South African startup, Hepstar, has been selected to participate in Silicon Valley's Plug and Play accelerator programme. Hepstar assists airlines, online travel agencies and car hire aggregation companies to improve travel insurance sales via their existing sales channels using its e-merchandising technology.
"Hepstar was founded in late 2013 as an insurance consulting company. During the course of 2015 the inefficiencies in the market provided sufficient basis for the company to pivot towards technology. We use data analytics to understand customer behavioural trends towards travel insurance, then we recommend and personalise products in real-time using that data and in so doing are able offer the end user the most suitable personalised product. The travel merchant then increases their additional revenue from commissions through the elevation of the travel insurance take-up rates." said Claudia Snyman, co-founder and chief operating officer of Hepstar.
Snyman continued "Generally, we charge a performance-based fee linked to the increase of insurance revenues,"
Silicon Valley's Plug and Play Accelerator is said to be one of the most active investment organisation in Silicon Valley, with portfolio companies including PayPal, Dropbox and Skytree.
Hepstar was selected from over a 1,000 applicants globally to form part of the 2017 cohort of 20 startups for the Plug and Play Accelerator.