Israeli blockchain startup Endor is expanding its foothold in the global market for insurtech, winning a top award at an innovation contest held by insurance company MetLife Korea earlier this month.
As the winner of MetLife Korea’s collab 5.0 competition, the startup will be able to supply $100,000 worth of its artificial intelligence and predictive analytic services to the insurance company. Endor’s solutions allow corporate partners to answer predictive questions within a day without the need for data science expertise.
The solutions are expected to improve the quality of customer engagement, sales processes, and operational efficiency across the insurance firm’s businesses.
“We are incredibly honored to be selected the winner of MetLife Korea’s innovation program collab 5.0. This is a huge vote of confidence in the unique predictive analytics capabilities our platform offers,” Endor CEO Yaniv Altshuler said.
“MetLife is one of the largest insurance companies in the world and we are excited to participate in advancing innovation with such an important player in the insuretech industry, particularly in such an important market as South Korea, which pioneers disruptive technologies”
Founded in 2014 by a group of data scientists and product experts, the startup aims to be a Google in the predictive analysis area, providing tools for business owners with automated, accurate predictions without requiring knowledge of coding or data science.
Based on blockchain technology, Endor’s solutions are leveraging AI and the idea of social physics developed by MIT researchers. According to the science of social physics, any event, large or small, contains specific human activity patterns within the data. If the patterns are detected, more accurate predictive analytics models than conventional machine learning can be created, and be used in helping businesses analyze big data to identify trends, predict events, and make informed business decisions.
The Endor solutions, which comply with the EU’s General Data Protection Regulations that aim to protect information of general users and customers, can also analyze encrypted data without decrypting it, according to the firm. Among Endor’s corporate customers are Coca-Cola, MasterCard and other Fortune 500 companies.
The collab 5.0 innovation contest had 184 applications from 36 countries, out of which seven finalists emerged, and five startups got prizes, including Eda Communications, Fount, and MindsLab from South Korea, and Gnowbe from Singapore.
By Kim Young-won (firstname.lastname@example.org)