Through the program, Ubios (which operates out of Quebec) will gain access to six big insurance players in the U.S. market. The accelerator program is running in Hartford, Connecticut, with the scheme partners being the major players Cigna, The Hartford, Travelers, USAA, White Mountains, and CTNext.
New technologies for insurance
Ubios leverages big data analytics, the Internet of Things and motion detection technology for insurance services. One major application is with assisting landlords to prevent water damage across different properties. Early detection of water leaks leads to less frequent insurance claims and ultimately monetary savings in the long-term.
This is through a smart device, which replaces a conventional thermostat or light switch. This is connected to a smart water valve and leak detectors. This arrangement is sufficient to it protects an entire apartment block. Based on motion detection technology the system detects when there is nobody at home and closes the main water valve, preventing water damage.
Hartford InsurTech Hub
In total eleven insurtech companies have been selected for 2018 cohort of the scheme, which is dubbed the Hartford InsurTech Hub. The eleven were selected from over 1000 applicants, a sign of the rapid expansion with insurtech and fintech services. Ubios is the only Canadian company to gain a place on the program. Of the other ten, six are U.S. with two from India and one apiece from Australia and Singapore.
Commenting on the program, Mathieu Lachaîne, who founded Ubios, is quoted by Insurance Business magazine as saying: “We’ve started sales in Canada in 2017, and it was our plan to start exploring the US market in 2018.2
The entrepreneur adds: “The Hartford InsurTech Hub will accelerate that effort tremendously, as we’ll have direct collaboration with insurers to target our efforts to their customers who experience the most pain from water damages.
New base for Ubios
As part of the arrangements, Ubios will relocate to Hartford from the outset of the program to work with the insurance partners. The program provides support, resources, and industry, as wlel as investor connections.
With the scheme, Erika Bothma, who is in charge of the Hartford InsurTech Hub, stated that the key thing was to identify and to pool talent, adding: “If there’s one thing we can be sure of, it’s that exceptional talent will develop all over the world. We’d be remiss if we did not tap into the unique viewpoints that are often developed from analyzing situations from a fresh perspective.”
