Adiona plans to disrupt the UK’s motor insurance market with its innovative AI and Machine Learning
by Startacus Admin
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New UK Insurtech brand Adiona launches and reveals mission to use smart tech and data to provide fairer premiums and a better customer experience
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A new technology-driven brand has just been launched in London with the aim of changing the model of how drivers in the UK are charged for motor insurance. Led by a number of global industry leaders, Adiona is on a mission to fix the ‘broken’ motor insurance market.
The team behind Adiona is one of the most diverse and experienced assembled within a startup company, with a combined 200 years of insurance technology experience between them. Its founder Paul Harvey is an international business figure with extensive experience in key leadership roles with Arma Partners, Bank of America, Goldman Sachs, and Morgan Stanley in the UK, Europe, and North America.
The company challenges the outdated legacy models used by many in the industry where policies are generally priced according to factors such as age, income, location, and occupation. Whilst using these traditional factors initially, Adiona’s focus will be different; its UBI model is supported by innovative technology to measure and base premium costs on how, where and when customers drive. Adiona’s digital platform will also enable it to provide both a better consumer experience and to significantly reduce the cost of policy administration, resulting in savings which will be passed on to customers.
Adiona CEO Paul Harvey explains; “Leveraging artificial intelligence (AI) and machine learning (ML) to analyse driving behaviour, and putting this all in the hands of the driver, ensures our customers will be treated fairly and can at last benefit from personalised premiums. Adiona is determined to be different. Our innovative technology represents the most scalable Insurtech IoT platform with the most advanced AI/ML analytics ever built by an InsurTech start-up team anywhere. Through an easy-to-use smartphone app, our customers’ motor insurance premiums will very quickly be based on how they actually drive, not who they are as a person, their level of wealth, their age, or where they happen to live.”
Adiona will initially focus on the UK motor insurance market before pursuing longer term opportunities across global P&C insurance markets.
It’s clear that with the combination of such an impressive team and such innovative technology, this is an insurtech that’s well worth keeping an eye on!
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Published on: 13th September 2021
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