Interview with Elio Mungo, CEO of Poleecy
November 10, 2021
Interview with Elio Mungo, CEO of Poleecy, a platform for temporary policies.
Poleecy is a startup that operates in the field of instant insurance (temporary policies). It was born from the meeting between Elio Mungo and Massimo Ciaglia, business innovator and mentor of the startup scene.
In addition, it has established an important strategic partnership with European Brokers Insurance, one of the most important and innovative insurance brokers on the market.
Poleecy’s aim is to guarantee to customers the possibility of subscribe an insurance policy wherever they are using the digital channel, so that it is the policy that reaches the customer when it is necessary and not the other way round, as take place today.
Poleecy boasts a wide range of temporary policies:
- Travel Insurance (Schengen Insurance, Baggage Insurance)
- Holiday Policies (Relax Policies, Outdoor Policies)
- Animal policies (Dog policies)
Poleecy app, how it works
The Poleecy App is very easy to use and can be downloaded from the Appstore and Google Play. Once you have selected the branch and the product in your interest, just enter the parameters for the calculation of the quote; choose the most convenient and suitable product for your needs and finally buy the policy, which is signed digitally, paying by credit card or Paypal that it will be inserted into the blockchain. At the end of the operation, the contract and the invoices are sent by email and the policy will be immediately activated.
Hi Elio, it’s a great pleasure to meet you and thank you for your time. Let’s get straight to the point: How and when was the idea born?
The idea was born from the conviction that the insurance world has needed a massive injection of technology and renewal both in the distribution of products and in the processes and products themselves.
How many months/years of study and planning did it take to realize your project?
We designed and developed the entire platform and its APP in a little over a year. We are still working to improve the existing platform and to build the 2.0 platform.
When and why did you start a partnership with European Brokers Insurance?
Due to regulatory compliance limitations, we have been forced to find a partner that already operates in the insurance world and that manages compliance for us, that becomes a factory product and which ensures scalability abroad. European Broker has proven to be far above any rosy expectation. The company led by Carlo de Simone, has proved to pay attention to our needs and has supported us even with the entry into the share capital.
For the consumer, what are the benefits of micro-policies for short-term risks developed on a blockchain platform?
The consumer has several benefits. The first is that you can sign a policy wherever you are and at any time and you can do it of your own free will by choosing a policy among those in the portfolio. But the platform is able to do more: georeferencing the customer, the platform is able to assess the risk of an event that the customer is experiencing at a specific time and suggest an insurance policy among those made available by us. In addition, the entire subscription and payment process is fully digitized and paperless.
How’s the market responding?
The insurance market is not a market that reacts quickly to innovations. We have had much more direct contact with insurance companies interested in our technology making B2B, than with direct intermediation with a B2C. But the road we believe is marked and we are there to follow it.
How did you launch your project?
We started a social media marketing campaign to make the brand known. Now we are relying on indirect promotions: participation in events, prizes won, collaborations. Very important for example, in this period, the collaboration with Toyota insurance motor with which we have been working for more than a year by now and which uses our technology intensively.
You currently offer temporary travel, holiday and pet policies. Is it your intention to include the automotive sector?
It’s essential to enter this market that alone is worth about half of the non-life premiums in Italy. But we would like to enter having a product interesting and above all based on technology to offer. As we say, using a bad neologism, “IOTized”, that is based on the data coming from different sensors, internal and external to the car industry. And we hope to do it soon.
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