Seamless Insurance – InsurTech

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By FINTECH Books Contributor, Henrique Volpi

The connected world and digital transformation is causing an impact in every industry at the moment. Insurance is no different and once an old fashion and analog segment is encountering its own revolution. From P2P platforms, on-demand contracts and wearable devices, the focus has shifted significantly to the user and the user experience.

For hundreds of years the industry was somewhat provider centric and the concerns were around loss ratio and profitability. And for hundreds of years the relationship was analog, bureaucratic and unfriendly. As per the customer’s perspective the system is entirely broken: policies are expensive, claims process are long and complex and it takes too much time for the customer to get paid. There is no trust from the incumbents to their customers.

The insurtechs are starting to change this scenario providing new products, digital channels and a user experience centric approach. Customers are becoming users and benefiting from the digital transformation with blockchain, machine learning, chatbots and cloud based solutions. As a result, there is clearly a process and product innovation coming from the new players alone.

What would be next?

Seamless Insurance.

Deriving from the first coined term seamless banking by futurist Anders Sorman-Nilsson, I envision the seamless insurance concept where one should be able to sign for on-demand policies on the go, with dynamic pricing and thru fully digital channels.

Since every possible appliance you interact is connected, you will subscribe and manage your car insurance in your car before you drive, travel insurance at the terminal before you travel and house insurance thru your refrigerator when you learn about a possible thunderstorm.

Seamless insurance does not require the customer going to a branch office, agent, bank or retail store. It is in fact a faster, cheaper and new digital experience.

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