YAS MicroInsurance (YAS), a Hong Kong-based insurance on blockchain frontier, said Thursday it is joining forces with Amodo, a Croatia-based telematics insurtech company, to deliver autonomous insurance on-chain.
This collaboration symbolises the new age of insurance against the backdrop of smart cities, both parties said in a statement.
According to the statement, YAS’s on-demand mobile application and eco-blockchain currently provides insurance for new generation lifestyles not limited to outdoor sports, online commerce, public commute and the world’s first non-fungible token (NFT) insurance to address the emergence of web3 activities.
The protection offered by YAS will be enriched by the deep data insights generated from the telematics technology provided by Amodo, helping to better address users’ risks.
This partnership unlocks the ability for YAS to provide autonomous insurance, combining with YAS eco-blockchain to automate and streamline the underwriting process with greater transparency and ownership of data back to users.
YAS and Amodo formed this partnership as these two insurtech companies share the same goal of reforming traditional insurance and revolutionising the industry to be integrated with smart technologies.
“It really is fascinating to enter the new partnership with such an innovative high-tech company like YAS. Offering on-demand microinsurance for different kinds of activities and situations is truly changing the way people buy and claim insurance. Using Amodo’s technology and know-how, YAS will enrich and further optimize its current offer. I am delighted about this and can’t wait to show to the world what these two companies have on their roadmap,” said Marijan Mumdziev, Amodo Chief Executive Officer.
According to the statement, a multitude of technological advances across the fields of artificial intelligence, web3, DeFi and the Internet of Things is shaping the future of society. These innovative technologies create unique risks, at the same time presenting unique opportunities for insurance innovators to pave the way and define the rules of future smart cities.
“We see huge synergies in forming this strategic partnership with Amodo. Their presence in Europe and our footprint in Asia will unlock a truly global platform for us. By integrating Amodo’s telematics engine to YAS’ eco-friendly insurance blockchain, we will leap ahead, ever closer to our vision of how future insurance works – autonomous insurance on-chain to the world as we transition from the old and web2 world into a more interconnected world with Web3,
“YAS will take this partnership forward to produce machine-to-machine and human-to-machine protection, preparing global users for the interconnected future of smarter and greener cities,” said YAS Co-Founder William Lee.
YAS is an Asia-Pacific InsurTech company headquartered in Hong Kong with operations in Vietnam and Malaysia. Applying blockchain and InsurTech, YAS has created a number of on-demand insurance trends in Asia, including insurance for hiking, cycling, transport, and the world’s first NFT insurance. It is committed to reshaping insurance for new generations through the use of technology.
Amodo is an InsurTech company based in Europe. Its Amodo Connected Insurance Platform enables insurance companies to create and brokers to place hyper-personalized usage-based insurance (UBI) products on the market.
Amodo clients use its platform to gain strategic insights into customers’ profiles, segment them into relevant groups and acquire profitable ones. Over the past nine years, this European insurtech launched close to 50 Connected Insurance projects worldwide with some of the leading companies such as AIG, Porsche Insurance, UNIQA, and many others.