NavVid was one of three firms invited to present technology offerings at the InsurTech Alliance (ITA) Science & Engineering Expo (Expo), co-hosted by Numerati® Partners on January 30, 2020 in New York City. The ITA is a collaboration between Numerati® Partners, a New York-based data analytics and technology enablement firm, which seeks to foster the next generation of data-intensive risk and liability management enterprises in risk technology (RiskTech), and leading global reinsurance broker Guy Carpenter & Company, LLC, a founder of the ITA. In collaboration with Numerati® Partners, Guy Carpenter expands its insurance technology (InsurTech) offering through the ITA, in order to serve client needs for engagement with the dynamic, rapidly evolving InsurTech sector.
NavVid, which offers an automotive telematics risk-safety software application, was one of the three technology offerings with which Numerati® Partners conducted a deep-dive Proof-of-Concept (PoC) technical assessment and proposed for further engagement with Guy Carpenter, the ITA, and the broader insurance and reinsurance sector. The NavVid app uses smartphones as dashcams to provide safety feedback and video to fleet operators, ride-share companies, individuals and autonomous vehicles, in order to promote safe driving.
Constantine Mittendorf, NavVid Co-Founder, presented a deep dive demo of the product, and then participated, with representatives from two other Numerati® Partners PoC Cohort firms in a Q&A session about the unique experience of participating in a Numerati® Partners PoC, in addition to a prospective pilot discussion.
“Working with Numerati® Partners has been incredibly helpful. Their rigorous process included testing NavVid with cars, trucks, commercial vehicles, bicycles, boats, and even on race tracks and high-speed trains. Given their technical expertise and insurance industry experience, we were able to refine our product based on their feedback. Further, they’ve introduced us to insurance companies looking for a product like NavVid. We’re looking forward to working with them in the future,” said Constantine Mittendorf, NavVid Co-Founder.
The second Expo highlights the completion of Numerati® Partners’ first cycle with the ITA, in addition to the concurrently ongoing second cycle. During the first cycle, Numerati® Partners conducted five deep-dive technical assessments — Proofs-of-Concept (PoCs) — of emerging technology offerings, performed research on another 60 technology offerings, and created quarterly bootcamps comprised of hands-on technical and scientific demonstrations, presentations and exhibits.
The Numerati® Partners bootcamps, including substantive interactive presentations focusing on automotive telematics, Internet-of-Things (IoT) and cybersecurity, were designed in conjunction with scientists, engineers and technologists enlisted from the Numerati® Partners ecosystem of technical experts at the leading edge of their respective fields including those associated with RiskEcon® Lab @ Courant Institute of Mathematical Sciences NYU.
“The 2020 InsurTech Alliance Science & Engineering Expo demonstrates our ongoing commitment to advancement at the leading edge of rigorous, substantive, science-based, and industry-focused innovation which is relevant across the global insurance and reinsurance sector. We are pleased to continue our collaboration with Guy Carpenter via the InsurTech Alliance, and anticipate further progress in our shared goal of advancement in the insurance technology sector,” said Samantha Kappagoda, Co-Managing Member of Numerati® Partners.
“Prudent adoption and responsible deployment of technology by insurers and reinsurers require ongoing commitment to technical assessment by specialists and functional testing by experts at a fundamental level, as a foundation for reliable insurance and reinsurance innovation,” said David K.A. Mordecai, PhD, Co-Managing Member of Numerati® Partners.
Rob Bentley, Chief Executive Officer of Global Strategic Advisory at Guy Carpenter said,”Numerati® Partners and its ecosystem of academics, scientists, and engineers conduct extensive and objective reviews of the emerging digital technologies, as well as deep dives into designated InsurTech companies and their supporting technologies, products, and services. It is this science-based, innovative and collaborative model that enables insurers to distinguish between good technology and bad, identify credible InsurTech partners, and anticipate the underwriting implications of these new digital technologies.”
About Numerati® Partners LLC
Numerati® Partners LLC coordinates a data analytics and technology development ecosystem, with the mission of advancing and fostering the next generation of scalable data-intensive risk and liability management enterprises. The firm provides resources fundamental to advancing the development of nascent leading-edge inferential surveillance, monitoring, and predictive analytics technologies for deployment within the RiskTech domain: risk technologies associated with adaptive distributed, networked and embedded systems such as remote sensing, agent-oriented data analytics, computing and control systems. Numerati® Partners curates integrated RiskTech solutions as well as forensic and use-case applications in RiskTech sub-domains such as LitTech, RegTech, FinTech and InsurTech (litigation technology, regulation technology, financial technology and insurance technology). For more information, visit https://numeratipartnersllc.com.
About RiskEcon® Lab for Decision Metrics @ Courant Institute of Mathematical Sciences NYU
The mission of RiskEcon® Lab @ Courant Institute of Mathematical Sciences NYU is the development of experimental testbeds and analytics that employ high-dimensional datasets from innovative sources by applying a range of computational and analytical methods to commercial and industrial sensor networks and edge computing embedded systems, focusing primarily on research and development (R&D) of remote and compressed sensing, anomaly detection, forensic analytics and statistical process control. By employing applied computational statistics within the context of robust and scalable data analytic solutions, our goal is robust integration of machine learning with signal processing for measurement and control, in order to conduct research fundamental to large-scale, real-world questions in risk and liability management. For more information, visit https://wp.nyu.edu/riskeconlab/.
About Guy Carpenter & Company, LLC
Worldwide, tens of millions of car crashes cause injuries or deaths every year. NavVid’s mission is to make roads and drivers safer with guidance from cell phone sensors. NavVid offers an app that provides safety feedback and takes dash cam video using smartphones. In case of an incident, NavVid reports critical data such as speed, G-forces, and location information, while providing dash cam video. From commercial to ride-share, most drivers use their cell phones to navigate while driving. NavVid’s app is designed for (i) improving driver behavior with safety tips, (ii) decreasing insurer risk, (iii) protecting drivers with incident evidence, (iv) decreasing fraud, and (vi) writing insurance policies based on safety data logged by the NavVid app.