One of the top 10 insurance companies in Italy – BNP Paribas Cardif – is building tomorrow’s insurance on this new paradigm: innovate to prevent, assist and protect. At its fourth edition of Open-F@b Call4Ideas, the international contest for startups will award the three most innovative ideas on Preventive Insurance.
As explained by BNP Paribas Cardif in the official press release, in its application, Preventive Insurance will have a growing weight over the next few years. The estimated sales of wearable devices related to healthcare in 2019 will reach 245 million units, tripling 2015 figure. In the Smart Home field, the number of domestic smart devices will yearly grow +50% until 2019, by reaching between 500 and 700 million units in 2020. As far as mobility is concerned, the Italian market is one of the most mature on the front of cars connected. Nevertheless, in the period 2017-2022 a further annual growth in revenue of 24% is expected.
In partnership with InsuranceUp.it, Openup, and MEDICI, FinTech’s Global Knowledge Network, Open-F@b Call4Ideas 2017 promoted by BNP Paribas Cardif is looking for the best technological and digital startups to build collaboration paths together, awarding the three best ideas that can be realized in solutions of prevention, security and wellness for the new customers, with a particular focus on health, family, home and mobility.
Innovative proposals have time until October 23rd, 2017 to submit their own projects, which should particularly deal with predictive models that allow preventive analysis to anticipate events, or with digital platforms, related objects or services designed to prevent or mitigate the risks.
Requirements for solutions
With the aim to select the most innovative ideas to speed up their implementation in the insurance industry, BNP Paribas Cardif is gathering proposals, solutions and ideas that will enable the development of consumer prevention, safety and well-being solutions.
Open-F@b Call4Ideas 2017 is geared towards startups, technology providers, professionals, and students who propose:
- Predictive models with predictive analytics systems that allow predictive analysis to anticipate events, ensuring protection and well-being.
- Digital platforms, connected devices or services designed to prevent or mitigate risks, mainly focused on health, housing and mobility.
Requirements for participants
Open-F@b Call4Ideas outlines the following requirements that eligible participants must meet to be admitted to the contest:
- Individuals who have developed even just an innovative idea in the areas of digital and technological innovation in the field of insurance, as well as solutions for prevention, safety, and well-being in the insurance industry.
- Developers and software house companies that are already working on projects among those listed above.
- FinTech startups (launched over the last five years) presenting innovative projects in the areas of interest described in the previous section.
- Technology providers who have been operating for more than three years, but with innovative projects in areas of interest described previously.
Projects enrolled in Open-F@b will be evaluated by an Evaluation Committee made up of Cardif executives and university experts in digital technologies, and any other guest members. The evaluation criteria adopted by the Committee will be:
- Quality and expertise of the business
- Innovation of the project
- Market and business potential
- Technical feasibility
- Applicability in insurance industry
All finalists will present their proposals during the day of the final public event where the 3 most innovative ideas will be awarded by the Evaluation Committee.
- All finalists will be included in the MEDICI knowledge platform, benefiting from visibility and marketing services for an amount equivalent to €1,500.00.
- Their project will be presented at C. Entrepreneurs, BNP Paribas Cardif Venture Capital Fund.
- With the fourth edition of Open-F@B Call4Ideas, the investments planned in 4 years, distributed among the winning projects, raise the amount of 400.000€.
The inventors of the most creative ideas (3 winners) will be supported by the BNP Paribas Cardif R&D team which will help them to develop the idea, taking into account the needs of the market and of BNP Paribas Cardif.
Proposals must be submitted before October 23, 2017.
About BNP Paribas Cardif
A subsidiary of BNP Paribas, the company has a unique business model anchored in partnerships. BNP Paribas Cardif co-creates solutions with distributors in a variety of sectors, who then market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 36 countries with strong positions in three regions – Europe, Asia, and Latin America. With over 10,000 employees worldwide**, BNP Paribas Cardif had gross written premiums of €27.1 billion in 2016, 57% of which was generated outside France.
MEDICI is the one-stop-shop for FinTech with more than 8000 FinTech companies analyzed and reachable on the platform, 530 Financial Institutions, 150 Investors and hundreds of analyses of trends and technologies. MEDICI is currently used by the top Financial Institutions to foster internal and open innovation as well as from Investors to spot investment opportunities. MEDICI has recently entered the education business with a FinTech program for professionals and students.