Protektr acts as an insurance broker in partnership with insurance providers and equity / lending crowdfunding platforms to offer insurance products to the alternative finance market. Protektr is part of The Grow VC Group. Protektr especially offers a technology solution to automate selling, analytics and pricing of the insurances in the alternative finance.
Watch the video to learn more about Protektr and its solutions. And contact Protektr if you want to work with Protektr, or your platform or insurance business wants to partner with it.
On October 18, 2016 the Malaysian Central Bank published its financial technology regulatory sandbox framework to enable the live experimentation of fintech solutions in the country. This initiative echoes the statement issued by the Indonesian Central Bank in late September: “Next month we will launch a fintech office [and] establish a special task force that will coordinate with other fintech offices". In this post, we will get an update on what's happened since they've been deployed.
Indeed, both countries have decided to join the increasing list of governments and regulators (the FCA in the UK, the AMF in France, the MAS in Singapore, to name a few) that have created an environment in which domestic and foreign firms can develop cutting-edge financial technology services, and ultimately revolutionize the global financial system.
More than a trend, the fact that so many regulators are lowering regulatory requirements for fintech firms while providing them with a flexible framework illustrates an increasing awareness of the potential that lies within the digitalization of financial services. When alternative financial services originally emerged thanks to the availability of innovative technology, few governments were willing to support disruptive firms.
However, over the past few years it has became impossible for established institutions and governments to ignore the possibilities offered by fintech firms to lower costs while providing services to people that were previously out of reach for financial institutions. While the use of the term ‘sandbox’ can seem intriguing when referring to innovative financial services, it can be understood as a secure environment in which innovative firms can demonstrate the viability of their solutions.
Recently, Crowd Valley (a Grow VC Group company) presented its own sandbox to give interested firms and institutions an opportunity to use our state of the art infrastructure to provide their target audience with a unique user-experience. All interested parties are encouraged to contact us in order to develop and test their own innovative solutions.
Read the whole article on Crowd Valley News.
Insurance has remained fundamentally unchanged for centuries. It has been described as one of the least trusted industry sectors with the lowest level of user satisfaction. Accordingly, to Daniel Schreiber, Lemonade CEO, the cause of this consumer unfriendliness is in the traditional structure of insurance: every dollar insurance company pays for their customers is directly taken away from their profits, which makes insurance company’s interest directly contrary to its customer’s interest.
Insurance Technology (InsurTech) pioneers are working towards an ecosystem in which insurance could be sold entirely online without using any insurance brokers, AI is able to calculate insurance policy rates without human error, customers are able to get insured within seconds and claims paid in minutes. If this was to be achieved profits generated from unpaid claims previously directed to the insurance company, could now be paid to the customer’s chosen common good.
The insurance industry is claimed to be more complex when compared to financial services, regardless if the statement is true we can begin to see parallels emerging. The ability to collect, analyze and display data in real time underpinned by transparent internal processes have been the basis for FinTech and as we see also InsurTech. Further, as InsurTech adoption grows as will the ecosystem, which will allow more platform complexity assumingly supplied through the API economy.
For insurers, they can take a pragmatic first step by leveraging and applying proven digital finance API’s. Flexibility within these API’s should be the main driver when choosing a provider, as this will allow for changes in regulation/best practices, absorption of internal systems and integrations to ecosystem support as they come online.
Read more at Crowd Valley News.
Est. 2009 Grow VC Group is building truly global digital businesses. The focus is especially on digitization, data and fintech services. We have very hands-on approach to build businesses and we always want to make them global, scale-up and have the real entrepreneurial spirit.
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