The insurance industry is a major component of the economy by virtue of the amount of premiums it collects, the scale of its investment and, more fundamentally, the essential social and economic role it plays by covering personal and business risks. However, the current insurance market is more focused on sustaining it’s revenue generation than qualitative insurance offering. Traditional players are looking to sell the insurance policy based on mandatory obligations or to a buyer’s fears which influences him to buy a policy. It is merely tough to find an insurance company that is mainly focused on customer needs rather than the profit gaining. Very few insurance companies offer personalized insurances today, and deliver it just-intime and through the right channel.
InsureApp is the company that has built the world’s first lifestyle-based insurance platform. The company generates a lifestyle profile of the user and automatically engages with personalised insurance products based on real-time needs.
An Incredible Insurance Platform
InsureApp is a technology supplier for sectors like Automotive, On-demand insurance and Health & Wellbeing. It’s for first time that actual lifestyle patterns and profiles are applied to engage with a customer for an insurance product. The InsureApp platform is incredibly versatile and offers three very distinctive value propositions.
The first preposition is Lifestyle-based Telematics, where besides driving-style of a user also the purpose and context of a trip is taken into account. This enables a better, cost effective risk modeling. Additionally, the platform engages with users to coach for safer driving.
The second value proposition aims at embedded insurance, where the InsureApp platform is embedded within an existing app in either Financial Services, Telecom Operators, Utilities or Retail. It offers cross- and upselling of insurances to the user, based on a user’s profile and lifestyle patterns. This generates an additional revenue stream for the distributor of the app and a new distribution channel for the insurer.
The third proposition aims to improve Health and Wellbeing. InsureApp utilizes its user insights to generate a holistic view on a person’s health. Besides looking at the physical activity of a user, the InsureApp platform also accounts the social activities and Work-Life balance. This proposition can be applied by Health and Life (re)insurers or by HR departments of large corporates.
Revolutionary Approach to Customer Engagement
InsureApp offers a revolutionary approach to customer engagement. Through its mobile SaaS platform InsureApp blends with its user’s lifestyle-patterns and adapts interactions and insurance products to their real-time needs.
By applying the world’s most sophisticated AI technologies InsureApp interprets data gathered from smartphone sensors, IoT devices and or services to contextualize human behavior.
Based on this InsureApp can automatically engage and interact with the user. This includes commercial triggers, aimed at cross- and up-selling of insurances and coaching-triggers aimed to change behaviour (eg. coach for safer driving). These are personalized, multichannel notifications (mobile, web, email and/or devices) based on real-time events and user patterns. Finally, InsureApp customizes and personalizes the insurance products. The platform can integrate with an existing insurance backend or with it’s partnered cloudbased Insurance-as-a-Service platform including actuarial models (automotive), dynamic pricing or pricing based on machine learning, direct quotation, comparison and instant policy issuance.
A Visionary Leader on a Mission
“Insurance today is rather dull. It is far from personal, based on very limited data and sold because of mandatory obligations or to a buyer’s fears. This makes insurance a below low-interest product, that doesn’t meet the demands of the new generation of consumers. They expect personalized products, delivered just-in-time and paid per use. With InsureApp we make insurance extremely-smart and hyper-personalized”, explains Jochem Davids, CEO of InsureApp.
David has a resourceful background in both IT, M&A and Insurance. Prior to InsureApp he successfully launched a in-house developed SaaS platform for automated claims management, within a large European organization focused on outsourcing of insurer’s back-office activities. Before that, Davids has contributed in numerous international M&A activities within Europe for this same organization. This experience has been the key behind Davids’ professional trails, and his insightful leadership has been a major empowering aspect for InsureApp.
InsureApp is a relatively new company. As in the case of other impending start-ups InsureApp has also witnessed a struggle in raising awareness and traction initially. Although it was tough to make a mark in the traditional Insurance sector the company has emerged as the market leader within a year of its inception. It’s emphasize on a clear and concise proposition, a targeted sales process and picking the right stages for conferences has quickly paid off and the company has now partnered with renowned international players of various sector. The company now envisions closing its Series A fundraising in the second half of this year by contracting a few of these international players.
Today InsureApp is dominating the personalized insurance space and many of the industry leaders have admired the platform. After gaining a constructive response in its regional market, the company has decided to roll-out the product in international insurance markets. Beginning with the European market InsureApp is also aiming to catalyze in U.S. and Asian market soon.
Source :-The 20 Most Innovative FinTech Solution Providers 2018
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