Insurance is often portrayed as complicated, expensive, boring, no choice (don’t want), unresponsive, poor service, the list goes on. Even as adverts trying to sell on the TV, when insurers have full control of the message, the message often turns to humour without actually explain what the product is really all about.
Not surprising then that consumers and businesses see insurance only poor value and a necessary eval.
In this blog I want to start to change that view. Let’s think a bit about the real benefits of insurance. What does it enable? What benefits does it bring?
To re-write the Life of Brian sketch about the Romans….. What has insurance done for us? Well World Trade; General Mobility through vehicles & aeroplanes; Health, Security of loans and homes… OK OK OK so apart from World Trade, Mobility, Health, Security – what else?............ Nothing!
So why is it that insurance seems so irrelevant when so often it is the enabler?
At Microinsurance we believe that insurance needs to change and become embedded into the lives of everyone – less bulk purchased every year; more use on-demand, embedded into the process or activity we are doing or item we are using at the time. Mapping against the new economy and new platform businesses.
However, this belief is hard to put into practice. Where do you get capacity? How do you pursued an insurance company to re-write their policy? How to you build in the insurance into a new business plan that is already under pressure?
Today’s new economy, sharing economy, entrants are can only seem to ‘self-insure’ and in doing so just ignore the risk to the platform users, they promote the new process as good thing but don’t say your home could be at risk if you use the service or you could lose your dress or handbag though customer theft.
To over come this and to bring some much-needed sense into the pricing and program process we are launching the Micro Insurance Company. We believe that this will be enable us to offer new insurance programs for the sharing economy and new platform businesses.
The aim is to use technology as much as possible to streamline the insurance process. Not just on the purchasing side, including claims processing and automation. Straight through processing is the aim. Integrating our tech with our client’s tech to produce a seamless approach to insurance.
We are focused on the property sharing economy insurance, we see this as a great place to start and have pricing that starts for just one night and can include trip cancelation. This allows the Host to plan their income with some certainty and know that any small thing that happens to the property is covered.
Microinsurance is insurance with an API. We are in the forefront of change; developing policies by the season, job, by the hour, by the day and by the Km, thus fitting our model to that of the sharing economy platforms and the way small and micro businesses see risk. We are unbundling policies so that the cover offered fits with peoples needs or the actual job or process being undertaken.
tags #parametrics #Graphics #visualization #hurricanes #flood #insurance #augmentedinsurance