Galileo Platforms

insurtechonline first insurance

FOUNDING YEAR: 2016
LOCATION: Hong Kong
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

Galileo Platforms is a platform technology company serving the insurance sector. Using blockchain technology, we cost-efficiently connect distributors and insurers, enabling them to transact in real-time and to deliver a seamless, digital customer journey. Our platform drives efficiency through the entire value chain by having a central source of encrypted client and contract data that the distributor, insurer and reinsurer all use with permissioned access. This enables access to new market segments, greater product innovation, simpler, faster and cheaper transactions and access to in-depth data analytics. In short, the cost and speed to market with innovations is reduced significantly; thereby opening up new revenue growth opportunities.

MEDICI Analysis

Galileo Platforms is a platform technology company that connects distributors and insurers, thereby enabling them to conduct real-time transactions. It leverages blockchain technology to act as an intermediary between distributors, insurers, technology service innovators and reinsurers for conducting tasks like quotes, purchase, payments, claims, changes and renewals.

Focus

PRODUCTS & SERVICES

Galileo offers a central source of encrypted client and contract data that can be accessed by distributor, insurer and reinsurers, thereby helping them to conduct in-depth analysis and explore new market segments and product innovation.

REVENUE MODEL

One time Implementation Fees; Annual Node Subscription Fees and New Product Fees. Recurring transaction fees.

PRIMARY PROBLEM SOLVED

Enabling insurance sector participants to connect and transact digitally with the next generation of insurance buyers.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

People

FOUNDERS

Jenny Sutton

Mark Wales

Annette King

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Greenlight Re

Greenlight Reinsurance

KEY EMPLOYEES:

Matt Crooks

John Yu

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Sep 2018

FUNDING SERIES

SERIES A  · ---  · Sep 2018

LISTED

NO

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

Galileo Platforms

About

Galileo Platforms is a platform technology company serving the insurance sector. Using blockchain technology, we cost-efficiently connect distributors and insurers, enabling them to transact in real-time and to deliver a seamless, digital customer journey. Our platform drives efficiency through the entire value chain by having a central source of encrypted client and contract data that the distributor, insurer and reinsurer all use with permissioned access. This enables access to new market segments, greater product innovation, simpler, faster and cheaper transactions and access to in-depth data analytics. In short, the cost and speed to market with innovations is reduced significantly; thereby opening up new revenue growth opportunities.

Focus

PRODUCTS & SERVICES

Online insurance platform to: - connect ecosystem participants - provide a core insurance system on a common, distributed policy ledger.

REVENUE MODEL

One time Implementation Fees; Annual Node Subscription Fees and New Product Fees. Recurring transaction fees.

TOP PROBLEM SOLVED

Enabling insurance sector participants to connect and transact digitally with the next generation of insurance buyers.

PRODUCT DEVELOPMENT STAGE

PROTOTYPE

PRODUCT DEVELOPMENT COMMENT

We are building on Ethereum, using the Quorum fork for encryption. We have completed a prototype for New Business and designs for the remaining functions.

KEY DIFFERENTIATORS

Leadership - Our co-founders have experience as CEO, CIO, CMO, CFO, actuary, distribution, operations and change management in the insurance industry. It takes insider knowledge of the industry to turn the typical insurer-centric value chain into a multi-party, customer centric ecosystem. Blockchain: Blockchain technology is ideally suited to a multi-party platform where parties have typically each maintained copies of customer and policy data. Blockchain allows parties to trust a common data set, eliminating manual effort to transfer and reconcile. Network Effect: Moving quickly to sign up a critical mass of participants in a many to many market place will lock in participants as they experience the marketing, operational and technology scale efficiencies of being on the platform, which in turn attracts others to the platform..

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

PRODUCT ATTRIBUTES

SaaS

White label

Back Office

Traction

LIVE USERS/TRANSACTIONS:

No live users/transaction yet

CHANNEL STATUS

NO SALES YET

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

Tons of experience, insider knowledge, but unconstrained by traditional insurers' perspectives. Cover all the disciplines,functions to build,launch an awesome InsurTech business.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES