SPOKK

Insurance application for buying, claiming and managing insurance policies. The main idea is to be an "insurance company in a smartphone" with no need to communicate off-line with IC and to have your insurance in the right time in the right place. We can offer a variety of coverage starting from personal insurance and up to property insurance on the monthly subscription model. Customer can claim directly in the application, AI analyzes the information provided and sends reimbursement to the payment card of the client in several minutes.

At the moment we do not have traction, but we are ready for the launch in Ukraine which is projected for October 15 with our partner international insurance company "Colonnade". The launch in USA planned for January 2020.

Our ideal customer is Millennial (age from 27 to 37), lives in cities, young professional, has high education, a user of different online payment and financial services.
The projected market for 2020 is to be 70 bln USD in the USA. And we are starting with the first product which is pet (cats and dogs) insurance, and estimated market for this product is 3bln. In the same time, this market shows the growth of 25% per year.

Insurance companies offer products and services that don't fit the customers' needs: expensive coverage, painful claiming, challenging buying. As a result, 21% of millennials in the USA are undercovered, 34% are not engaged with insurance, and that is the lowest level of engagement in the history of this industry. But 58% of respondents say that they willing to buy insurance online and 39% are ready for the new delivery model in insurance.

We are offering microinsurance products (relevant perils+reasonable limit=low price), subscription payment model (per month) to make insurance affordable, buying and claiming basing on ML and image recognition that simplifies and automates these processes.

Our competitors are Pineapple (RSA/USA, insurtech), Policy Genius (USA, insurance marketplace), traditional insurance companies, Lemonade (USA, insurtech, insurance company)

In contrast to our competitors, we are offering fully automated buying and claiming processes, a variety of microinsurance products, and risk assessment.

We are going to launch the product first in Ukraine, where the price for the first product (pet insurance) will be 65 UAH. And we projected the price of 10 USD for the same product in the USA. We estimated the revenue of 1,2 mln USD in 18 months after the launch in the USA.

We are acting under license of insurance agency. So we are partnering with insurance companies, implement their insurance products to our platform, and then charging them in the next model: fixed fee (for claims adjustment) plus sales commission (because products are also sold through our platform).

Salaries and wages: 81 000
IT development: 120 000
IT platforms and services: 70 000
Marketing: 95 000
Legal and tax services: 80 000
Operational expenses: 54 000
Total: 500 000

Pre-money valuation: 3 000 000 USD
Money raising: 500 000 USD
Structure: Convertable note
Discount for Convertable note: 20%

The main challenge we see is a possible strengthening of regulation, particularly in the USA.

Participation in:
SectorX acceleration program (Ukraine/USA)
EO Business Incubator (Ukraine, driven by USAID)
ReImagine Incubator (Hartford, Connecticut, USA)

The winner of the competition within EO Business Incubator. We also have been acknowledged as one of the best startups in Kyiv Tech Hub.
Also, we are semi-finalist of Lviv IT Arena Startup Competition 2019.