ITC DIA Europe

The Aventus platform: connects digital disruptors with insurance products, to make insurance simple

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Mar 11, 2019

Aventus enables businesses to create a seamless buying experience for any insurance line, in any digital environment, at start-up speed. The Aventus platform enables digital disruptors, primarily challenger banks, to extend their ethos of customer-centricity to insurance distribution.

Currently when buying insurance within any of the High Street banking mobile apps in the UK, the bank will ask questions that they already have the answers to but are incapable of leveraging in the insurance buy flow.  This is because legacy systems preclude them from passing data in a compliant fashion. In an old-fashioned branch, staff members would be able to simply re-type the details into the relevant boxes, saving the customer any inconvenience. In the app-branch, however, it is on the customer to complete that process.  The unnecessary friction threatens the bank’s relationship with the customer and incites them to look for insurance elsewhere. 

The Aventus platform enables insurance moments
The Aventus platform solves these challenges, but the customer-centricity offered by neo banks such as Monzo, Starling and Tide means that customers of the digital age are expecting more than a seamless in-app experience.  To truly meet the expectations of the digital consumer, these new banks need to leverage their data and interaction points to offer an insurance tailored to their customer life events, in real-time.  The Aventus platform enables “insurance moments”, which allow banks to offer the right insurance, at the right time, in the right place. 

For example, if a customer makes a high-value purchase, they are instantly prompted to insure the item.  When a business creates their first invoice in their bank account, they should be offered invoice insurance.  Such relevant and timely insurance product suggestions not only lead to hugely improved conversion rates, but most importantly a meaningful and trusting relationship between the bank and their customer.  

The startup based in London received the 2018 Insurance Times Silver Award for Excellence in Technology, beating industry heavyweights and coming second to Aviva. 

The API strategy is key
The key to the Aventus platform is the API strategy, focusing on 1st and 3rd party data passing and augmentation, to make it easier to pre-populate answers and assist in assessment of policy ratings. This seamless experience leads to conversion rates well above industry average.  The effortless integration means that new or increased revenue streams can be generated within weeks, rather than months or years.  The start-up speed at which modern insurance products can be tested, evaluated and scaled on the Aventus platform will be hugely beneficial to the challenger banks as they look to increase and diversify their revenue streams.

How does it work?

Why we selected Aventus for DIA Amsterdam
The Aventus AI platform could bridge the gap between legacy systems and insurance in the digital age. Aventus enables businesses to compliantly pre-populate question sets using first and third-party data to create a seamless buying experience for any insurance line.

Peter Goodman, CEO of Aventus will be the speaker at DIA Amsterdam. 

Check out their live demo here:​

Who is Aventus?
Peter Goodman and Andrew Craven founded Aventus in 2015 after recognizing an opportunity to overcome the lack of customer-centricity in insurance distribution. Key investors for the Aventus Platform are Notion Capital, Talis Capital, Revolt Ventures and Peterson Ventures. Aventus is based in London. Funding raised: £2.4 million.

After building the digital MGA Homelyfe to demonstrate the power of their technology, they have pivoted to a B2B approach and are enabling insurance providers and distributors to leverage the Aventus platform, to build data-driven, customer-centric quote and buy journeys.  

Peter Goodman
We work with a number of challenger banks and aggregators whose businesses are founded on Open Banking.  Their success has demonstrated how developing broad ecosystems enables innovation at scale.  This openness will be hugely beneficial to the insurance sector, enabling companies to access data and customer interaction points to offer the right insurance, at the right time, in the right place.  The Aventus platform is founded on this data-driven approach, allowing insurers to be present at the life events of their customers.” Peter Goodman, co-founder & CEO Aventus

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