Insurtech: The Data Appeal Company and Lokky Sign an Agreement

The agreement provides for the activation of synergies with a view to offering the business insurance startup new AI services, through the use of Alternative Data provided by the company part of the Almawave Group.

The data appeal company, company of the Almawave Group, leader in Artificial Intelligence (AI) in natural language analysis and Big Data services, and Lokkithe Italian data driven Insurtech dedicated to Small Businesses, Professionals and Freelancers, announce that they have signed a partnership in the field Insurtech.

The agreement has as its object the provision of the solution Alternative Data for Insurtech – that is, the offer of new services dedicated to Italian operators in the insurance sector – to the insurance startup Lokky, through the use of alternative data made available by The Data Appeal Company. These, available by accessing multiple digital sources, information available online and using advanced Artificial Intelligence algorithms, allow the precise analysis of contents and functional information to improve understanding of the customer and of the parameters useful for more effective operational management, increasingly oriented towards sustainability and risk.

The data, constantly updated, will allow Lokky, for example, to have a series of additional indicators extremely useful in the customer risk analysis process and in the operational area where insurance coverage is required. The availability of this geolocalized data will allow us to evaluate, in an even more targeted way, and personalize the insurance coverage most suited to the customer’s needs, all in full compliance with privacy and regulations.

Mirko Lalli, CEO of The Data Appeal Company and Chief Group Digital Strategy Officer of Almawave, he underlined: «The partnership with Lokky makes it possible to facilitate the introduction of our Group’s solutions in the insurance company market and to make important steps forward towards an increasingly digital, data driven and sustainable insurance model. This partnership aims to make the potential of Artificial Intelligence more tangible in people’s daily lives and if on the one hand it will allow digital platforms and insurance companies, through data analysis, to better understand the context in which the company’s customers operate, on the other hand it will allow us to offer the customers better and personalized products, reducing the risk by acting directly on the cost of the insurance premium».

Sauro Mostarda, Co-founder and CEO of Lokky, highlighted: «Lokky’s target customer base is made up of over 6 million micro and small businesses, professionals and freelancers. These customers already subscribe to insurance products for their business activities for around 5 billion in premiums, almost all of which are intermediated through traditional channels. There is therefore a very high potential to satisfy the part of customers who already today ask for a totally digital and personalized experience to attract new professionals and businesses, who until now have remained uncovered also because they are difficult to manage by traditional players. The partnership with The Data Appeal will allow us to accelerate this process of acquisition and provision of new, increasingly personalized insurance products, exploiting more and more data available digitally to improve the customer onboarding and profiling process, to provide the insurance solution most suited to the entrepreneur’s needs».