Livetopic, an Insurtech benchmark based in Galicia and Madrid, confirms it by closing an investment round of 500,000 euros with the support of Medicorasse (Grup Med)and the granting of a CDTI–NEOTEC project. This capital joins those previously raised by Livetopic, thus reaching one million euros of capital raised. Livetopic has Business Angels as Telmo Pérez Luaces, Sixto Arias, Joaquín Huergo Luz, Ángel Vázquez and institutional partners as Vigo Activo (Venture Capital participated by el Consorcio de la Zona Franca de Vigo). Among the investors is also Conector, an accelerator that the startup has mentored.
The financing round included Grup Med as Lead Investorand the legal and strategic advice of Pablo Taboada Villamil(Taboada Abogados – Legal advisor specialized in startups, who has accompanied Livetopic since its beginnings).
The new partner of the company is made up of a group of companies specialized in the insurance, financial, technological and advisory sectors, created by the Colegios de Médicos de Barcelona, in order to offer services and support professionals and their families in personal, family and professional fields.
Among the group companies, the new financial partner Medicorasse stands out, an insurance broker positioned in the first places in the Spanish ranking by turnover and in fifth place in Catalan brokers, accumulating more than 25 years of activity in mediation private insurance. It has a wide network of advisers and offices that serve more than 50,000 clients, with an offer of insurance solutions in all branches.
At the moment, the life insurance, sick leave, investment funds, pension or savings plans market is one of the juiciest in terms of turnover: around 400,000 million euros moved in Spain in 2019, with a volume of commissions generated greater than 6.9 billion euros. It is estimated that after this COVID-19 era, the market will rebound after months of inactivity, due to the trend that people will worry more about their financial future.
Extending financial health as a universal right
Livetopic is an online platform created in 2017 by Galician entrepreneurs, linked to the banking and insurance sector, who decided to reinvent the way in which users access this type of products and services.
Aware that this public needs information and training to understand a messy system (where large entities prioritize their own products) Livetopic combines the economic information and the personal / work / financial situation of each user to return a report that analyzes their “financial health” to recommend what they should do at all times and, with total transparency, which products would best fit them among all those on the market. From there, recommendations are generated to improve their ability to save or provide coverage in situations such as sick leave, serious illness, accidents or even death.
Users can buy the recommended products and services from financial companies and insurance entities, through a team of personal advisers specialized in this type of product by phone, video-call or face-to-face visit, according to preference of the user.
For Antonio Casal, CEO of Livetopic, “this round of investment allows us to meet two objectives: on the one hand, to validate a business model where users feel comfortable and independently advised, either in person, by phone or by video call. On the other, the interest of an important business group in the sector, to help us grow, within a business plan in which it is definitely committed to becoming a technology company, focused on innovation and digitization of the Insurance sector”
Future plans in the field of digitization of a traditional sector such as insurance are the basis of the Project presented to CDTI, endorsed by the NEOTEC line. This project aims to provide greater artificial intelligence and analytical capacity to the current Livetopic algorithm. In addition to developing a marketplace in which financial and insurance entities will be able to further refine the distribution of their products, having access to the specific needs of potential clients and being able to offer products adapted to each client. All this, taking advantage of the power of Machine Learning, AI and Big Data.
The final phase of the CDTI-NEOTEC project will focus on modernizing and digitizing the insurance sector’s contracting processes, taking advantage of Blockchain technology to introduce the figure of Smart Contracts in transactions that occur in the mentioned Marketplace. The technological Roadmap that Livetopic is facing has a clear focus, being part of the regulatory Sandbox that has been brewing for years and that, predictably, will see the light in 2020, in conjunction with the new partner Medicorasse and Grup Med.
Livetopic, with a team of 8 people, has already been recognized for its business model and technological platform in awards (Aje Galicia 2019), competitions and acceleration programs such as the Insead Venture Competition, Santalucía Impulsa, ViaGalicia or Abanca by Conector.