Internet-driven connectivity and new technologies have certainly changed consumers’ behaviors and expectations, but most insurance companies still rely on traditional business models and an outdated buy, subscription and claim process. Consequently, many customers perceive the insurance experience as painful and lacking in ‘wow’ moments. Insurance companies are consistently placed among the ten least loved brands in surveys, lacking great consumer experience. But companies like Wesavvy are doing great while riding on emerging technologies to understand the customers’ demands and difficulties in a real time. Wesavvy uses a new insurance industry model that focuses on the customer and places an emphasis on the customer’s lifestyle and prioritizing the enhancement of their goals.
Taking Insurance Sector to the Digital Era
Wesavvy is an InsurTech company having a digital cloud-based Lifestyle Insurance Personalisation and Engagement platform which captures and aggregates lifestyle data from consumer platforms, apps, wearables and social media, fine tunes the data and turns it into usable, actionable and predictable insights for both the Customer and their Financial Services Provider(s) (FSPs). Through the use of IoT and Big Data Analytics, Customers download Wesavvy’s white-label application, link their wearable/ mobile device and for all walks, runs or cycles completed, they earn rewards redeemable in Wesavvy’s in-app store.
Initially aimed at the Life, Protection and Health insurance industry, WeSavvy is promoting a new industry model that focuses on incentivizing Policyholders to stay active and healthy. Through the use of everyday devices and a centralized marketplace for engagement, Policyholders can be rewarded for their day-to-day behavior. In terms of longevity, future profitability and sustainable growth, team Wesavvy conscious of the ever-innovating environment within the IoT space. Therefore, they have built a device agnostic platform which can be configured for use in Non-Life Insurance (Motor, Home, and Property) markets.
Revolutionary Duo behind Wesavvy
WeSavvy is founded by Hesus Inoma, in conjunction with his co-founder, Ciara O’Grady. While studying a BA in International Insurance and European Studies, Hesus was more passionate about the digitization of insurance. One such experience in his life gave him the way to build WeSavvy. In 2012 he was overweight and his New Year’s resolution for 2013 was to lose weight and become healthier. He lost weight throughout 2013 and became much healthier with the motivation and help of his friends. However, despite all of his hard work, his health insurance premium increased in 2014 and there was no way for him to communicate his journey effectively to his Insurer, in order for him not to be penalized but rather rewarded for his efforts. Spurred on by this experience, in late 2014 Hesus and his team began building the WeSavvy mobile application and platform that would grant Insurers the ability to personalize their quotes and empower Policyholders to gain back control of their health and well-being and in so doing, ultimately their insurance premium.
Grasping Opportunities with Technological Advancements
Team WeSavvy knows that the old technologies that they are using are no longer seen to be sustainable for the new digital era. Back then the technological advancements of smartphones, wearables, chatbots and the blockchain to name a few, could not have been considered in terms of how the industry could be designed. But now, their existence can help the industry advance towards a more customer-friendly, personalized and tailored service.
WeSavvy is currently working on this it’s solution in preparation for the full launch of Artificial Intelligence in regulated markets. In order for this to be done effectively, data must be cleansed and prepared for an effective machine learning in an AI environment. Its USP is that they are already setting that scene so that Machine Learning and AI can easily leverage their cleansed data sets through their mobile app solution.
“Imagination and creativity will be the ultimate assets in the new highly connected, experience driven environment. It is not as important for us to be ahead of the market, but to strike at the right time when our Partners and customers have appetite for our technology-driven solution to their existing relationship,” asserts Hesus.
Team WeSavvy have a saying – “The Data will underwrite you now” – by this, they mean that they are fully aware of the transformative capabilities that AI can bring through the potential 24/7 underwriting opportunities that can be taken advantage of within the insurance industry.
Innovative Customer Oriented Approach
WeSavvy’s innovation lies in delivering a deeper customer understanding and experience necessary to acquire, engage and retain customers in a digitized world. Its model is focused on transparency, empowerment and rewarding customers as opposed to penalization and disengagement.
Team WeSavvy sought to eradicate the feeling of penalization for Policyholders, instead focusing on a message of incentivization for all Policyholders to join the insurance marketplace and stay active and healthy to reduce their claims in the future.
WeSavvy presents the following opportunities to Consumers and Insurers alike:
- Consumers get relevant rewards/cash back based on their healthy lifestyle all of which is realized through the sharing of their data.
- Insurers are enabled to build sustainable, meaningful and engaging relationships with consumers, which a future of objective of personalized real-time product development.
WeSavvy is verifying a different aspect of technology that can be implemented in their products and services. Very soon WeSavvy will be in a position to launch new data-driven products and business models such as “pay as you live insurance”.