AI-driven truck insurtech Koffie Labs nets $4.5m investment
Featuring instant quotes, policies written in clear language, and no paperwork, the company uses advanced telematics and safety technology to underwrite for the trucking industry. Fleet owners who opt to invest and improve in their own safety are also incentivised by lower-cost premiums for drivers.
Policyholders are then provided with telematics and camera equipment to install on vehicles. Furthermore, at the end of each policy, Koffie Labs will pay back up to 10% of the premium price for driving safely.
Addressing a market with unmet needs
The apparent value proposition of the company is its ability to address the unmet needs of an industry that is worth roughly $800bn in the US.
"We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time," added Mike Dorfman, COO.
The innovative step of combining cutting edge technology with a reward-based safety culture is indicative of insurtech’s broader ability to make insurance more than simply providing coverage. For Jillian Williams, Principal at Anthemis Group, this is nothing short of a ‘win-win’ for both parties:
"We are excited to see Koffie lead the next generation of insurers by embedding technology and tapping into the broader trucking ecosystem, making for a delightful and seamless customer experience."
Pictured (left to right): Mike Dorfman, COO; Ian White, CEO
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)