engAIge and 2021.AI join forces to innovate and simplify embedded insurance

engAIge GmbH integrates 2021.AI’s enterprise AI platform, Grace, into its data-driven modeling services to create new insurance ecosystems in Germany.

COPENHAGEN, DENMARK | JUNE | 2022

2021.AI will form a partnership with engAIge GmbH to integrate the Grace platform’s AI capabilities into engAIge’s internal infrastructure, supporting client projects and the formation of virtual stakeholder ecosystems.

Based in Frankfurt, Germany, engAIge develops data-driven solutions and applications for the financial services industry. In using the Grace platform, engAIge simplifies embedded insurance transactions for insurers, corporations and end-users.

Insurance-as-a-service

Embedded insurance has taken the market by storm; in late 2021, a consumer attitudes survey found that 69% of European millennials would purchase this kind of coverage.

But what precisely is “embedded insurance?”

Put simply, “embedded insurance” refers to the inclusion of insurance coverage with the purchase of a retail product or service. (Imagine buying a car with insurance attached at the point of sale, rather than purchasing insurance from a separate company.)

In place of traditional coverage, embedded insurance is a form of insurance-as-a-service that improves ease and accessibility for end clients, streamlining the customer journey to meet the demands of the digital era.

AI’s industry shakeup

engAIge has worked with embedded insurance since 2017, but the AI platform Grace will revolutionize engAIge’s data analysis capabilities. Grace will help engAIge integrate its data-modeling services with bias checks, risk impact assessments and governance support systems.

By helping clients in the financial services industry expand their growth potential and connecting end-users to the insurance that best suits their needs, the joint venture creates a win-win-win for the insurance ecosystem.

The insurance industry handles massive amounts of personal data, making data storage and security of paramount importance. Grace’s Governance, Risk, and Compliance (GRC) support capabilities (unique among enterprise AI platforms) will help engAIge ensure that users’ personal data is stored and accessed responsibly.

The result will give engAIge—and its clients—a competitive industry edge.

“It is an absolute pleasure to work with our partners at engAIge, who possess extensive industry experience and knowledge,” said Christian Villumsen, senior advisor of fintech AI at 2021.AI. “With a deep understanding of both the business and technology realms of the insurance and finance sectors, engAIge delivers state-of-the-art, AI-enabled solutions and services. AI and machine learning are here to stay, and I can certainly recommend engAIge as a solid partner and solution provider.”

Future insurance ecosystems

Embedded insurance—and growing consumer demand for this model—is overturning long-established industry norms to create new ecosystems linking insurance providers, retailers and end-users. There is increasing pressure for insurers to network and establish new partnerships across a range of industries.

It’s the role of innovators like engAIge and 2021.AI to connect these stakeholders and generate new economic and experience-based value.

With consumer needs developing (and changing) at unprecedented rates, AI will remain a powerful tool for financial service providers and traditional retailers that wish to maintain commanding market shares. No matter the industry, success always boils down to fulfilling a customer’s needs. The AI-generated insights generated by engAIge and 2021.AI should equip companies to do just that.

“With 2021.AI, we found the perfect partner to enhance our Embedded Insurance platform and digital services. By integrating the AI platform Grace into our ecosystem, our clients will not only have a significant competitive advantage in leveraging the benefits of AI. They will also rest assured that they are using the technology responsibly by being able to mitigate risks such as intransparency, cost explosions, data leaks, or AI governance issues. Grace represents the future of how to apply AI, and I’m delighted that our clients can tap into that future already today!”, says Thomas Heißmeyer, CEO of engAIge.

About engAIge

Based in Frankfurt am Main, engAIge GmbH uses artificial intelligence to transform business challenges into technological solutions. Offering consulting services and AI software, engAIge utilizes a mindset of “disruptive challenge” to develop data-driven business models that recognize human and technological potential.

To learn more, visit engaige.tech

You might also like…

Nuvve and 2021.AI to increase AI capabilities of Nuvve’s V2G Platform

Intelligent energy management leader and proven AI company plan to pursue a Joint Venture to Collaborate on AI…

READ MORE

Forming a Nordic partnership with itelligence around the use of the Grace AI Platform

2021.AI proudly signs a new partnership with itelligence, a leading SAP and business consulting company, and…

READ MORE

The Responsible Tech Newsletter

Get the latest know-how from those in the know. Sign up for our Responsible Tech Newsletter and receive the latest insights from our experts.