Forbes România, Staff
Swiss-based Insurtech Virtual-I selected for Morgan Stanley Innovation Lab
Virtual i Technologies, Swiss-based insurance technology firm, has been selected to participate in the Morgan Stanley Multicultural Innovation Lab (MSMIL) in New York. Virtual i is the first Swiss company that has ever been selected by this prestigious program.
Earlier this year Virtual i won the DXC Invitational Start-up competition against 1000 participating companies. With this award Virtual i was recognized as ‘the real value-added innovation product as the right time” (DXC jury member).
A major year-end award was also won solely by Virtual i: ACORD Insurtech Innovation Challenge, one of the most prestigious awards in the insurance industry at global level. Every year ACORD selects and recognizes two paradigm-shifting insurtechs, one in London competition and another one in the New York competition. Virtual i Technologies is the winner of the London competition.
Game-changer innovation for the insurance industry
Organized by investment-banking powerhouse Morgan Stanley, the MSMIL is an accelerator program that promotes financial inclusion by providing capital to early-stage tech firms led by female and/or multicultural entrepreneurs. As a finalist, Virtual-i will receive an investment, access to an extensive portfolio of potential clients, and personal mentoring from leading insurance industry experts.
I’m honored that my company, Virtual i, has been selected as the first European firm by Morgan Stanley Multicultural Innovation Lab,” says the company’s founder Sinan Geylani.
The looming shift to digitalization
The digital and remote inspection market is currently worth an estimated $20 billion, and this figure is expected to increase to $26 billion by 2023. Covid-19 has boosted the need for remote technology such as Virtual i.
Like banking and retail, the insurance industry move into digitalization has accelerated. This includes the use of remote –rather than in-person – property inspections. With the emergence of Virtual i cutting-edge digital technologies, potential risks can now be thoroughly analyzed from a distance, regardless of their geographical location. AI-generated scoring algorithms, relying on standardized risk criteria, are able to produce more equitable policies – for insured and insurer alike. In this regard, Virtual i Technologies offers an entirely disruptive approach to risk assessment of properties.
“I started this company because as an underwriter I don’t like to gamble,” said Geylani, who has 18 years of experience in the insurance industry. “As a Chief Underwriting Officer, I was uncomfortable about unknown risks in my portfolio; I dreamt to have portfolio not only based on good-faith but also driven by objective risk data. This is the only way to have fair and transparent insurance transactions with insurers and insureds. I believe with our platform we created a basis for a fair and transparent insurance transaction because now insurance policies rely on objective facts and data then just beliefs.“
Flagship products and services
The company’s flagship product is Virtual Risk Space [VRS], an intelligent platform for insurance underwriting and risk engineering. It opens up space for risk assessment and brings visual, yet visible touch to the insurance industry by providing a simple solution to a complex problem with the use of technology.
Geylani has worked for several industry leaders, including AXA XL, AIG, Marsh and XL Catlin. In 2018, he founded Virtual i Technologies in Dubai, and set up the corporate headquarters in Zurich the following year. The company is currently operating in Europe and the MENA region, and is well on its way to establishing a foothold in the US and Canada.