Babel Cover, a British insurtech start-up, is working with Maltese insurer Atlas and emerging technology firm Piprate to insure bicycles of competitive cyclists, triathletes and commuters of Malta.
The intention of the pilot is to perform live and controlled product and technology testing, laying the framework for release of new products and more countries, said Bedford, England-based Babel Cover, in a statement.
“With our experience both as a leading insurer and protected cell platform in Malta, Atlas is pleased to provide insurtech start-ups with regulatory expertise, infrastructure and economies of scale only usually found in well-developed insurers,” said Matthew von Brockdorff, chief executive officer of Atlas Insurance, which is headquartered in Malta.
“Piloting Babel Cover in Malta is also a natural fit with our pursuit of leading customer experience, where we are making significant investments in new innovative technology,” he added.
“Babel Cover believes buyers of insurance will ultimately benefit by having a fully digital product that offers more transparency, ownership and oversight of the insurances they purchase and the investments underpinning the premiums collected,” said Stuart King, founder & CEO of Babel Cover.
“Insurance provides an essential social and economic role. The current business model underpinning the deployment of insurance capital to risk is not overly efficient and is subject to an overwhelming amount of non-added value cost,” added King.
“Babel Cover’s proposed risk financing model as supported by modern technologies will ultimately lead to individualized insurance and cost savings. Babel Cover proposes to return savings to customers in the form of rewards to build greater loyalty and trust between buyers and sellers of insurance,” he said.
“This collaboration is an important milestone towards Piprate’s objective of providing a seamless, privacy-conscious way of exchanging insurance data,” said Stan Nazarenko, founder & CEO of Piprate, a blockchain-based data exchange platform for the insurance industry, which is based in Dublin.
“Piprate’s data wallets that hold the insured’s data, from personal details to policies and claim documentation, are ideally suited for the next generation of insurance products. We are delighted to be a part of Babel Cover’s vision and the heightened attention on data protection, transparency and operational efficiency,” Nazarenko continued.
“Atlas Insurance, Babel Cover and Piprate share a common desire for insurance to be as sustainable as possible. We are delighted that for every bicycle policy sold, Babel Cover will make a donation to Saġġar, a non-profit organization that is focused on planting one million indigenous trees on the Islands of Malta, further supporting Atlas continued commitment as part of its corporate social responsibility strategy,” said Claude Ebejer, founder of Saġġar.
Source: Babel Cover
*This story ran previously in our sister publication Insurance Journal.