Objective
Last time you paid your insurance bill, did you realize that about 25% was to pay for legacy processes that are frozen due to inflexible IT systems setup in the 80s and 90s? You’d be right to expect that a worldwide industry with 32,000 insurers generating over 3% of world’s GDP with a highly immaterial business model would be the first to make effective use of IT. It isn’t.
The knowledge needed to run the business has been buried under layers of dated tools, unable to respond to new customer segments or expectations, and leading traditional insurers to the verge of disruption in the next 5 years. One of the main causes is insurers take on average 9 months to launch a new insurance product due to the complexity and number of their legacy systems. As a consequence, they spend 70% of their IT budget just to maintain the status quo.
With InsurAgility, using an insurance product editor and generative code, we enable insurers to launch new products in one month, make complex changes in hours and simple ones in minutes. All done by actuaries and insurance business users with no need for IT staff. The result? 90% faster time to market, anticipating sales and lowering operating costs.
Why would conservative insurers take such a disruptive approach now? Three reasons: rise of the empowered customer, new nimble players that are responding fast to these customers for a fraction of the price, and the lowest interest rates in recorded history. There is no choice but to act on the operational costs that add no value for customers. With 30+ years of experience in insurance, 50+ customers and 5 world-class partners supporting the sale and implementation of our software, i2S proposes to further develop its disruptive solution to target an addressable market of 1,900 insurers. In 3 years, with just 2% of the addressable market, i2S will achieve a ROI of 3 and 10M€ in accumulated profits.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
- natural sciences computer and information sciences software
- social sciences sociology governance
- humanities history and archaeology history
- social sciences economics and business business and management business models
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-2 - SME instrument phase 2
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
4250 505 Porto
Portugal
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.