Lokky, the Italian insurtech designed to offer optimal insurance coverage to small businesses, professionals, and freelancers, has chosen Data Appeal’s alternative data to improve customer analysis and offer solutions more in line with entrepreneurs’ needs.
This Partnership Brings Personalized Insurance Solutions to the Forefront of Insurtech
Lokky is an Italian insurtech that provides small businesses, professionals, and freelancers with optimal insurance coverage. The company has recently partnered with Data Appeal, a data solutions provider, to enhance its customer analytics and tailor solutions for entrepreneurs.
Lokky’s platform enables businesses to select and customise their insurance coverage directly online. The process involves identifying insurance needs, profiling products, making payments, issuing policies, and underwriting, all done online with no unnecessary costs. The insurances provided cover a wide range of risks, including Public Liability, Contributors’ Liability, Content Damage, Theft, Professional Liability, and Legal Protection.
To further improve its processes, Lokky has integrated Data Appeal’s qualitative data into its algorithm. Data on businesses and territories are collected from over 130 digital sources and analysed through AI. This enables the system to precisely analyse content and information, enhancing its understanding of customers and parameters that are vital for effective operational management. With a focus on sustainability and risk management, Lokky is committed to delivering more effective solutions to its customers.
Sauro Mostarda, Co-founder and CEO of Lokky, highlighted, “Lokky’s target customer base consists of over 6 million micro and small businesses, professionals, and freelancers. These customers currently underwrite insurance products for their business activities, amounting to around 5 billion in premiums, most of which are brokered through traditional channels.
Given the demand for fully digital and personalised experiences, there is a significant potential for Lokky to satisfy this portion of its customer base and attract new professionals and businesses. Until now, these segments have remained underserved due to the challenges of managing them through traditional players.
The partnership with The Data Appeal will help us accelerate the process of acquiring and making available new, increasingly tailored insurance products, leveraging more and more data to improve the process of onboarding and customer profiling and provide the best insurance solutions.”
“This partnership aims to make Artificial Intelligence’s potential more accessible in people’s everyday lives. Through data analysis, it will enable digital platforms and insurance companies to better understand the context where the company’s customers operate, and it will offer better and more personalised products to the customers themselves. This will reduce risk by enabling the direct adjustment of insurance premiums.”