Insurtech start-up selects Amazon platform for launch

Software technology

Insurtech start-up Thinco has selected Amazon Web Services to host its product launch.

Thingco, set up by ex-Insure The Box CEO Mike Brockman, is in the process of setting up an ‘eco system’ and a telematics device using artificial intelligence, intelligent voice and ADAS to reduce claims costs and road accidents.

Jonathan Valentine, chief technology officer at Thingco, told Post that that using Amazon Web Services would assist in reducing costs and scaling the business.

“Amazon Web Service will allow us to use their technology to allow us to use suite of technology, such as its Alexa chat bot to offer a fully a service implementation to our customers,” Valentine said.

“Our costs will be reduced because we will only be paying for the running time of processes such as trip scoring and risk managing drivers. Using the service will help us scale the business and learn about our customers. We will be using Amazon’s Alexa voice service to risk manage drivers during and after and an accident. We will also be using Amazon’s IoT platform which will get rid of costs and give us access to their security and expertise. The IoT platform will assist our customers with a generic service so that we can focus on other processes.”

The insurtech start-up is planning to reach talking point with various partners by the end of June and release its product to market by the end of the year, Post understands.

Valentine said that distributing the telematics device via e-commerce channels such as Amazon is a potential option for the company.

“The device that we are building is aimed around making drivers safer and offering them potential discounts on their insurance,” said Valentine.

“We’re looking at several options on distributions including selling directly through E-commerce channels. The device will be a fully fitted solution so there will need to be a method and process for fitting. We will be looking to partner with various entities in the futures and they don’t necessarily have to be insurers. We will be holding discussions with partners hopefully by the end of June and will look to go live to market by the end of the year.”

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