Insurtech company Virtual i Technologies received an investment of $250,000 from Bilişim Vadisi GSYF. Veysel Sinan Geylani, the founder of the Switzerland-based company, said, “We have made a paradigm shift in the insurance industry by using artificial intelligence. We have ensured the transition from good faith insurance to dynamic and data-based decision-making mechanisms.
Swiss-based insurtech company Virtual i Technologies, which enables the insurance industry to move from good faith insurance to dynamic and data-based decision-making mechanisms, received a pre-series A investment of 250 thousand dollars from Bilişim Vadisi GSYF (APY Ventures). Virtual i Technologies, which has received a total investment of 3.4 million dollars to date, redefines the risk assessment and selection processes of the non-life insurance industry with artificial intelligence technology and contributes to business continuity with up to 100% risk visibility to reinsurance, insurance companies, brokers and agencies.
Receives investment from Morgan Stanley
Founded by Veysel Sinan Geylani in 2018, the first investors of Virtual i Technologies were angel investors, mainly insurance and risk professionals. Virtual i Technologies, which received its first corporate investment from the Morgan Stanley Multicultural Innovation Lab, completed its core investment round in August. In the first round, it also hosted new institutional investors on a strategic basis from the USA, Germany, Singapore and Turkey.
Virtual i Technologies offers AI-based [VRS]™ Virtual Risk Space, a unique technology ecosystem that encodes world-class risk engineering and damage inspection information quickly and digitally, in an accessible and easy-to-implement way for all industry stakeholders. The patented [VRS]™ solution fundamentally changes the paradigms of the industry, with the ability to increase the risk visibility ratio of up to 100%, which was traditionally accepted as 5% throughout insurance history.
For 150 years, risk was chosen like gambling.
Veysel Sinan Geylani, Founder and CEO of Virtual i Technologies, made a statement on the subject: “Due to technological inadequacies and high costs, the insurance industry has been choosing risks like gambling for 150 years. For this reason, he was left on foot in an issue that had to be his main duty, such as providing services to SMEs, which are the cornerstone of the sector, in terms of business continuity and risk management. Since they do not know exactly what they are insuring, SMEs’ confidence in insurance was damaged in their claims processes, which hindered the sector. At Virtual i Technologies, we changed that. We make all risk data visible by evaluating all risk locations with computer algorithms or human eyes. We are proud and happy to design the future of the insurance industry by collaborating with visionary investment partners who see the value we create by blending artificial intelligence with our industry expertise.”
We rewrite the rules of the game
Geylani said that all investors, together with APY Ventures and Bilişim Vadisi GYF, have evaluated very well how important the change they have revealed is for all stakeholders in the ecosystem, and continued as follows: “Changing data means changing output. We promise business sustainability that increases productivity by reducing both financial and operational costs of all stakeholders through high technologies.”
M.Emin Özer, General Manager of Albaraka Portfolio, fund manager of Bilişim Vadisi GSYF, stated that they fully believe that Virtual i Technologies will become one of the important companies in its sector with the technological infrastructure it provides to its customers, and that they have invested in Virtual i Technologies as their first insurtech investment. He said they were happy. Emin Özer said that they set an exemplary model in Turkey with the Informatics Valley GDP they established with Informatics Valley and Vakıf Katılım, and stated that the funds they provide to technology startups under the roof of APY Ventures will continue in 2021.