Grupo RUA’s open innovation platform, with over 10 years of experience, operates behind Uruguay’s leading insurance, health, security, financial, cooperative, credit card, and entertainment companies. As of today, it also has offices in Paraguay, Argentina, and the United Kingdom.
In an effort to bring more value to its corporate clients in the insurance sector, drive digital transformation across the industry, and with a strong commitment to generating connections that foster synergy and collaboration to achieve this goal, Coopera (Grupo RUA’s open innovation platform) has launched Open Insurtech. In this open innovation event, startups and major insurers from across the continent will collaborate on creating technological services and products together.
This is the first event of its kind in the country and comes at a historical moment prompted by the coronavirus pandemic, which, among other aspects, challenges companies to rethink how they create value for their customers.
The event powered by Coopera will select 20 startups or ideas at any stage of development to enter a five-month mentoring program led by Insurtech experts from Latin America and organizations such as Berkley, Eximy, MercadoLivre Brazil, Rokk3r Insurtech, KPMG, Department of International Trade (UK Government), Community of Insurance, Uibeax, and Endeavor Uruguay.
The selected ideas will begin the mentoring program to improve their initial product or conduct a Proof of Concept, which will be presented to major insurance companies in Latin America. “The main goal of this initiative is to promote synergy between the best disruptive business ideas from startups and the top-established insurance companies in Latin America. These collaborations will help grow the ecosystem and develop solutions that can quickly reach thousands of consumers,” commented Diego Sayanes, CEO of Grupo RUA.
In this process, Coopera has formed alliances with significant organizations in the region to create more and better connections between insurance companies and startups submitting their ideas. This includes Rokk3r Insurtech, a company that will facilitate the connection between startups and the Miami market, and Cámara Insurtech Argentina, which supports traditional companies, technology firms, and startups in their digital evolution.
Additionally, the event has the support of the UK Department for International Trade through the British Embassy in Uruguay, opening up opportunities for startups to establish agreements with large companies and investors.
For Pablo Tiscornia, Head of Coopera Innovation Hub, establishing close relationships with organizations in the region is a crucial path to success: “The open innovation process is successful when knowledge, concentrated in companies and organizations from various sectors, connects and collaborates to execute disruptive ideas that add value for everyone.”
Ideas to be submitted must be technology-related and can encompass various thematic areas, including eHealth, Quantum Computing, Virtual Reality, Augmented Reality, Social and Environmental Impact, Blockchain, Artificial Intelligence, Machine Learning, Cybersecurity, Biometrics, Business Intelligence, Customer Experience, Data, Digitalization, Home Automation, Circular Economy, IoT, SmartHome, Robotics, among others.
The call for submissions is open until May 31 and can be done through the event’s website at www.openinsurtech.org. Interested individuals must be 18 years or older.
“In modern times, individual efforts alone are no longer sufficient to make significant discoveries. That’s why we’re committed to achieving innovation through collaboration that harnesses individual efforts and collective teamwork, leading to great results,” concluded Sayanes.
