INsure 2: Evolution of the Ageas Open Innovation Program

After a successful first edition, in which we received over 200 applications from 35 countries and completed 5 PoCs, we embarked on another journey with Grupo Ageas Portugal (one of Europe’s leading insurance groups) for the second edition of INsure. The goal was clear: create an open innovation pathway that would allow the company to initiate concrete experimental projects with cutting-edge startups.
Understanding and prioritizing the real needs of the business was crucial to addressing operational challenges while meaningfully contributing to Grupo Ageas Portugal’s overall strategy.

Through a series of engaging discussions, we explored Grupo Ageas Portugal’s business context and pinpointed high-priority areas. We held seven strategic workshops, bringing together leaders from across the business to share insights. These sessions yielded over 100 challenges, each representing an opportunity for Grupo Ageas Portugal to enhance its presence in the competitive insurance market. After careful prioritization, three key themes emerged to guide the open innovation program: “Smart Use of Data”, “Health for All”, and “New Problems, New Solutions”.

With clear challenge definitions, we moved into the external research phase. This marked a significant moment for the program, as a call for startups attracted over 200 applications from 42 countries, each eager to contribute innovative solutions. Working closely with Grupo Ageas Portugal’s innovation team, we ensured that selected startups aligned with the business’s actual needs, setting the stage for profitable partnerships.

The real action began with the selection of five finalist startups, each specializing in digital health, ESG reporting, Insurtech, or Fintech. Our approach went beyond assessing technological features; we aimed to foster sustainable and valuable collaborations. We guided Grupo Ageas Portugal in creating a structured pathway for each proof of concept (PoC), working alongside teams from different business units to refine research briefs, identify potential risks, and outline a clear roadmap for success.

We explored two types of PoCs. The first type tested the functionality of a new solution, focusing on seamless integration with Grupo Ageas Portugal’s existing systems. The second focused on market potential and business opportunities, helping us evaluate how these new offerings could address specific challenges and create value for Grupo Ageas Portugal.

The PoCs we worked on experimented with the use of biometric data (NuraLogix); investigated ways to improve ESG reporting operations and insights (Atlas Metrics); experimented new ways of empowering customer acquisitions (Zelros); explored how to provide added value services to support female health (Syrona); identified ways to improve customer experience (Hapi).

Our involvement extended beyond launching the PoCs. Throughout implementation, we prioritized creating a custom journey for each startup, closely monitoring progress and collaborating with internal teams to overcome challenges. At each stage, we helped Grupo Ageas Portugal maintain its strategic vision, ensuring that the innovation process stayed aligned with the project’s original objectives.

At the end of this transformative journey, the startups presented their findings to the Group’s Executive Committee. Several startups and Grupo Ageas Portugal continue to engage in open dialogue, building a foundation for ongoing strategic partnerships. This collaboration has been mutually beneficial: startups gained mentorship, insights into the insurance market, and opportunities to refine their solutions with real-world feedback. For Grupo Ageas Portugal, the program has provided new market insights, experience working with innovative startups, and an enhanced ability to identify and test solutions for real business and customer challenges. Furthermore, the open innovation process has embedded new practices and mindsets within the organization.