Contact person: Neelima Rathi
Email address: [email protected]
Contact number: 00447889188017
The Digital Insurer Startup InsurTech Award
Oida vision is to have economical impact by making it cost effective for both consumers and insurers and environmental impact by aiming for paperless claims as much as possible.
In today's world where everything is becoming ‘hyper-personized’ to customer needs it’s becoming more essential and logical to focus on making everyday life simpler and smarter. One of the sectors which is currently going through innovation is insurance. While many new insurance start-ups are focusing on instant or on-demand insurance there is still a gap in the area of the Claims being instant or near real-time.
An insurance claim is the defining moment in the relationship between an Insurer and its customer. If a claim is handled well by the company, it has a direct effect on the retention rates thus raising it high. If handled poorly, the Insurer may not only lose the client, but also damage its overall reputation which has both short term and long-term impact on the company’s growth plans. In today’s landscape this claim handling process is time-consuming due to legacy technological systems and decades old human processes which are not only erroneous at times but also leave customer frustrated and angry.
This is where Oida platform aims to make claims transparent, paperless and efficient for both personal and business insurance. Backed by blockchain technology OIDA will allow a secure, immutable, distributed and digitised low-cost solution. By moving insurance claims onto an immutable ledger, blockchain can help eliminate common sources of fraud in the insurance industry.
Oida is a London based startup born in early 2018 in ‘Apple Developer Academy’ in Naples, Italy an innovation hub with the joint collaboration of Apple and University of Federico II where some brilliant minds came together to realize a working prototype which allows instant claims for the flight delays for travellers allowing them an effortless experience without the hassle of chasing insurance or waiting for the payment for days/months while giving full transparency of the whole process to both the consumer and the insurer allowing a trustable relationship with enhanced customer experience.
OIDA team currently comprises of five members with the mix of experienced and young professionals who all aim to ‘impress’ as they go along in this journey. It’s a diverse team from all over the world who meet in Italy and now continue to work on the project.
OIDA roadmap is to focus on travel insurance for now with plan to expand in other insurance verticals in future. With the use of distributed ledger technology, we will be able to streamline processes, such as contract enforcement, by integrating delivery and payment into the contract itself. Also allowing increased IT security, utilising the unprecedented protection that Blockchain offers against fraud and hacking. Resulting into improved transparency by accessing accurate transaction data from across your company’s extended value chain.
OIDA is currently looking to partner-up with insurance firms and build the solution in a more collaborative environment.
We believe we that we are perfect candidate for the award as we young dynamic company hungry and crazy with our mission to make an impact in the insurance world by making claims ‘simple’.
Insurance Claims. Made Simple.