21.04.2020 Helvetia Holding AG
Adresta becomes an independent start-up
St.Gallen, 21 April 2020
Adresta becomes an independent start-up
Helvetia Insurance is spinning off the start-up Adresta. The fledgling enterprise launched under the Helvetia Kickbox programme makes all the key stages of the watch lifecycle accessible to manufacturers, merchants and buyers on a blockchain. This eliminates counterfeit and stolen goods and increases transparency on the watch market.
As part of its helvetia 20.20 strategy, Helvetia Insurance set up a corporate incubator programme. The aim is to develop new business models through to the stage where they are ready for market. Adresta is another start-up from this programme to gain its independence. Adresta’s aim is to digitalize the luxury watch lifecycle. This involves using blockchain technology to make all the key stages of the watch lifecycle available to manufacturers, merchants and buyers in digital form. Second-hand buyers in particular are often uncertain about the authenticity and origin of a watch. Adresta provides certainty and confidence. Every watch made by an Adresta partner can be identified beyond doubt and verified as an original. At the same time, counterfeit and stolen goods are identified and eliminated from the watch market.
All parties benefit from increased transparency
It is not just watch buyers who gain from Adresta; the new technology offers benefits for all parties. It enables manufacturers to better forecast revenues and unit sales. And during the manufacture of specific models, errors can be identified and more swiftly rectified. Insurance companies, on the other hand, have easier access to the origin and specifications of an expensive luxury watch. These benefits have already won over the first watchmaker, with Adresta gaining its first customer in Czapek & Cie.
Developed at Helvetia
Helvetia employee Michal Behr and other team members submitted the idea for Adresta under the Helvetia Kickbox programme. The conceptual design was then worked out by the later founders Mathew Chittazhathu and Nicolas Borgeaud and the original team. The team developed an initial technical solution together with the ETH juniors. Leonie Flückiger, the project manager at ETH juniors, subsequently joined the founder team as CTO. "The internal support given to new business ideas also makes Helvetia more innovative and is part of an extensive working relationship with start-ups and fledgling enterprises. This enables Helvetia to develop its core business, tap new business models and make targeted use of innovations", says Martin Tschopp, Head of Corporate Development at Helvetia.
Caption: The founders of Adresta: Mathew Chittazhathu, Leonie Flückiger and Nicolas Borgeaud
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About the Helvetia Group
In over 160 years, the Helvetia Group has grown from a number of Swiss and foreign insurance companies into a successful international insurance group. Today, Helvetia has subsidiaries in its home market Switzerland as well as in the countries that make up the Europe market area: Germany, Italy, Austria and Spain. With its Specialty Markets market area, Helvetia is also present in France and in selected regions worldwide. Some of its investment and financing activities are managed through subsidiaries and fund companies in Luxembourg. The Group is headquartered in St.Gallen, Switzerland.
Helvetia is active in the life and non-life business, and also offers customised specialty lines and reinsurance cover. Its business activities focus on retail customers as well as small and medium-sized companies and larger corporates. With some 6,800 employees, the company provides services to more than 5 million customers. With a business volume of CHF 9.45 billion, Helvetia generated an IFRS result after tax of CHF 538.1 million in financial year 2019. The registered shares of Helvetia Holding are traded on the SIX Swiss Exchange under the symbol HELN.
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