opportunity after consultation to purchase the insurance. Reimbursement is within 24-48 hours of a submitted claim, which is quick and easy through the app with a simple photo of the vet invoice.
Federato is an underwriting workflow platform that uses machine-learned optimization to help insurers proactively manage their portfolios. By capturing the value contained in underwriting guidelines and deploying it at the “point of choice” for the underwriter, Federato ensures insurance organizations capture the full value of their data and actuarial science investments. Federato is building an economically efficient marketplace that connects data to the value it can actually create in underwriting.
link Payments helps insurance restoration professionals get paid up to 60x faster after an insured property loss. The iink platform streamlines property claim payment for all parties — property owners, restoration professionals, insurance and mortgage companies — by digitizing the checks and endorsements between all parties. Ultimately, iink Payments ensures policyholders get back to their lives more quickly, that the assets of the bank are restored properly by verified contractors, and that restoration professionals need not be concerned with cash-flow constraints.
Protosure is a “no-code” solution that supports every aspect of insurance product creation and distribution. Insurance company technology relies too much on large complex systems, with expensive custom coding, or reliance on rigid templates. Protosure has a no-code environment that can integrate what already exists, or can easily be created by the subject matter experts rather than IT. These no-code modules all work directly together, as well as with third-party data sources. In essence, how Shopify enables creating an ecommerce site, Protosure does for insurance companies.
iink Payments helps insurance restoration professionals get paid up to 60 times faster after an insured property loss, which in turn ensures policyholders get back to their lives more quickly, that the assets of the bank are restored properly by verified contractors, and that restoration professionals need not be concerned with cash-flow constraints.
When the company started out in CDL-Wisconsin’s Risk stream, it was mainly selling its product to contractors and homeowners, with the promise to save them money and take care of the paperwork associated with insurance claims. Through CDL, iink Payments realized that there were a host of reasons for insurance carriers to want to partner with the company too. The venture’s product has the potential to reduce claims severity and cycle time and improve the customer experience for insurance carriers.
“When we went into the program, we didn’t have the inside look into how insurance carriers think about the problem,” McGrath said. “And because we were able to learn that there were all these benefits to them, we can now more aggressively partner with them.”
CDL mentor CJ Przybyl helped make introductions to insurance companies, and iink Payments is now moving forward with pilots with some of those partners. This new approach has the potential to expose iink Payments to tens of thousands of new customers, McGrath said, because insurance carriers can invite their clients to the platform when they make a claim. He said that approach would be “leaps and bounds more effective” than advertising to individual homeowners and contracters on Facebook. Mentor Patricia Hume also worked with the company on its customer acquisition strategy and sales enablement.
Over the course of the program, iink Payments has more than doubled its number of signed customers from 42 to 90. It is currently raising a pre-Series A round of funding.
I was really impressed with the progress they've made. They are solving for improvements in the cash flow business for companies across the country.
Dan Reed • Associate, CDL-Wisconsin Apr 8, 2022 @ 3:13 PM ET