Trust and Analytics are essential for Insuretechs – afterall this is what you sell. Trust is hard to generate – especially for young Insuretechs but for everyone in the industry easy to lose. Munich Insuretech Hub start-up Build38 focuses on trust in mobile Apps – the number one sales channels for the digital natives and is highly praised for its advanced technology, analytical skills and easy integration by Gartner and customers.
Build38’s head architect Marc Obrador on Wednesday started prepping fellow Insuretechs for the mobile market, dangers from hackers and attackers and gave a well-received lesson on countermeasures and design principals. Several case studies made the participants review their current strategy: misuse of your process interfaces by malicious attackers or the competition can render your service useless or cause financial damages. Like in the case of one platform app that didn’t secure its interfaces and let an attacker flood its platform with illegal orders to subscribed insurance companies. After trust was lost, so was the business case for this young company. Or when the competition took apart the source code of an app and stole company secrets on underwriting and calculations – another major blow to a young fintech that could have been prevented.
Build 38’s service is the Trusted Application Kit T.A.K (www.build38.com ) that integrates in the app by design and secures code, IP, user data and compliant PSD 2 authentication. The server component gives you great analytics on an app level that let’s you market and control your services better and basically enhances your app to become “self-defending” against attackers and the competition. Marketeers love the insights they gain and because the SDK approach makes development faster, they can try out much more flavours and variances in less time.
As a special treat and to great applause from the teams, Build38 offered the solution free of charge to all fellow Insuretech Startups for the first year: “there is absolutely no reason why you publish an unsecure app”, says Build38 CEO and Co-Founder Dr. Christian Schlaeger. “T.A.K is fast and easy to integrate and lets you focus on the important stuff for your startup: business models and innovation. For us it is a moral obligation and part of the Munich team spirit to make T.A.K usable to every young company in the Munich Insuretech Hub – together we are stronger!”