Xapix accelerates insurtech innovation for connected vehicles and smart cities—joining Plug & Play Insurtech program
Plug and Play has invited Xapix to be part of the inaugural batch of insurtech startups at its new Munich-based accelerator program—and we couldn’t be happier to join!
Xapix is now cooperating with Plug and Play's Munich-based insurtech accelerator
About the Insurtech program
Hundreds of startups have applied to become part of the program, and Plug and Play has ultimately selected 16 companies. It is backed by globally renowned insurers like Allianz, Munich Re, Talanx, Versicherungskammer Bayern, and Swiss Re. The German Federal Ministry for Economic Affairs and Energy is also supporting the program. The program is set up for 12 weeks, during which we will receive mentorship and training sessions, workshops with corporates, and expo days. The goal is to come up with pilot projects for possible use cases.
The basic trajectory of the Insurtech program
Why is the insurance industry relevant for Xapix?
Using Xapix, insurance companies can create scalable, usage-based insurance models. Such products do not only offer completely new revenue opportunities for insurances, more and more customers also expect to be offered such products. In order to make such products reality, insurers have to use a variety of data sourced from different inputs—a highly complex process. Xapix facilitates this process of data transformation and integration, making it easier than ever for insurance companies to combine data from different sources. We’re using the power of automation to speed up this process and to free up crucial financial and IT resources.
Xapix has the potential to offer a strong competitive edge to insurance companies. With a core focus on the broader connected vehicle and smart cities space, Xapix helps insurances master the challenge around complexity to scale in those areas. Potential applications of the toolset can go beyond that into other areas of enabling new revenue streams for the property and casualty businesses. Xapix can also facilitate innovation in underwriting.
There are many data endpoints related to insurance products for connected cars
What do those usage-based insurance products look like?
Some of the insurance products whose development Xapix can greatly support are already connected to the ecosystem we’ve tapped into: automotive, or more specifically, the connected car. Imagine your premium being based on your style of driving: You drive more relaxed, you pay less, you drive more risky, you pay more. In order for insurance companies to offer those products, they need to collect data when you’re driving your car, and they also need to analyze that data. It is crucial for them to have easy access to your journey data. Today’s solutions are based on on-board diagnostic (OBD) dongles that look somewhat like a USB stick and are plugged into a dedicated port in the car (more detailed information about OBDs can be found here).
While data is collected, the quality of the data stream is lacking, access to information is mostly limited to vehicle speed , fuel consumption, and CO2 emission—and most of all, equipping vehicles with necessary hardware doesn’t scale. Tomorrow’s solutions could be more convenient for the driver and more scalable and reliable for the service provider, with the data engine being rooted directly in the vehicle’s operating system and provided by the vehicle manufacturer.
Xapix is here to facilitate the process of getting there, now with the support of some of the world’s biggest insurance companies and Plug and Play, the world’s biggest startup accelerator.