Bulgarian Insurtech Ablera won the Start-up Technology Award for their innovative ABACUS solution transforming the pricing and rating processes in insurance companies. The award was received at the5th edition of the prestigious Golden Shield Excellence Awards, in the InsurTech Start-up Technology category.
The winners of the Golden Shield Excellence Awards were selected among 140 participants from all over the world and announced on 9 June, during the annual conference for insurance technology in Dubai.
Ablera has also signed a strategic exclusive partnership for UAE with the local insurance technology provider Motori.
Ablera was founded in 2018 and although a relatively new brand on the market, the core team behind it has an impressive nearly 30-year track-record of developing successful insurance software products. Its flagship PAS has been recognized for many years by leading analytical companies, as one of the most advanced and comprehensive platforms on the market. In 2015 the company was sold in a syndicated deal to a UK-based insurance advisory and a private equity giant, which was one of the biggest tech acquisitions in the Balkans region ever.
Ablera now aims to utilize this profound domain expertise, knowledge and understanding of business processes and complement it with the capabilities of innovative technologies as AI and ML. Ablera's solution SERDICA suite, consists of four components working together to facilitate smooth and gradual digital transformation eliminating the numerous pitfalls often associated with replacing PAS. Although complementary to one another, each of the components can operate as a stand-alone solution allowing the insurer the flexibility to apply its priorities and follow their digitalization roadmap. SERDICA consists of:
• Intelligent Virtual Assistant Beth - conversational platform developed in partnership with IBM, using NLP and based on IBM Watson technology.
• AI-based Analytics module with Recommendation, Pricing, and Rating components that enable micro-segmentation and superior personalization
• Computer Vision module with OCR and car-damage detection and evaluation components, facilitating the claim processing
• New-generation, AI-powered Policy Administration System (IPAL), which allows a smooth and gradual modernization and digitalization
The young company is already in the radars of the leading analytical and research companies and its solutions have been featured in numerous specialist industry reports.