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MotionsCloud meets Net Insurance I Interview with Lex Tan & Fabio Pittana
The Insurtech company MotionsCloud has developed a claims Automation engine powered by AI Computer vision Technologies for property and Vehicle insurers. Net Insurance is an insurance company offering protection solutions for individuals, families and small and medium businesses. Together, Lex (MotionsCloud) and Pittana (Net Insurance) talk in an interview about how their paths crossed and why Net Insurance became a MotionsCloud investor.
What is MotionsCloud?
Lex: MotionsCloud is an insurtech company based in Munich, Germany. We streamline and automate property and vehicle insurance claims processes using mobile and AI computer vision Technologies to evaluate damages. We help insurance companies to reduce claim cycle time to 3 hours, reduce claims processing expenses up to 75% and improve customer claims experiences. Since then, on average we save around 80€ per claim, and around 1.5 working hour per claim for our clients. Today, MotionsCloud is serving clients in the US, Netherlands, Germany, Italy and Southeast Asia.
What is Net Insurance?
Pittana: Net Insurance is an insurance company that provides protection solutions for individuals, households, as well as small and medium-sized enterprises. The company's history combined with its present lean character, following the merger with the Spac Archimede in 2018, makes Net Insurance an important player in the Italian insurance market. The company's range of products is based on an Insurtech Inside approach that permeates the whole offer of insurance products and related services, not only with reference to all-digital policies (push / on demand) but also with regard to insurance coverage related to salary-backed loans and to the bancassurance and brokerage world.
Where did you meet?
Pittana: We met thanks to Mr. Matteo Carbone, one of the top influencers in the Insurtech sector worldwide. Matteo introduced us and helped us understand whether there was an opportunity for collaboration and finding interesting synergies. I would say with great success from both points of view!
Lex: I meet Matteo Carbone very often in insurtech conferences, that’s where it started. We are very grateful to work with open minded Net Insurance team that understand the speed, innovation and creativity is one of the key points to be competitive in the market.
How did the relationship between MotionsCloud and Net Insurance develop from there on until Net Insurance decided to join as an investor?
Pittana: We were looking for an insurtech tool to make FNOL (First Notification of Loss) in a very smart way, and we agreed to do a prototype. Phase 1 was delivered on time and on budget and the relation was very easy. So, we moved to phase 2, when we had the opportunity to improve our respective knowledge. At that point, becoming an investor was quite easy.
Lex: We are working very well together with good people and good atmosphere, we developed a strong relationship. Plus the timing, as MotionsCloud is in the fundraising period. So, eventually all come together.
Why were you interested in the solution in the first place?
Pittana: I can say that two enablers had essentially a key role in our partnership: on the one hand agility - MotionsCloud has always reacted timely and appropriately to our demands - on the other hand technology - adopting Matteo Carbone’s approach which includes a depth vision of technology. Besides, technology and agility go hand in hand and are at the basis of our choices, not only in terms of partnership.
What exactly convinced you that you wanted Net Insurance on board?
Lex: Net Insurance also an experienced insurtech investor, they have invested over 4 insurtech companies as well as understand insurance business deeply. Being part of Net Insurance and MotionsCloud family would eventually open up opportunity in Italy and vice versa. With very well align goals and intentions, we finally come together.
What exactly convinced you that you wanted to become an investor? What is special about MotionsCloud?
Pittana: Net Insurance has a targeted investment plan focusing on companies that are particularly innovative and enhance the company's value chain. In this case we were fully convinced by the long-term development plan of the potential partner and by the common vision of the market.
Where do you see MotionsCloud in the future? What is your vision?
Pittana: The claim settlement process - which is always key in the insurance process - has become even more crucial with the development of new technologies. Today customers are accustomed to simple and streamlined processes and this can really make the difference.
Artificial intelligence, based on a huge database of photos and smart algorithms, will drive fully automated claims settlement processes from FNOL to Payment. Ensuring a very good SLA (Service-Level-Agreement) to customers.
Lex: Our vision is to provide an end to end automated touchless claims processes for insurance companies and policyholders. With the advancement of AI, IoT adoption and high customer expectations, automation would be the future for MotionsCloud as well as the claims industry. Also, would like to emphasize, damage prevention would be another area MotionsCloud would be exploring in the near future.
Do you have learnings or tips for startups/insurers who want to cooperate like you did? What can you give our readers as a valuable hint?
Lex: From our point of view, understanding 2 sides expectations, culture and timing would be a good and strong start to working together. Willingness to learn and adapt for both parties would build a long lasting cooperation. Never forget to cheers and have fun!
Pittana: If I may I would quote a somewhat synthetic maxim: Insurance Companies are too slow, startups are too easy (no compliance barrier). They both need smart people to cooperate and move forward!