- L Marks and BMW Group Financial Services have partnered to run the 10-week accelerator programme
- Six startups will collaborate with BMW Group to develop technology-driven business and customer services solutions
L Marks welcomes the commencement of BMW Group Financial Services Collaboration Lab USA.
The programme will provide the selected startups the opportunity to develop and test their ideas and technology alongside BMW’s leading experts in the automotive and financial sectors.
The programme began with a rigorous screening process including a live pitch to a panel of judges from BMW Financial Services, BMW of North America and L Marks. Of the 212 applicants, just six were selected to enter the 10-week programme.
Throughout the course of the 10-week Collaboration Lab, the startups and entrepreneurs will have the opportunity to partner with BMW Group Financial Services to develop and test their technologies and solutions to bring benefit to BMW customers and dealers. Some of the technology in the programme, including the data analysis and blockchain systems being developed, is at the forefront of business innovation. At the end of the programme, BMW Group will assess whether to make further investment to finalise and progress the ideas.
The programme categories and respective startups include:
Digitizing the Customer Journey
carLABS – has created a cognitive, conversational AI-powered platform for automating and enhancing sales and marketing in the automotive vertical. Its solution offers car buyers a dramatically simplified shopping experience that significantly increases conversions and return on marketing spend for car sellers.
Building a Blockchain Strategy
Supermoney – is developing a unique digital wallet. In-store and online, customers can pay with a simple QR scan. The product runs on a system of smart contracts that effectively and efficiently manage counterparty risk, protecting both buyer and seller.
Bloom – uses public-private key encryption underpinning blockchain technology to verify customer identity and to attest to the accuracy of credit history without storing customer raw data on the servers.
Data Analytics and Insights
Omniscience Corp. – are building underwriting and capital modeling solutions on top of their innovative analytics platform. They work with finserv and insurance firms to scale their analytics efforts on real world data.
Motion Auto Insurance – is modern insurance for the modern world. Fully programmatic, embeddable, insurance-as-a-service delivered from directly inside your mobile app for gig/sharing economy, new modes of vehicle ownership, and autonomous driving tech.
Wrisk USA – is giving personal insurance a long overdue digital upgrade. It allows its customers to manage different types of insurance seamlessly through a single app and helps them understand how they are priced and what they can do to reduce their risk.
Daniel Saunders, Chief Executive of L Marks, said, “I am very excited to be supporting BMW Group at the beginning of this programme. Through a thorough pitching process, we have chosen six exciting companies who can bring innovative technologies to BMW Group. With this Lab, it will be the third market in which we have supported BMW Group with its innovation challenges, helping them connect with some of the most exciting and disruptive startups in the sector.”
Ian Smith, CEO of BMW Group Financial Services USA and Region Americas, said, “We welcome these talented entrepreneurial companies into the BMW Financial Services Collaboration Lab program. As we work together over the next 10 weeks, we will explore new technologies and solutions for our business and our customers.”
For more information about BMW Collaboration Lab 2018 and its participants, visit www.bmwcollaborationlab.com.