$1Million on the Development of Smart Insurance Technology
In June 2020, Cloud Insurance launched an ambitious 1-year development project evaluated at $1mln (£844,142).
Its main aim is to offer insurance providers new SaaS features and innovative technology that has no market precedence. The project is funded by customers and investors of Cloud Insurance in addition to new funding obtained from Innovation Norway.
During the COVID-19 period, we at Cloud Insurance has focused on the improvement and further development of our seamless insurance software. We believe these activities will help us gain an even bigger competitive advantage in the international insurtech arena.
New Insurtech Project & Funding
In June 2020, we launched an ambitious 1-year development project evaluated at $1m (£844,142). Its main aim is to offer insurance providers new SaaS features and innovative technology that has no market precedence. The project is funded by our customers and investors in addition to a new funding obtained from Innovation Norway.
Within this project, we will research, develop, and introduce three key functionalities. Firstly, an API module for secured data processing between our system, the insurance client company, and third parties. Secondly, a machine-learning algorithm that will automatically conduct a claim assessment. And thirdly, a smart pricing module that will make automatic adjustments to insurance prices based on the insuree’s current situation.
Håvard L. Nilsen, the initiator of this project, our CTO and co-founder, says:
“Despite the competing solutions offering automation features to insurers, to our knowledge, there is no available solution that would cover the complexity we are to deliver. Unlike our competitors, we will be the first to introduce a full-scope API integration, claim assessment machine learning tool, and a smart pricing algorithm. Thus, we will be able to provide cutting-edge services to insurers, increasing the efficiency of their work and claims management accuracy while decreasing costs associated with redundant manual work”.
Recruitment at Cloud Insurance
Earlier in May this year, we also hired Odd Arild Meling who has over 25 years of experience in IT and startup development. His experience ranges from developing startups like One Call, EasyPark, and The Viking Planet, as well as being in charge of advanced enterprise stacks in Tele2 and Telia. We are extremely excited to have him on board as a Tech Head for our innovative project.
“Within a global market space, Cloud Insurance is a special and unique company. And with a dedicated team and visionary founders, it is a genuinely agile business. Customer solutions and software are the heart of the company. It is an excellent opportunity for me to join the team when we are investing in product development to serve demanding customers in the age of digital transformation.”
Odd Arild Meling, Tech Head of Cloud Insurance.
Over the next 18 months, Cloud Insurance expects to reach 40 employees. Meanwhile, Håvard L. Nilsen shares recruitment plans for 2020-2021:
“Only within 2020 and 2021, we plan to hire an additional skilled workforce to our Oslo office: Senior Backend Developer, Senior Backend Developer, Tester and Controller, Senior AI Analyst and Senior Machine learning Analyst.”