Digital Insurance Agenda

VouchForMe: insurance just got more affordable

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 28, 2019

VouchForMe is built on a premise that insurance can be tailored to each individual. They are creating an ecosystem where the opinion of the community counts as risk assessment for an individual who in return benefits from a lower cost of insurance. They simplify the risk assessment and segmentation for insurance companies while creating favorable insurance solutions for end customers. Whether it is a car, home, or business insurance.

Insurance brings security. But the cost can appear unfairly high for those who rarely take advantage of an insurance payout. VouchForMe makes it possible for friends and family to express their trust in someone and let the insurance company know that he or she present lower risk and deserve a fairer insurance premium.

VouchForMe uses the concept of social proof. The social proof is a psychological phenomenon in which people are influenced in their decisions and actions by mirroring other people or social groups. In VouchForMe social proof works first as a recognition of an individuals’ good behavior, and secondly as a mechanism/incentive to stand up to the reputation given by your social circle. 

 

VouchForMe is currently live in Romania and Slovenia, in both cases as a car insurance feature. The startup was the finalist of the startup challenge by Zurich and is currently competing for the Disruptor Daily Blockchain Use Case 2019 award.

 

How it works
Family and friends vouch with a financial commitment that is triggered only in case of an insurance claim. Users gain the trust of the insurance company and are rewarded by lower insurance premiums. The higher the commitment from friends or family, the lower the cost of insurance. Users can have one or more people to vouch for them in a system that is based on sharing. In case of an insurance claim, the deductible will be split proportionally between those who vouched for the user.

But only up to the set amount they vouched for, with no hidden fees or additional risk.

Why we selected VouchForMe for DIA Munich
Friends and family know one best. They can evaluate the risk much more effective than statistics. By vouching with VouchForMe, friends and family let the insurance company know the user is a trustworthy and low-risk individual. Social proof which uses financial guarantees serves as an alternative underwriting tool, which enables the selection of low risk clients without the excess of data gathering. What VouchForMe does differently from other insurtechs is that it replaces the need for telematics and other intrusive ways of data gathering with the trust by the people who know the user best. VouchForMe facilitates the transformation of trust into the value for the insurance companies by putting a price tag on trust.

At DIA Munich VouchForMe will be presented by Mr. Jacob Westerlaken CEO, and live pilot project partner company representative Mrs. Maja Benko, Executive director R&D (Life, Health, Pension, Non-Life) at Adriatic Slovenica d. d., member of Generali Group.

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/vouchforme-social-proof-works-as-a-recognition-of-an-individuals-good-behavior/

Who is VouchForMe?
VouchForMe was established in the late 2017 by two partners Tom Volk and Matt Peterman. For the last two decades, Matt has worked in private equity and venture capital companies. In the last 5 years, his focus has shifted to fraud detection in insurance, and he’s been working closely with companies such as Allianz, Groupama and Fosun.

Tom is also a founder of Adacta Group, a company that develops a proprietary insurance core system widely used by insurance companies in the EU and Russia and has firsthand knowledge on the insurance industry.

The team consists of professionals from the field of insurance solutions, technology and business intelligence. With a spice of passion for what they do, they guarantee that they will deliver the best possible solution for your business and maintaining the trust of their customers.

The A-round funding was raised in 2018 in the ICO. The company released the beta version of the product offering the offloading of a third-party deductible at the end of 2018. In 2019 two pilot projects with partner insurance companies went live. The first pilot project with Euroins Romania (part of the EIG Group) was launched in July 2019. The second pilot in cooperation with the insurance company Adriatic Slovenica (from 1.1.2020 officially rebranded as Generali, and part of the Generali Insurance Group) was released in September 2019.

The company has operations in Slovenia and Liechtenstein.

“VouchForMe is built on a premise that insurance can be tailored to each individual. We are creating an ecosystem where the opinion of the community counts as risk assessment for an individual who in return benefits from a lower cost of insurance. We simplify the risk assessment and segmentation for insurance companies while creating favourable insurance solutions for end customers. Whether it is a car, home, or business insurance, we have you covered.” Founder, Matt Peterman


Jacob Westerlaken, CEO VouchForMe

https://vouchforme.co

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