Nektarios Liolios

So they started off as a price comparison website for moving firms, and they realized that sitting on this amazing data, they are a lot more accurate than what insurers usually have when they insure home content.

So their solution is now a data provider solution to the industry.

No, no, they're selling to the actual insurance carriers who are the organizations that provide content insurance, home content insurance to the consumers.

So our program is funded by the industry players who participate in this.

So when we have 10 banks in one program or in the InsurTech program, we've got 17 InsurTech partners, insurance industry players who put money into the program.

So for us, this is really what funds the program, what gives us the money to pay the salaries, to give the cash to the teams, etc., etc.,

and we really see this as a tool for the industry on the one side.

So we don't really necessarily build these programs to make money out of this.

This is not what drives us.

We keep usually 1% to 2% of the equity.

And if one day, further down the track, one of these companies is going to grow big, we'll have some upside, but it will be so diluted that even that is not necessarily what drives us.

It's really to be that glue between the two sides.

It sounds altruistic because to a large extent it is.

Absolutely.

For them, it's corporate innovation.

Yeah, totally.

The reason the banks, the reason insurers are doing this is

visibility to seeing what trends are out there, what really do they need to know about, what's the latest in blockchain, what's the latest in AI, et cetera.

What do you think?

See, I think there's some fundamental questions around if robo-advice in itself is a sustainable business.