Babel Cover, a technology startup, has started development for its range of digital first inter-connected financial services products, following its announcement for the project in December last year.
As a first phase, it has released a fully digital insurance product with the Maltese insurer Atlas and emerging technology firm Piprate to insure bicycles of competitive cyclists, triathletes and commuters of Malta.
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.
According to Stuart King, founder and CEO of Babel Cover, 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.
King also noted that insurance provides an essential social and economic role and 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.
Claude Ebejer, founder of Saggar, said: "Atlas Insurance, Babel Cover and Piprate share a common desire for insurance to be as sustainable as possible.”