WORLDWIDE AGREEMENT BETWEEN WHOOSNAP AND OCTO TELEMATICS
LVenture Group has announced today the signing of an important agreement between OCTO Telematics, a global brand in the Insurtech market, and Whoosnap’s, a startup portfolio. The agreement provides the worldwide distribution of Insoore, the application developed by Whoosnap for mobile devices that, in case of a car accident, allows insurance companies to contact Whoosnap’s amateur community in order to locate in loco the vehicles’ damages and to ascertain accident’s gravity, and likewise to assess the state of the vehicle at the time of the creation or renewal of an insurance policy. Images can be uploaded instantly on the platform and their authenticity is guaranteed through a certification system.
The Insoore service has been presented with great success over the weekend of August 25-27 at Silverstone’s MotoGP in the context of “Telematics in Action”, the tech conference dedicated to investors and operators of insurance and automotive industries, which was designed to inform about sector’s news.
Enrico Scianaro, Whoosnap CEO states: “We are delighted to have signed this important agreement with the world leader, Octo Telematics. This will allow us to distribute our service globally. Insurance companies will have a tool to counteract irregularities and thus achieve a substantial reduction in costs. The result of this is the reduction of policies’ costs for policyholders“.
Whoosnap was born to find employment primarily in the journalistic field, but soon the combination of the crowdsourcing mechanism, coupled with a certification system of the authenticity of the shots, has allowed the startup to quickly expand its scope of application to the insurance industry, and has so entered in Octo’s radar. In particular, Whoosnap, through Insoore, was among the first companies to join Next Generation Platform (NGP) of Octo: a telematics platform that allows you to collect data from any car sensor to provide real-time information. “The NGP’s insurtech ecosystem has been designed to support companies of all sizes, from established names to small innovators. Welcoming small but exciting companies such as Whoosnap onto the NGP is beneficial not only to Whoosnap and their applications such as Insoore as they gain much wider exposure and greater access to clients, but also to the entire ecosystem as we continue to develop our holistic” added Jonathan Hewett, CEO of Octo Telematics.
Whoosnap S.r.l. attended, in 2015, the LUISS ENLABS acceleration program “La Fabbrica delle Startup”, an accelerator born from a joint venture between LVenture Group and LUISS University, and shortly after, LVenture Group, the Investor Club of Turin, Angel Partner Group (APG) started investing. “The dual use of Insoore – for the detection of car accidents and for the subscription of new policies – allows Whoosnap to enter in a market with great potential: just think that till now there are 12 million online insurance policies and it is estimated that by 2020 they will be 100 million. Thes are impressive numbers, and Whoosnap, concluding this deal with Octo Telematics, has brilliantly been able to enter such a promising field and has given us confirmation of its abilities, which we believed in from its first steps in LUISS ENLABS” finally stated Luigi Capello, CEO & founder of LVenture Group and LUISS ENLABS.