When I start to think about designing a new insurance product I always like to start with the questions why do people need it? and who is it for? Building a picture of the business, person or family helps.
Insurance is a product designed to help in time of need. At its heart there is a product that should lift you up and support you. You should buy insurance to help you make those difficult decisions in life.
We have new ways of working and we need new insurance - sharing economy insurance for example. Who wants sharing economy insurance?
I do know that people don't always think this way - insurance for most people is something that you must buy - for the car, the office, a contract or for a loan or when you go on a trip. Plus, when the policy is called upon, the insurance industry suddenly sufferers from poor customer service, just when you need it the process fails. Finally we must not forget that, for many people around the world, insurance is simply not available. These people must manage their risks without the safety net of insurance.
So, today, it was great to find a web site that is global and shows what people care about and what their dreams are. The website is called Dollar Street and created by Factfulness co-author Anna Rosling Rönnlund.
Dollar Street imagines a world where everyone lives on the same street and the houses are ordered by income. The poorest live on one end, and the richest live on the other end.
It is hard to imagine the people buying your products and what their circumstances are and in product design this is essential. This web site is great for me, now I can see and imagine how insurance can help and support these people. I can see the similarities.
Having spent time on Dollar Street, the similarities become clear. People all need the same things, as their wealth increases the sames things come up in the pictures, from Brundi to Sweeden. At the end of the day, we all want shelter, food, and better tools to take care of ourselves.
At Microinsurance we are focused on changing the way insurance is developed and processed. We are insurance with an API. We are in the forefront of that change; developing policies by the job, by the hour, by the day and by the Km, thus fitting our model to the way people live and work. We are unbundling policies so that the cover offered fits with the person or actual job or process being undertaken.
tags #freelance #gigeconomy #sharedeconomy #microinsurance #captive