LONDON, April 20, 2020 /PRNewswire/ -- Babel Cover, an innovative British technology start-up is developing a range of digital first inter-connected financial services products. As a first phase it has released a fully digital insurance product with leading Maltese insurer Atlas and emerging technology firm Piprate to insure bicycles of competitive cyclists, triathletes and commuters of Malta, a full European Union member Country. The intention of the pilot is to perform live and controlled product and technology testing laying the framework for release of new products and more countries.
"With our experience both as a leading insurer and protected cell platform in Malta, Atlas is pleased to provide insurtech start-ups with regulatory expertise, infrastructure and economies of scale only usually found in well-developed insurers. Piloting Babel Cover in Malta is also a natural fit with our pursuit of leading customer experience, where we are making significant investments in new innovative technology," said Matthew von Brockdorff, Chief Executive Officer of Atlas Insurance.
"Babel Cover believes buyers of insurance will ultimately benefit by having a fully digital product that offers more transparency, ownership and oversight of the insurances they purchase and the investments underpinning the premiums collected," said Stuart King, Founder & CEO of Babel Cover.
"Insurance provides an essential social and economic role. The current business model underpinning the deployment of insurance capital to risk is not overly efficient and is subject to an overwhelming amount of non-added value cost. Babel Cover's proposed risk financing model as supported by modern technologies will ultimately lead to individualised insurance and cost savings. Babel Cover proposes to return savings to customers in the form of rewards to build greater loyalty and trust between buyers and sellers of insurance," added King.
"This collaboration is an important milestone towards Piprate's objective of providing a seamless, privacy-conscious way of exchanging insurance data. Piprate's data wallets that hold the insured's data, from personal details to policies and claim documentation, are ideally suited for the next generation of insurance products. We are delighted to be a part of Babel Cover's vision and the heightened attention on data protection, transparency and operational efficiency," said Stan Nazarenko, Founder & CEO of Piprate.
"Atlas Insurance, Babel Cover and Piprate share a common desire for insurance to be as sustainable as possible. We are delighted that for every bicycle policy sold Babel Cover will make a donation to Saġġar a non-profit organisation that is focused on planting one million indigenous trees on the Islands of Malta, further supporting Atlas continued commitment as part of its corporate social responsibility strategy," said Claude Ebejer, founder of Saġġar.
Atlas Insurance employs just over 190 people. The Group operates an extensive branch and intermediary network throughout Malta and Gozo and is one of Malta's leading insurance and financial services companies on the island. Learn more at Atlas.com.mt
Babel Cover is an early stage financial services technology start-up firm focused on optimising insurance. Babel Cover's founder Stuart King, an innovative international risk finance practitioner, has set a vision to contribute to, support and co-exist in the new world of inter-connected financial services products. Learn more at Babelcover.com
Piprate is the leading-edge data exchange platform for the insurance industry, enabling the secure transfer of data between parties. Through the use of distributed ledger technologies and building digital twins of insurance risks, Piprate aims to solve the insurance industry's fundamental data sharing problems. Learn more at Piprate.com
Saġġar aims to sow and plant a million trees and shrubs of the native genotype and rehabilitate ecological reserves, public land and private lands in Malta. Everybody has a role to play - this is only possible through collaboration. Saġġar is to bring about an inclusive and proactive movement that consciously revitalises the Maltese islands. Saġġar will apply an ecological mindset, conduct research and apply conscious designs Learn more at Saġġar.com.mt