Bambi Dynamic: Dynamic Personalized Car Insurance

Moshe Pinto, CEO,Zion Madmon, Chairman

Moshe Pinto, CEO

Over the last decade, digital transformation, on-demand economy and shared economy have made a profound impact on our consumption behavior and has resulted in a new kind of business innovation. Recently, this has impacted the mobility area thereby paving way for innovative mobility platforms, connected cars and the vision for the autonomous vehicles. Moreover, the automobile industry is now perceived as one of the growing industries around the world and one of the major P&C areas in Insurance. Despite such developments, there still exist challenges that insurance companies encounters. In some cases, they fail to keep pace with the existing challenges because of not adapting to technology.

Bambi Dynamic fitting right in the picture enables insurance companies to experience the technology that is said to revolutionize insurance industry. The aim is to provide a digital and personalized solution for insurance companies to cope with the upcoming challenges of the industry. The concept of an Insurance business, over the years, has remained constant and because of this, the introduction of new lines of business and new technical abilities are built on top of what existed before – creating the complexity of patches on patches. Then there is the digital transformation that has to adapt to businesses. This cost of this complexity is born by the consumers who not only pay for the non-efficiency but spread it on average on each consumer. In a consumer-centric world, to satisfy the ever-changing customer expectations, corporates require to be flexible, fast and offer an array of personal products. To provide that, it is important for the system to change from building things on top of existing layers, to building things from bottom up. This idea of bottom-up is implemented in all of the works Bambi Dynamic does. In each of its approach, it takes into account the building of its platform and working with its customers. Bambi's belief is that new technology and data should be the grounds for building the systems from the bottom up, taking in to account all elements that are and will be involved, thinking as much as possible on each possible business line that may be introduced.

Recognized as one of the best on-demand and usage-based insurance (UBI) start-ups in Tel Aviv, Bambi Dynamic solution is built on the concept that the whole car insurance model needs to be dismantled to its smallest elements on a granular level and re-assembled dynamically to various car insurance products according to the specific needs of user, usage (time, distance), type of driving (private, ride-hailing, car sharing), relevant insurance coverages (liability, comprehensive, collision, product liability) and personalization (static and dynamic data, behavior, connectivity). Such micro-structuring enables the company to deliver flexible UBI and On-Demand solutions and a wide range of dynamic insurance products. “Our platform offers insurance companies On-Demand and UBI insurance products which can combine layers of insurance policies and additional value-added services. Insurance products are developed by us and with interfaces are implemented with the insurer (Platform As A Service
– PAAS model). This gives our clients (insurers) a flexible, low cost, fast deployable On-Demand and UBI insurance product platform that practically translates to a competitive edge,” speaks Moshe Pinto, Co-Founder and CEO, Bambi Dynamic.

To receive the needed data, primarily the insurance products are connected to the relevant data sources of the users, cars and/or the mobility platform (i.e. Smartphones, API's, sensors, ADAS, telematics, connected cars and optional other external sources). Data then is used to enable the measurement of the usage, events, behaviour to enable the creation of complex insurance products for modern car services and mobility. “Our usage of connectivity with data sources is flexible. Adapting to the changing economic factors has made products, adjustments, changes and add-ons easier for us. The advanced databases have enabled us to deploy insurance rules within the products in hours or days instead of weeks and months without any coding. Our data-driven platform is built on wide cloud infrastructure to enable sustainable and dynamic insurance solutions, scalable technology and modular micro-services,” explicates Moshe.

"Bambi Dynamic Aims To Launch A UBI Car Insurance Product For Private Cars In TheLocal Market During Q2 Of 2019"

The Inception Story
It was in mid-2017 when Bambi Dynamic was established. The idea was to develop a broad infrastructure cloud platform that will provide a long-term sustainable solution for the insurance industry to develop, distribute and manage On-Demand and UBI insurance products. “As a 1.5-year-old start-up in the rising space of insurance technology, Bambi houses a team of experts who come from diversified fields of management, technology, international business. Like other startups, our architecture is cloud-based, and our platform is data-driven. As data aggregators, we use big data analysis and machine learning to enhance customer engagement, and optimize and personalize products, pricing, actuary and claims handling,” says Moshe.

The company’s work culture relays on transparency and sharing of information, respecting each and every opinion and taking carefully into consideration each possible way of operation - all directed to achieve the end goals. “This helps us to move decision very quickly and effectively in the pipeline and drives business excellence,” he adds.

Sailing against the Wind
In the initial days, partnering with a carrier was one of the major challenges that team Bambi encountered. “Collaboration between Insuretech start-ups and Insurance carriers is very challenging and that is why we chose to work with the most visionary and technology advanced partners in the local Israeli market. No doubt the collaboration was not easy but having a target oriented incumbent partners made the day to day challenges more comfortable,” Moshe informs.

With zeal and dedication, the team has successfully overcome the challenges and has learnt a lot from working with carriers to a level where it has carved a niche in the insurtech industry.

Bambi provides insurers with a standalone insurance process that can be done outside of the legacy systems and just reflected in the carriers in-house IT. Alternatively, it can also be part of a new digital platform of a carrier. Throwing light on, Moshe says, “For each insurer, we adapt interfaces and connect to the relevant data sources through our platform. We dynamically collect and analyze data. With the
usage and mining of data, we optimize and personalize pricing, actuary and claims handling”. In a nutshell, the company provides immediate transformation to digital, saves heavy investments and major operational cost for insurance companies and enables a competitive solution that is dynamic, consumer-oriented and continuously adaptable to changing economies and innovative technologies.

The Journey of Thousand Miles
Since inception, Bambi has partnered with some of the key players in the insurance industry. Currently, it is working closely with the biggest insurance companies in Israel. It also aims to launch a UBI car insurance product for private cars in the local market during Q2 2019. The product is expected to be launched in two versions – one for the whole market and the second a connected car in partnership with a big OEM. In addition to this, the company is engaged with several global enterprises and insurance companies related to the development of additional private car UBI products, ride-hailing UBI solutions and other dynamic motor insurance solutions. “Currently we have 12 employees and we expect to more than double the number by the end of 2019,” he asserts.

Zion Madmon, Chairman, Bambi Dynamic

Bambi now is engaged with several global sized companies for projects related to the usage of its platform. It is with its partnership with such global companies, team Bambi envisions developing new UBI and on-demand motor products and dynamic motor insurance solutions. “We intend to initiate these global projects in 2019 and expand our reach beyond the local market. 2019 will be our breakthrough to the global market,” Moshe concludes.

Panel 1:
Key Management
Zion Madmon, Chairman, Bambi Dynamic
Zion is a serial entrepreneur with more than 20 years of experience in information and real time technologies. Zion founded the first dating website in Israel "Cupid" and sold it to "Jdate" later. He then founded "Travelist" the leading tourism price compression website in Israel where he still serves as a board member.

Moshe Pinto, CEO, Bambi Dynamic
Moshe has more than 20 years of experience in domestic and international business management, business development, operations, finance and legal. Moshe is a CPA and served as CFO, COO and various Executive positions during the years mainly in Financial, Commercial and Media companies conducting business globally.

The Key Message
Bambi Dynamic is not just another UBI device solution, it is a solution for the visionary insurance companies looking on the future and understanding that the dynamic change of the mobility landscape requires a different approach in product offering, customer engagement via data utilization. Therefore, the company provides data driven end to end full insurance platform solution for personalized insurance products characterized with on-demand activation and usage-based billing.