Proof of Concept AXA and veezoo
Redefining the insurance industry
The insurance industry is going through a digital transformation, and technology is offering many new possibilities while disrupting established business models. IoT data, public data, open data gathered by governmental bodies and customer data gathered by search engines and companies are bringing digitization to the forefront of many businesses. Nowadays it is not only important to collect those insights, but also to understand the data and be able to make data-driven decisions that are applicable to your company and industry.
In this rapidly changing environment, insurance companies have identified the need to adapt quickly. Here is where speed, innovation and the collaboration between large corporations and startups come into place.
At Kickstart Accelerator, we foster such partnerships, which are both beneficial for startups and our corporate partners. An example that clearly illustrates this mutual collaboration is the PoC agreement reached by AXA and Veezoo, which was announced last week for the first time during the Kickstart Accelerator Opening Ceremony.
Veezoo and AXA are working together to make the information hidden in the company’s data easily understandable. In this proof of concept, Veezoo learned how to answer lots of different questions about AXA’s data on Sales and Distribution. For example, if they want to know what is the average duration of the contracts that got extended, they don’t need to wait until a data analyst queries that data for them – they can simply ask Veezoo and it will answer with a chart in a matter of seconds. Veezoo has acquired knowledge about that domain and can now help decision makers identify new sales opportunities by answering their questions.
The goal of the proof of concept is to show, how Veezoo can reduce their reporting backlog by hundreds of hours per month, while at the same time enabling the management to take more informed decisions. The project will take three months until completion and involves multiple stakeholders from both sides. The next steps after a successful PoC is to roll out Veezoo into AXA’s productive systems and expand to other domains, where Veezoo can add value.
Veezoo, the first conversational Artificial Intelligence to explore and visualize data, participated in the first badge of Kickstart Accelerator. Veezoo presented its solution to AXA for the first time during the Kickstart Accelerator program in 2016. By the end of the program the conversations started and they developed into a formalized proof of concept agreement.Katka Letzing, Fintech Lead and mentor at Kickstart Accelerator, helped Veezoo to connect with AXA. She also took part of the process in order to accomplish the proof of concept partnership.
Fotos: Philippe Rossier f. Kickstart Accelerator, 7.9.2017, Zürich, EWZ Unterwerk Selnau, Official Opening
Proof of Concept
Ivo Streiff, Head Innovation Management at AXA Winterthur: «With Veezoo, we are exploring ways of making it possible for employees to access complex data in a straightforward way, and this allows us to engage intensively with the topic of machine learning on a real-life basis.»
Marcos Monteiro, Monteiro, Co-Founder and CEO of Veezoo: “We expect to show how Veezoo can reduce the reporting backlog of AXA’s data analysts by hundreds of hours each month, while at the same time enabling the management team to find new strategic opportunities in the data themselves. We are very thankful to Kickstart Accelerator for the critical role it has played in facilitating a great corporate-start-up partnership.”
“Our mission is to foster collaboration in many ways, including helping to setup Proof of Concepts for our startups as well as helping corporations get access to new technologies as it fits. It is great to see Veezoo and Axa in a partnership to use machine learning in real life that can make a real difference.” – Katka Letzing, Fintech Lead, Kickstart Accelerator.
More details about the PoC can be found here.