Israel Innovation Authority backs disruptive insurtech subsidiary
The Israel Innovation Authority has made a grant payment of $650,000 (£477,000) to an insurance subsidiary focussed on disruptive technology, AI and data.
The grant, issued to kasko2go on 8 August, came after the company underwent a stringent selection process.
The insurer was first challenged by a team of experts, on both the innovation and R&D of the technology before financial support was granted. Additionally, the Israel Innovation Authority assessed the competence and potential of the team to deliver on the technology.
The Israeli development arm and subsidiary of insurer kasko2go, K2G LTD, said in a statement that the funding will support the “continued R&D of the company’s disruptive technology in the insurance industry.”
The Normal Sigma technology — grounded in big data and AI — offers the first risk assessment solution for the car insurance market that is based purely on irrefutable data.
Through the processing of 0.5 PB of data, Normal Sigma calculates the precise accident probabilities for drivers, thus providing actuaries and underwriters with data that can significantly influence their pricing and risk assessment models.
Genadi Man (pictured), chairman of the go2solution holding, said: “We are very pleased that our innovative technology (Normal Sigma) and our R&D team in Israel withstood the stringent due diligence of the Israel Innovation Authority, and were selected as one of the few companies to receive funding
“It makes me incredibly proud that we received the approval, confidence, and support from one of the world’s highest-ranking countries regarding innovation and technology. It is proof once again, that we are on the right track with the technology we are developing,” he said.
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