In the fast-growing real estate market, both insurers and residents need professional, 24/7 ad hoc insurance services that provide reliable and fast solutions. That is precisely what our customer, Keypoint, wants to insure with its innovation. The company was awarded a subsidy by Vlaio, which means that it can now turn its concept into reality. Venture Campus guided Keypoint with capturing the story in the right way and rolled out an appropriate development process for them.
Keypoint was started in 2017 by Jonathan Goderis and Tijs Corneillie, two former colleagues with experience in the insurance sector. The company organizes repairs and maintenance to buildings throughout Belgium. For this they work together with owners, syndics, service providers and insurers within the building management sector. As a result, Keypoint operates in the Belgian property insurance market, non-life insurance market and in the policy and non-life sectors.
After being in the business for a while, it quickly became clear that there was an increasing need for faster responses from different parties. In response to this increasing demand, they are now developing a unique platform that brings all parties involved together, namely Connect.
Policyholders are not always familiar with the damage repair processes for their properties. They don’t know who to contact or which contractors are reliable or qualified. This increases the risk of unfair assessment of damage repair and potential fraudulent activities. It is critical to monitor and evaluate all contractors and their work to ensure the quality of repairs..
Insurance fraud costs the Belgian insurance sector 250 million euros per year. Some reasons include overestimating the value of stolen items in break-ins, lying about the extent, cause or date of damage, or deliberately harming property to make a claim. In Flanders, around 4 in 1,000 cases were found to be fraudulent in 2017. Clearly there is a need for better fraud detection.
Today, customers prefer simple, hassle-free and agile self-service experiences. This is accompanied by the responsible handling of required data. Customer expectations are growing and new generations are finding it easier than ever to change insurance companies to meet up to them. Manually adjusting and reviewing insurance claims often requires multiple phone calls, emails, and / or visits to insurance brokers and agents. Insurers therefore struggle with completing files on time.
In addition, customers prefer digital tools to check their claim status. Due to complex internal and software processes at insurers, it is not always possible to comply with these digital tools. The bottom line is that insurers have to adapt in order to survive.
Connect was developed to make all steps of the claim process digitally accessible via mobile, tablet and PC. The processes will be optimized on the basis of artificial intelligence, so that less fraud can occur from the customer and / or contractor. An additional part of the project implements smart home IoT sensory data, which can immediately report and possibly prevent damage to a property.
By embedding IoT and the AI automation bot, Keypoint’s solution can reduce fraud and ensure that all home repairs are done correctly and at a fair price by a licensed and reliable contractor. As a total management solution, the digital platform will ease stress and concern for stakeholders.
“Our online platform allows companies to manage claims on a central platform, which puts us at the forefront of insurance innovation. We are convinced that the addition of artificial intelligence and automation will take technical real estate management to the next level, ”said Jonathan Goderis, co-founder.
The knowledge of the sector and the experience of the many pain points led Jonathan & Tijs to brainstorm many possibilities to offer improvement. “As a startup, you logically end up in the scene of Vlaio. A strong idea needs room for development and that development can only be encouraged if you have enough capital. So Vlaio offers the perfect stepping stone. ”
Acquaintances and fellow entrepreneurs brought Keypoint into contact with Venture Campus. “We had a lot of ideas, but were not sure how to fit them into a clear innovative process. After a joint brainstorming session, we managed to distinguish the most suitable idea. Venture Campus ensured that the idea, with all its facets, fitted perfectly into the innovative project and mapped out the most efficient process for us. They immediately managed to capture it in a transparent and clear way. And that paid off for the final application, in which Vlaio awarded us the subsidy. ”
There is often a big difference between devising and planning and deregistering a project. At Venture Campus we take on the latter, so that the customer can concentrate on his core business. We get energy from innovative ideas and helping realize various projects. Feel free to contact us, so that we can get to know your business and we can evaluate what we could mean for your company and your innovative ideas.