Contact person: Mark Wales
Email address: firstname.lastname@example.org
Contact number: +852 9182 9702
Asia and ANZ
The Digital Insurer Startup InsurTech Award
Hundreds of millions of people in Asia’s emerging middle class will enter the addressable market for insurance in the next decade. Insurers are struggling to reach this market using traditional methods such as agents and banks.
This requires a digital solution.
WHO IS GALILEO PLATFORMS
Galileo Platforms is a B2B technology company serving the insurance sector. Using blockchain technology, we cost-efficiently connect distributors and insurers, enabling them to transact in real-time and to deliver a seamless, digital customer journey.
Fundamentally, we are taking the functionality found in traditional policy administration systems and encoding this using smart contracts on a blockchain. This covers the entire business process including quotations, purchase, client servicing, renewal and claims.
This is ambitious, but the outcome has the potential to transform the industry.
THE PROBLEMS WE SOLVE
Legacy systems drive manual business processes, constrain product innovation and inhibit the delivery of a complete digital experience for insurance buyers. In-person sales channels are not scalable and drive up minimum ticket sizes. Collectively these systems and channel problems prevent access to insurance for many retail consumers in Asian markets.
Our low cost, straight through, digital process makes it cost effective to provide insurance for underserved segments.
Insurers, distributors and reinsurers who serve retail clients in Asia. Early adopters are large multi-national insurers who are subscale in Asia and looking for new growth opportunities. We plan to enter one market with a single insurer and distributor and expand from there.
THE PLATFORM ENABLES
• Distributors can easily request insurance quotes from multiple insurers.
• Consumers can purchase new policies, pay premiums online, file claims, request changes to customer information and renew their policy.
• Insurers can conduct the insurance services usually performed by a legacy-based policy administration system and obtain real-time data analytics to track business performance.
• Third parties that want to do business with insurers and distributor can use Galileo as an integrator to digitally connect to legacy systems.
• All relevant participants can view the information they are party to, eliminating the costs and errors associated with sending, receiving and reconciling data between themselves.
• Access to new channels and segments
• Reduced errors and costs
• Faster, cheaper product innovation
• Direct digital sales channel
• Engagement with digital services and Insurtech partners
• Real time transactions between distributors and insurers
• Access to a single source of truth by all participants
• Secure, encrypted data
Our platform is a permissioned private network. Only regulated entities will be able to establish nodes on the network. This would be reinsurers, insurers and their distributors (such as brokers, banks, aggregators and telcos).
The blockchain uses Ethereum as the base technology. An overlay, called Quorum, enables transactions to be encrypted so they can only be accessed by parties to the transaction. By using faster consensus mechanisms, we can build blocks sub-second creating an environment for real-time transactions.
• Structure of over 90 smart contracts interoperating on the blockchain
• APIs to abstract users from the blockchain
• Oracles to deliver services and automate status changes
• Off Chain, storage to hold information we don’t want to store on the blockchain
• Reflector: Database and user interface for insurers and distributors
WE ARE NOT A CRYPTOCURRENCY PLAY
Galileo Platforms is an enterprise blockchain solution and is funded as a traditional startup. We do not have a token nor will we be doing an ICO. We’re about using the power and structure of smart contracts to emulate the functionality of policies, claims, etc and revolutionise the insurance industry.
THE LEADERSHIP TEAM
Mark Wales, Matt Crooks and Annette King have decades of insurance experience specialising in Asia. Their careers span CEO, CMO, CFO, CIO, operations, distribution and actuarial roles at leading insurers, wealth managers and consulting firms.
Galileo Platforms’ solution has the potential to re-engineer the insurance value chain, lowering operational costs and enabling insurers to develop new products and have access to new markets. Our platform attacks the fundamental problem of legacy systems holding back the industry. It has the potential to transform the insurance.