Connecting with Cutting-Edge Financial and Insurance Technologies
SOSA is powering the FinTech-InsurTech vertical through its partnerships with insurance and reinsurance giants such as Munich Re, Swiss Re, Zurich Insurance, Harel Insurance, InsurLab Germany and more.
With the goal of finding new ways of engaging with customers, insurance companies are innovating with new digital products and services in all segments (Life, P&C, Health) and business processes (risk & underwriting, claims, fraud and more). Banks, although more advanced, are looking to better understand customer behavior and needs so that they can provide new financial services for new types of customers and changing preferences.
A major focus for InsurTech has been on-demand insurance for a variety of verticals. In addition, technology has shifted the paradigm as the Internet of Things, wearable technology, and even drone technology arise as valuable sources of data for insurers to monitor and glean insights.
Both banks and insurers are looking to utilize the advances in technologies like Big Data and Analytics, AI, IoT, and automation. However, shackled by expensive legacy applications and slow-to-change business processes and organizational culture, financial corporates are looking to innovate “from the outside”, through the use of open innovation practices, engaging with startups and innovation services to provide technologies and solutions outside the local ecosystem.
Even with the rapid pace of expansion in the FinTech-InsurTech field, startups require collaboration. While many of their products have been billed as disruptors, they are developing strategies that address areas that have challenged insurance giants and banks for years. By focusing on these areas for collaboration, innovators, insurers and banks can find common ground and improve their industries.
SOSA’s activity and expertise in these industry segments is supported by FinTLV – a Venture Capital Fund specializing and investing in Insurance and Finance. FinTLV’s managing partners bring extensive, in-depth experience of over 20 years in the Insurance, Finance, Cyber and Technological fields, working hand in hand with global corporations to implement open innovation solutions.
In our daily work at SOSA, we continue to expand our deep knowledge, professionalism and experience in this vertical, constantly screening the market and scouting for the most innovative InsurTech and FinTech startups, to match to our corporate partners’ needs.
This unique focus on the FinTech-InsurTech industry allows international financial and insurance corporations to engage directly with our vast global network of startups – providing international leaders access to cutting-edge technologies.