Start-up raises $500,000 to create smart database for insurers
Insurtech startup, Amodo has raised $500,000 in a recent funding round. The Croatia-based firm’s technology harvests data from smartphones and other connected devices to create a database of holistic customer profiles which insurance companies can use to improve customer engagement and create targeted sales campaigns.

Amodo, a Zagreb, Croatia-based insurtech startup, raised approx. $500k in funding.

Austrian venture fund Speedinvest made the investment.

The company, which had received initial funding from SGH Capital and Bee Next Fund, intends to use the capital for its international expansion.

Founded in 2013 and led by Marijan Mumdziev, CEO, Amodo has developed a technology platform that enables insurance companies to launch digital insurance products for the connected customer generation. It collects data from smartphones and other connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and product needs. On the basis of this analysis, risk prevention programs, individual pricing as well as personalized, “on-demand” insurance products can be offered on the market, increasing customer loyalty and lifetime as well as creating completely new market segments.

Users can also create customizable engagement campaigns, stimulating and rewarding desired behavior via a gamified approach.

FinSMEs

29/06/2016