Sule SENTURK, Co-Founder and CEO, CoSure Technology

2 November 2022 — Daniela GHETU
Sule SENTURK, Co-Founder and CEO, CoSure Technology
XPRIMM: What is CoSure Platform?
Sule SENTURK: CoSure is the first blockchain-based, AI-powered SaaS "Marketplace" where the "Insurance & Reinsurance Market" is ultimately intended to take place. It also aims to create a "Global Risk Trade Ecosystem" between participants from a large number of insurance players (insurance companies, reinsurance companies, insurance brokers, captive agents, MGA & MGU, insurers). CoSure is a Turkish-based insurtech firm that manages operations abroad in order to create an online global risk trade ecosystem.

XPRIMM: What types of solutions can the CoSure platform offer?
S.S: The CoSure Platform has the following solutions include ;
  • Coinsurance Solution
  • Excess of Loss (XoL) Solution
  • Facultative Reinsurance Solution
  • Retrocession Solution
  • Reinsurance Treaty Solution
XPRIMM: What modules can the CoSure platform have?
S.S: The Cosure platform's modules of solutions are listed below;
  • Placement & Quotes Management
  • Claim Management
  • Reconciliation Management
  • Finance Administration Management
  • Global Risk Trade & Fund Management
  • "It enables CoSure ecosystem participants to transact all forms of risk trading and fund management by exchanging their assets with Coins via Blockchain."
  • Re/Insurance Networking Management
  • Re/Insurance GateWay Management (Integration for 3rd Party Systems)
  • Workflow & Activities Management
  • Digital Signature & Timestamp Management
  • Instant Messaging and Video Call Management
  • AI Powered Dashboard & Reports
  • Blockchain Powered Smart Contrats & Payments (with DLT)
XPRIMM: What benefits can the CoSure platform provide?
S.S: CoSure provides a variety of value propositions to all of the participants in its ecosystem (cedent, reinsurer, broker, agent etc.).
The Cosure platform offers the following benefits:
  • Risk Transfer Processes Being Digitalized;
    • Managing corporate operations that are more cost-effective, efficient, and secure.
    • Adherence to rules and the production of proof.
    • Reducing reliance on and the influence of human error.
    • The capacity to operate around the clock, wherever. (24/7)
  • Providing the market with access to new markets;
    • Opening up additional capital for use.
    • Having more capacity for insurance.
    • Executing risk purchasing and selling transactions that are more profitable.
  • Ensuring data and business process standardization;
    • Eliminating intricate business procedures.
    • Enabling simple settlement between the parties.
    • The ability to process data and give it meaning by having access to clean data.
    • Get away from intricate company procedures.
  • Access to cutting-edge and modern technology;
    • Overcoming addictions.
    • Making sure modernity.
    • Quickness, comfort, and convenience in business procedures.
  • Access to Your Capacity Worldwide;
    • Give your clients immediate, global access to your knowledge and abilities.
  • Rapid and thorough Quotes and Claims;
    • You may be as specific or as succinct as you like in the quotes issued, notice claims, and manage claims processes using CoSure.
  • Your Brand;
    • CoSure gives users the option to add personalized quotation letters, binders, and certificates to submission records.
  • Normative Reports;
    • Standardized reports for you and your underwriters result from data collection around the world.
    • Production and Pipeline
    • CoSure provides you with a daily overview of your client reinsurance activity. binders and certificates, quotes, new submissions, renewals, and claim files.
  • Client Feedback;
    • You have access to both standard and custom reports with CoSure Analytics that showcase your most successful customers, underwriters, and geographical regions.
  • Speedier Payment
    • CoSure users claim they can receive payments more rapidly because certificates and accompanying underwriting documentation are shared.
XPRIMM: Tell us a little more about the CoSure Team, please.
S.S: Each of our founding partners, executive board members, and advisory board members is an insurer with at least 20 years of senior management experience in a global re/insurance company. Our Technology professionals have expertise in developing and managing technology for in Re/Insurance Solutions.
The most crucial quality that defines who we are and highlights our uniqueness is the expertise in re/insurance that the CoSure Team possesses.

XPRIMM: What is the roadmap for the Cosure Platform?
S.S: As CoSure, we combine the power of technology with our goal to enhance the insurance sector to provide a dependable, transparent, efficient, innovative, competitive, and sustainable transaction platform. By bolstering the transfer procedures in the future risk trading platforms, we also hope to establish a more secure and open global marketplace for risk providers and seekers.
Since the day we were established, we have competed in numerous regional and international InsurTech contests, winning a number of awards.
Our top aim is to develop our own nation while simultaneously expanding to the USA, MENA, Europe, and the former USSR.
By 2023, we expect to establish offices in Zurich, Munich, Dubai, or London and, in compliance with the law, make our BlockChain-based product available to our clients and potential clients.
In parallel, we want to make it possible for users of the CoSure ecosystem to swap their assets for cryptocurrencies on the Blockchain for all forms of risk trading and financial management.

XPRIMM: What pricing plan do you have for the CoSure Platform?
S.S: Software as a Service (SaaS) is how CoSure Platform charges for its services, and we provide yearly subscriptions to our clients.
In both local and international markets, we provide our customers with two months of free Platform usage.
Depending on the players in the insurance industry, our pricing policies vary (Insurance Company, Reinsurance Company, Broker, MGA, MGU etc.).

XPRIMM: Explain your artificial intelligence (AI) technology for us, please.
S.S: We aim to manage more profitable risk trading processes, establish more targeted communication between risk seekers and risk buyers, and transfer the knowledge acquired by insurers to new generations through our platform by utilizing artificial intelligence, machine learning, and deep learning technologies on the CoSure Platform.
  • AI-driven:
  • Segmentation of customers
  • Segmentation of claim
  • Deep learning/machine learning-based:
    • Making wise risk transfer suggestions
  • Also with big data analytics:
  • Risk buyer and risk seeker behavior analysis
  • Reporting
  • Visualization
transactions will be carried out.

Our artificial intelligence technology allows us to learn from the experiences of people who have been performing risk transfer for years, which helps inexperienced staff. In this manner, we lead inexperienced underwriters to carry out risk transfer transactions both more efficiently and like professional underwriters under the guidance of artificial intelligence.

XPRIMM: Explain your Blockchain technology for us, please.
S.S: We use DLT (Distributed Ledger Technology) on the Binance, Etherium, and Avalange chains to keep data subject to risk transfer mechanisms. CoSure Platform BlockChain infrastructure. The Slip, Cover Note, and Debit Notes generated as outputs will be converted into smart contracts, and the commission, premium, and claim payments will be subject to the appropriate contracts with cryptocurrency.

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