The Israeli development arm and subsidiary of kasko2go, K2G LTD, received a first grant of USD 650,000 from the Israel Innovation Authority on 8th August.

ZUG, SWITZERLAND, August 17, 2021 /EINPresswire.com/ -- The Israeli development arm and subsidiary of kasko2go, K2G LTD, received a first grant of USD 650,000 from the Israel Innovation Authority on 8th August. This commitment supports the continued R&D of the company’s disruptive technology in the insurance industry. The Normal Sigma technology — grounded in big data and AI — offers the first risk assessment solution for the car insurance market that is based purely on irrefutable data. Through the processing of 0.5 PB of data, Normal Sigma calculates the precise accident probabilities for drivers, thus providing actuaries and underwriters with data that can significantly influence their pricing and risk assessment models.



As described on the website of The Israel Innovation Authority, https://innovationisrael.org.il/en/:
“Fueled by a vibrant entrepreneurial culture, robust technological infrastructure and highly skilled human workforce that produces the most substantial number of startups per capita in the world, innovation is one of Israel’s most valuable natural resources. At the same time, Israel is today home to over 350 R&D centers of multinational corporations, many of them Fortune 500 companies, illustrating Israel’s profound and disproportionate impact on the advancement of global innovation as well.”

Regarding their support of technological infrastructure, they also mention: “The Technological Infrastructure Division focuses on funding applied R&D infrastructure, promoting applied research in academia, technology transfer, Leveraging R&D for Dual Use Technologies, exchange of knowledge and experience and developing of groundbreaking innovation by an integrated group of researchers from academia and industry.”

The selection process is thorough and stringent, and very few grants are awarded each year. As part of this mentioned selection process, K2G LTD was first challenged by a team of experts, on both the innovation and R&D side before financial support was granted. Additionally, the Israel Innovation Authority assessed the competence and potential of the team to deliver on the technology. Other companies that received funding from the Israel Innovation Authority include Waze, a GPS navigation software app with around 140 million users, which was sold to Google for $966 million in June 2013.
(sources: https://techcrunch.com/2021/01/21/israels-startup-ecosystem-powers-ahead-amid-a-year-of-change & https://www.waze.com)

Genadi Man, Chairman of the go2solution holding, says: “We are very pleased that our innovative technology (Normal Sigma) and our R&D team in Israel withstood the stringent due-diligence of the Israel Innovation Authority, and were selected as one of the few companies to receive funding. For clarification, I would like to underline the philosophy behind the funding received in our case, which is that the commitment of the Israeli government is primarily to support our pioneering innovations and human capital, as an Israeli-based company, rather than a classical investment.
It makes me incredibly proud that we received the approval, confidence, and support from one of the world’s highest-ranking countries regarding innovation and technology. It is proof once again, that we are on the right track with the technology we are developing.”

ABOUT K2G LTD
K2G LTD is 100% a subsidiary of the company kasko2go AG, which develops technologically advanced solutions for the car insurance industry. Through the use of big data, smartphone apps and integration systems, unique algorithms are being developed to dramatically improve insurance processes and profitability. The company's mission is to create value for all market participants, from insurers to motorists, using state-of-the-art technology.
The latest business solution Normal Sigma enables car insurance companies to identify the accident probability of their insurance customers and optimize their portfolios. In this way, drivers can also benefit from more attractive premiums and, in general, this solution contributes to safer roads. Unlike conventional telematics solutions, Normal Sigma uses only proven factors that influence the probability of an accident for calculation purposes.

Genadi Man
go2solution holding
+41 79 852 12 30
email us here

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