Amodo

insurtechsoftware/whitelabel/apis-insurtechonline first insurance

FOUNDING YEAR: 2013
LOCATION: Croatia
Last Update: 08/09/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Amodo provides state of the art Customer Behavior Analytics and Usage Based Insurance platform. Amodo is a post revenue company with very steady and fast growth achieved since the very founding date (end of March, 2013.). With Amodo’s technology Insurers leverage on digital channels and connected devices such as smartphones, connected cars and wearables to acquire and engage new customers. Amodo collects data from smartphones and a number of different connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and customer product needs. Amodo technology is used in some of the fastest growing and most successful Usage Based Insurance programs today.

MEDICI Analysis

Amodo offers a customer behavior analytics and usage based insurance platform. It creates drive profiles and provide insights about driver’s risk exposure by leveraging digital channels and connected devices such as smartphones, connected cars and wearables. Amodo leverages data from these devices, to offer risk prevention programs and “on the spot” insurance products to customers.

Focus

PRODUCTS & SERVICES

Amodo has developed a Driver suite for insurer that analyzes driver behavior and driving pattern with the help of telematics, thereby enabling them to reduce claims costs. It offers White label telematics solution delivered in under six weeks and can work with smartphones, OBD devices and black boxes. It also offers flexible driver scoring and risk models to fit local market conditions.

REVENUE MODEL

License/service based model

MAIN CLIENTS

Insurance companies

PRIMARY PROBLEM SOLVED

We address the key problem in the Insurance industry – lack of differentiation and profitable growth. 65% of the customers in Generation Y and Z segment are willing to change their insurance provider in case another insurance company comes with innovative and personalized proposition tailored to their needs. With Amodo´s Connected Insurance Platform, insurers can finally address the needs and lifestyle of the new connected generation properly and offer them risk prevention programs, individual pricing as well as personalized insurance products, increasing their loyalty and lifetime value. We help insurance companies to differentiate and engage with their clients through technology based on Smartphones and Smart devices.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$500k - $999k

REVENUE COMMENT:

90% of Amodo revenues are recurring revenues, achieved without having the dedicated sales and business development team in place. With the seed investment closed in 2016. Amodo starts to fully focus on further client base growth.

People

FOUNDERS

Gorjan Agačević

Vladimir Koncar

Ozren Crnogorac

BOARD MEMBERS AND ADVISORS

Marie-Helene Ametsreiter

INVESTORS:

Alchemist Accelerator

Bee Partners

Beenext

hub:raum

SGH Capital

Speedinvest

Momentum

FUNDED

NO

TOTAL FUNDING

$500 K

DATE OF LAST FUNDING

Jun 2016

TOTAL FUNDING COMMENT

The company is planning to use the fund for its international expansion(June 2016).

SEED & PRIOR FUNDING

$500 K

SEED CLOSED ON

Jun 2016

PRIZE MONEY

$36 K

LISTED

NO

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

Amodo

About

Amodo provides state of the art Customer Behavior Analytics and Usage Based Insurance platform. Amodo is a post revenue company with very steady and fast growth achieved since the very founding date (end of March, 2013.). With Amodo’s technology Insurers leverage on digital channels and connected devices such as smartphones, connected cars and wearables to acquire and engage new customers. Amodo collects data from smartphones and a number of different connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and customer product needs. Amodo technology is used in some of the fastest growing and most successful Usage Based Insurance programs today.

Focus

PRODUCTS & SERVICES

Amodo Connected Customer Suite is a platform through which Insurance companies and their clients become connected. Amodo platform leverages on the increased number of smartphones and connected devices in the market, in order to build new communication channels between Insurance Companies and end customers. With Amodo platform the customer can track their behavior whether in driving, or while being physically active, get rewarded for the healthy and safe behavior and finally get truly personalized Insurance coverage.

REVENUE MODEL

License/service based model

TOP PROBLEM SOLVED

We address the key problem in the Insurance industry – lack of differentiation and profitable growth. 65% of the customers in Generation Y and Z segment are willing to change their insurance provider in case another insurance company comes with innovative and personalized proposition tailored to their needs. With Amodo´s Connected Insurance Platform, insurers can finally address the needs and lifestyle of the new connected generation properly and offer them risk prevention programs, individual pricing as well as personalized insurance products, increasing their loyalty and lifetime value. We help insurance companies to differentiate and engage with their clients through technology based on Smartphones and Smart devices.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

Amodo provides hardware agnostic data analytics platform with the capability to integrate with any of the currently deployed infrastructure. Amodo technology provides a holistic view on the customer by collecting data from multiple data sources such as professionally installed telematics devices in the cars, Smartphone Apps, Wearable’s, and others and combines this with 3rd party data sources such as weather data, road traffic data and other independent data sources. Amodo puts a great effort in proper contextualization of the data in order to get the reliable full understanding of the customer behavior. Based on customer behaviour data, Amodo technology enables finer customer segmentation and Content Marketing campaigns targeting each of the customer segments previously categorized in the platform.

KEY DIFFERENTIATORS

Amodo provides a very advanced application set built on top of the Connected Insurance Platform. Driving Behaviour Analytics provided by Amodo is one of the most sophisticated on the global market.

PRIMARY CUSTOMER TYPE

Enterprise - Others

Traction

ANNUAL REVENUE:

$500k - $999k

REVENUE COMMENT:

90% of Amodo revenues are recurring revenues, achieved without having the dedicated sales and business development team in place. With the seed investment closed in 2016. Amodo starts to fully focus on further client base growth.

LIVE USERS/TRANSACTIONS:

No live users/transaction yet

CHANNEL STATUS

MULTIPLE CHANNELS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

4

People

NUMBER OF EMPLOYEES

11-50

TEAM COMMENT:

We built a very special,unique cross-industry expertise team to develop our platform. We have global digital marketing experts that have built some of the biggest digital communities in the Central Europe for companies such as Nike, Unicredit Bank, Molson Coors, Volvo Car Corporation,others. At the same time we acquired some of the leading data analytics scientists from the field, needed to make the proper insights coming from the customer data. Our backend platform has been designed by top actuaries,serves some of the biggest insurance companies in the region. The right combination of the people,competences is what makes a company,what is behind one of the most successful Usage Based Insurance project in Europe (used by 4% of the driving population in one of the European countries).

Momentum

FUNDED

YES

LISTED

NO

FUNDING SERIES
Seed
May 2016
EUR600 K
at a EUR8.3 Mvaluation
Comment on Seed
Late Seed Round with a combination of equity financing and convertible notes mechanism.

Comment on Valuation

Pre-money Valuation Speed Invest SGH Capital BEE Next