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Tomasz Freier

Head of Compliance
Angels Den

Dear User,

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In connection with the above, I agree to the processing of my personal data by Angels Den and its Trusted Partners. I confirm that I understand that my personal data is being collected as part of my phone calls, use of AD’s online platform, Websites, and other functionalities of AD, including the data saved in cookie files. I also consent to profiling in order to allow Angels Den and its Trusted Partners the provision of better services (including for analytical purposes). Your data will only be processed on a valid lawful basis in accordance with applicable data protection laws. The processing of your personal data for marketing purposes (including statistical analysis) by AD is based on the firm's legitimate interest. The processing for marketing purposes by our Trusted Partners is only possible if we receive your freely given consent. We will also process your personal data to fulfil our contractual obligations to you as contained in AD’s Terms and Conditions of the use of our Website and services. Therefore, this data will be processed on another lawful basis – ‘contract’. We will also process your data to comply with our legal obligations for our Service (such as anti money laundering and know your customer requirements), which is also a valid lawful basis in accordance with applicable data protection laws.

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If you have any doubts or questions about the use of your personal data, please do not hesitate to contact me via email. I’m happy to assist.

Tomasz Freier

Head of Compliance
Angels Den
tom@angelsden.com

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BLOCKCLAIM - Investment Opportunity

Imperial College based insurtech startup solving fraud and claims problems for (motor) insurance. Increasing fraudulent claims detection and reducing claims processing time for motor insurance. This allows insurers to reduce costs, increase customer retention and provide a clear competitive advantage. They do this by combining state of the art technologies such as AI and Blockchain and integrating them with insurers existing workflow in a non-intrusive manner, through a plug & play module. Pilot launched with insurer and with top insurance executives as advisors (Admiral, Generali).

THE IDEA
Products & Services

They combine telematics data (driving behaviour) with insurer data (driver) and open source data (geo-location, weather, credit risk score, etc ...). This data is fed into the AI/Fraud filter for each claim. The AI calculates a detailed fraud probability. This fraud risk score (low, medium, high risk) gets fed into the blockchain, on which all the actors in the process are connected (claims handler, garage, etc ...). The blockchain automates the low risk claims (approx. 40%), which reduces the settlement time from 25 to 3-7 days; and redistributes mid-high risk claims to appropriate parties within the insurer and the AI continually gets better through a feedback loop.

Problem Solved

Claims Fraud and inefficient Claims Processing cost the insurers up to 30% of their total revenue (£6 billion/year just in the UK). The problems include a lack of data integrity, minimal fraud filtering and the presence of various actors in a claim. Most problematic claims are crash for cash and fake whiplash. By eliminating Crash for cash fraud, insurers could save £344 million pounds yearly or £115 per claim. Automating low risk claims shaves off 21% of the claim cost, thus saving insurers £327/claim or £998 million per year. Further redistribution of claims volumes to relevant actors, together with their situational data reports, makes claims handlers up to 50% more efficient.

Revenue Model

Straightforward SaaS model which charges per processed claim. They make/save the insurer £225 per processed claim. They charge £45 per processed claim + a set up fee of £50,000.
£45 is only 20% of the recuperated cost that our solution offers, or £2 for every £10 generated and less than 2% of the average cost per (non-injury) claim, which is £2,667. Context: nearly 3 million motor claims are processed in the UK yearly, for a total value of over £6 billion. This does not include fraud, which adds another £835 million in cost. They only need to process 10,000 claims per year to break even (or 0.3% of motor claims in UK).

Exit Strategy

Next steps:
- Series A funding |Q1-2 2019 | after finishing pilots with insurers and bringing alpha product to market | £5 million

IP:
Blockchain structure linked to ML engine, telematics and API’s, as it requires access to various proprietary data sets and demands know how of very new technology as well as deep knowledge of the insurance claim structure. Furthermore, all AI data conclusions regarding fraud are owned by BlockClaim and can be extrapolated to other parts of insurance

Exit routes:
- Insurers (e.g. Generali, Admiral)
- Claim software companies (e.g. LexisNexis, Guidewire)

Minimum Target £ 400,000 Maximum Target £ 450,000 Minimum investment amount £ 20,000 Maximum investment amount £ 50,000
Share On Website Visit site Location LONDON
Gallery
  • (BlockClaim) gallery
  • (BlockClaim) gallery

The Idea

Products & Services

They combine telematics data (driving behaviour) with insurer data (driver) and open source data (geo-location, weather, credit risk score, etc ...). This data is fed into the AI/Fraud filter for each claim. The AI calculates a detailed fraud probability. This fraud risk score (low, medium, high risk) gets fed into the blockchain, on which all the actors in the process are connected (claims handler, garage, etc ...). The blockchain automates the low risk claims (approx. 40%), which reduces the settlement time from 25 to 3-7 days; and redistributes mid-high risk claims to appropriate parties within the insurer and the AI continually gets better through a feedback loop.

Problem Solved

Claims Fraud and inefficient Claims Processing cost the insurers up to 30% of their total revenue (£6 billion/year just in the UK). The problems include a lack of data integrity, minimal fraud filtering and the presence of various actors in a claim. Most problematic claims are crash for cash and fake whiplash. By eliminating Crash for cash fraud, insurers could save £344 million pounds yearly or £115 per claim. Automating low risk claims shaves off 21% of the claim cost, thus saving insurers £327/claim or £998 million per year. Further redistribution of claims volumes to relevant actors, together with their situational data reports, makes claims handlers up to 50% more efficient.

Revenue Model

Straightforward SaaS model which charges per processed claim. They make/save the insurer £225 per processed claim. They charge £45 per processed claim + a set up fee of £50,000.
£45 is only 20% of the recuperated cost that our solution offers, or £2 for every £10 generated and less than 2% of the average cost per (non-injury) claim, which is £2,667. Context: nearly 3 million motor claims are processed in the UK yearly, for a total value of over £6 billion. This does not include fraud, which adds another £835 million in cost. They only need to process 10,000 claims per year to break even (or 0.3% of motor claims in UK).

Exit Strategy

Next steps:
- Series A funding |Q1-2 2019 | after finishing pilots with insurers and bringing alpha product to market | £5 million

IP:
Blockchain structure linked to ML engine, telematics and API’s, as it requires access to various proprietary data sets and demands know how of very new technology as well as deep knowledge of the insurance claim structure. Furthermore, all AI data conclusions regarding fraud are owned by BlockClaim and can be extrapolated to other parts of insurance

Exit routes:
- Insurers (e.g. Generali, Admiral)
- Claim software companies (e.g. LexisNexis, Guidewire)

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