Purposes and context of the search for startups in four key sectors

Purposes and context of the search for startups in four key sectors

Home protection (Property), means of transportation (Mobility), economic activities (Connected Business) and wellbeing of people (Person) are not limited to the underwriting of insurance policies, that normally enable to indemnify against damage or expense suffered (theft, property damage, diagnostic tests, care, cyber risk, etc.).

Vittoria hub aims to be a centre for the innovation experimentation and application to meet the basic needs of customers in the four areas identified, by supplementing insurance components with non-insurance components to provide a “seamless” service for the customer.

Innovation focusing on cutting-edge technologies (e.g. IoT, Artificial Intelligence and Machine Learning, Blockchain) is important, but equally important is also the use of digital technologies and virtualization of transactions, activities and processes to develop innovative service or to supplement existing services (service innovation model).

Property

  • Our main focus on PROPERTY related innovation is …

Mobility

  • Our main focus on MOBILITY related innovation is …

Connected
Business

  • Our main focus on CONNECTED BUSINESS innovation is …

Person

  • Our main focus on PERSON related innovation is …

Property

The scope for innovation concerning the “Property” implies the different contexts in which families own or use the property (e.g. First home owned, Second home, Rental property, Private property rented; Private property available, Commercial properties, etc.) and is aimed at creating an Ecosystem of services which enables to satisfy the basic needs such as asset protection, support in asset management, maximization of wellbeing by creating the built-in value proposition based on the partnerships between Vittoria Assicurazioni and startups.

One example is that the insurance policy is connected to the services of monitoring, preventing and repairing the fixed systems inside the property (or appliances/entertainment systems).

The built-in system enables the customer to save also the “emotional loss” linked to the claim, as this is avoided or managed by means of on-call emergency services that, besides limiting the damage, prevents the customer to handle emergencies and to anticipate (or bear) the cost of these services. Furthermore, from the company’s point of view, this is clearly a benefit in terms of technical result of policies for the reduction of number and gravity of claims, because prevention and repair/remedy services are integrated.

By applying the same model to other service areas (security, home on-site and remote management, etc.), the customer may “delegate” efficiently the organization of key aspects of management and protection of the house, as well as the emergencies connected and has a single interface to manage, protect and control the property.

Applicant startups can have differentiated profiles in relation to the two main dimensions: technology of prevention/care/recovery/engagement and service model.

Mobility

For insurance companies, the “Mobility” issue is highly relevant because of the importance that car insurance has on total non-life businesses and of the development already reached by car connected technology (black box), especially on the Italian market.

The scope for innovation concerning “Mobility” integrates the car component with the component relating to other means of transport (motorbikes, bicycles and e-bikes, scooters, etc.) and includes the different ways of transport with all vehicles (sustainable mobility, car-sharing, car-pooling, etc.).

This field includes different contexts of innovation relating to safe driving, effectiveness in the management of transport means, reduced commuting times and/or more comfortable commuting, prevention of thefts and damage; prevention of mechanical breakdowns and repair of transport means whether or not in connection with claims, etc.).

Mobility-applied innovation is aimed at creating an Ecosystem of services that meets the main commuting needs of people in an effective, safe and reliable manner by optimizing the insurance costs and the environmental impact of fossil fuels based on the aggregation of services and the development of a value proposition integrated through partnerships between Vittoria Assicurazioni and startups.

Furthermore, an integrated offer of innovative services linked to the mobility enables to reduce the impact on the health of people, both direct (linked to the occurrence of incidents), and indirect (e.g. pollution, stimulus to a more active life by using more means of transport such as the bike).

Applicant startups can have differentiated profiles in relation to the two main dimensions: technology of prevention/care/recovery/engagement and service model.

Connected
Business

The scope for innovation concerning the “Business Connected” implies the safety and support in core business activities with particular focus on micro-enterprises, professional firms, craft and commercial businesses in the territory.

It is a field where digital technology and innovation can play a role and have great opportunities of development and innovation, as for small businesses, the bank, insurance and management-supporting services are not very advanced or are adapted to the target by starting, on a case-by-case basis, from the needs of the retail market or the corporate market.

Like for the other sectors of Vittoria hub, the scope for innovation is about prevention, monitoring, on-call emergency and repair services in relation to accidental damage and thefts. Furthermore, the whole chain for the safety of premises, content and people is important.

Another very important scope for innovation relates to the business continuity in case of various operational risks (e.g. owner’s health, legal risks for company and directors, continuity of production processes and information systems, etc.). In this regard, it is very important to handle cyber-risks that may impact the business continuity or evolve in relevant reputational risks. From the customer’s point of view, it is therefore essential to focus on the prevention rather than on the remediation. From the company’s point of view, it is also important to make use of risk assessment tools that are more targeted and sophisticated than the existing ones.

A further area of potential development is the one which enables to support small businesses in some basic management processes (accounting, account aggregation, automatic reconciliation of payments and collections, prospective cash flow, etc.). It is about processes that are not closely linked to the typical insurance processes of property and person protection but may be a driver for the development of a more consolidated relationship between companies and customer, as well as an essential factor in attracting new prospects.

Applicant startups can have differentiated profiles in relation to the two main dimensions: technology of emergency prevention/repair/management and service model.

Person

The scope for innovation concerning the “Person” implies the mental and physical wellbeing and covers mainly (but not exclusively) the needs associated with maintaining and improving the health in the customer’s life cycle. In particular, three large age groups are important: childhood/adolescence; adulthood; third/fourth ages, as well as two main life conditions: self-sufficiency and non (or partial) self-sufficiency.

Different contexts of innovation are here included: Remote care and Telemedicine, Ambient assisted living; Active ageing; Pharmacy of the future; other areas of Digital health and Wellbeing.

Person-applied innovation is aimed at creating an Ecosystem of services that integrates prevention, care, mental and physical recovery and engagement elements to improve the lifestyle, the eating habits, the balance between work and leisure, the active socialization. This is possible thanks to the service integration in one value proposition to be achieved through partnerships between Vittoria Assicurazioni and startups.

Example of this is that the health insurance policy is connected to the monitoring of the vital parameters of the patient or to engagement tools to foster a healthy lifestyle, or the creation of ad hoc services for hardly insurable people such as the elderly.

Within the “Person” scope, the claim prevention and care support for non self-sufficient people are essential not only to reduce the costs of care and recovery, but also to avoid the deteriorating quality of life.

Furthermore, the logics of service integration allows to minimize the problems relating to the organization of care and recovery activities both in case of private healthcare and public healthcare.

Applicant startups can have differentiated profiles in relation to two main dimensions: technology of prevention/care/recovery/engagement and service model.

The access to each stage will be subject to a merit ranking by CTS (the Technical Selection Committee) of Vittoria hub based on impartial criteria of uniqueness, innovation and sustainability of models reached and proven by startups at any stage; prizes will be provided in the form of Convertible Loans, convertible into equity at the market value at the time of financing rounds.

The Call for Ideas is open

The second Call for Ideas of 2020-2021 organized by Vittoria hub is focused on four ecosystems: Person, Mobility, House, Connected Company.
For the components Prevention, Assistance, Monitoring, Remedy.
With a major focus on Products, Technologies and the Market.