WESMARTi: Positioning digital products with new customer experiences in underserved markets
On a mission to penetrate now underserved markets, WESMARTi offers a new digital customer experience. They do so by focusing on parametric and smart digital insurance products leveraging blockchain technology. WESMARTi is a B2B2C insurance service platform, which originates from a successful cooperation between major carriers, brokers, academics and regulators, who decided to experiment parametric policies on blockchain technology. Their open insurtech ecosystem allows carriers and distributors to interact digitally, supporting both consumer and corporate product lines.
In a nutshell WESMARTi wants to push a digital agenda, positioning smart digital products with new customer experience penetrating underserved markets leveraging on blockchain technology.
…By directly stepping in close to clients needs, developing real time instant services.
…By figuring out easy back-office free products to reduce operating cost, but also getting a significant reduction of cost ratio through to the use of technology for underwriting, pricing and claims processes.
….By creating off-the-shelf parametric products, distributed through new channels.
Key benefits WESMARTi
- It is an insurance service platform enabled by leading-edge technology.
- It is an open marketplace B2B2C platform allowing distributors and carriers to interact digitally; it supports both consumer ànd corporate product lines.
- The ecosystem gives the possibility to distributors to find their ideal risk carrier or broker so they can easily set-up a new, smart, digital and automated insurance product.
- It is possible to underwrite an insurance product in a digital easy way, experiencing full transparency and effortless claim processing for the customer.
How it works
Here you can see a demo version of WESMARTi’s Bad Weather parametric product, which runs on the WESMARTi platform.
Suppose you are off for a few days and you really value this short trip, so you decide to buy a bad weather cover product. The platform offers different guarantees that can be combined to cover the whole trip such as flight delay or baggage derouting. You choose your product, get into the configuration screen, select your location and select the days of your stay.
The system will search in the DB the location to see if the policy covers the particular area. If you get a message from the platform stating the location can be covered for the duration of your stay, you will be able to select different premiums (basis, average and total) according to how much your holiday is worth. You opt for your choice and confirm.
If it happens to be so that you experience bad weather during your trip, the platform recognizes this in the platform by checking your location, and you will automatically get a cash pay-out – without opening a claim.
Who is WESMARTi?
The WESMARTi team is a group of entrepreneurs, managers, professors who deeply believe in changing the paradigm in the insurance industry. WESMARTi is partner of CeTIF – Università Cattolica and Reply, and next to that they are also part of DIA’s media partner the Italian Insurtech Association (IIA).
Check out their live demo here: