In an effort to get to know the InsurTech ecosystem and their representatives better, we asked them a few questions.
This time we caught up with Dan Isaac, in charge of Operations for IBISA , who takes part to the InsurtechSummit co-organized by Farvest and the LHoFT on October 18th.
1/ Can you tell us a little about yourself and about your company? How did you get the idea to launch your service?
I joined the IBISA team almost at the start, when Maria Mateo and Vu Tien Khang had conceived the idea and were defining its foundational principles. IBISA grew to become the star product of Bitvalley, a company that was created in 2015 (formerly Bitbank) to deliver consultancy and services in the growing field of blockchain. At Bitvalley we knew that blockchain could play a key role in adding value to the Insurtech industry, but we didn’t find the right hook. It was thanks to our combined experience in Earth Observation and working with NGOs in the agricultural domain that we came up with the first concept: to create a community-based risk sharing system that would provide farmers with adequate protection against crop loss due to excess or lack of rain. At that time (late 2017) the European Space Agency had issued a call for proposals for innovative applications and we decided to apply. We were successful and were awarded a grant (supported by the Luxembourg Government) to further develop the IBISA concept. Six months later (mid 2018) we not only matured the concept but we established the team that would turn it into reality (including our world-class micro-insurance expert Annette Houtekamer) and signed over a dozen partners to field test the first prototype. We are now in our next round of investment, seeking to raise funds for our minimum viable product (MVP). It is hard to believe that we’ve come so far.
2/ What does it take to be a good entrepreneur?
First and foremost an entrepreneur needs to be persistent; there are many doors to knock on, and many roads that lead nowhere, so an entrepreneur needs to have the patience and calm strength to carry on. Persistence does not necessarily mean blind stubbornness: one must be able to change the initial idea and adapt the concept to what the market is telling you; or pivot when she/he sees that the product/service is going nowhere. Another important quality is the ability to network and take advantage of the relationships that are formed along the entrepreneurial journey; things don't happen in a vacuum and an entrepreneur needs all the help she/he can get.
3/ What is your role model or leitmotiv and why?
I’m a bit of a geek, I love Space and I love new technology. I also like history, especially learning how new technological developments helped people rise from poverty and ignorance throughout the ages. The modern print gave the common man access to information in ways that were not possible before Gutenberg. The Internet opened a window to the world and helped us reach beyond our village. Space gives us a vantage point from where we can communicate across the globe and observe nature in real time. Yet poverty and inequality continue to be prevalent in our planet. I believe technology gives us the tools to take another leap forward; whether it is the Internet, blockchain, Earth Observation, the smartphone or a mix and match of all of these, it remains to be seen, but it is within our power to come up with the solutions that will help us, and our planet, live a little bit better.
4/ Any personal insight on Insurtech trends you want to pass on to readers?
Insurtech is more of an opportunity than a threat to insurance companies. The environment around insurance is getting more and more complicated every year, be it for regulatory reasons (Solvency II, IDD, GDPR, etc.), heavy competition or an uncertain economic environment. In this climate, insurance companies are reaching out to Insurtech’s that can provide them with the tools and cutting edge they need to ride this wave of change. The future is uncertain yet full of opportunity; even highly disruptive initiatives such as IBISA can complement traditional insurance, by providing the first layer of protection that smallholder farmers in developing countries need in order to achieve income stability, improve their risk profile and access traditional insurance products. Insuretech is like any other tech, if it does the job, then use it.
Want to meet him? Register for the InsurTech Summit >> Click here
Publié le 15 octobre 2018
