DIA Christmas Videos – Insurtech for the Good
We believe that new digital technologies are not only critical in repositioning the industry along customer-centric models but also offer insurance carriers the opportunity to increase their social and economic impact and reboot themselves as a force for good in the communities in which they operate. Just like entry barriers have been eroded due to the advancements in technology, resulting in all sorts of new ideas and concepts introduced in a cost-efficient fashion by new entrants, we also notice that new technologies are taking away the hurdles that previously existed to play that bigger part.
There are already various areas where insurtech innovations are applying such new technologies resulting in substantial social and economic impact. For example:
- Improve patient care while simultaneously decreasing health costs in an ageing population with connected health devices and advanced algorithms
- Financial inclusion: micro-insurance solutions that give access to protection to hundreds of millions of low income families that were previously considered uninsurable.
- Offset the damage caused by natural disasters such as hurricanes and floods with new technologies.
We’ve composed a nice mix of show&tell videos and brief interviews with insurtechs that lead the way.
Kruzr (India) is a mobile app which turns the driver’s smartphone into a driving assistant to help him mitigate the risks he faces while driving. Kruzr understands the context of driving in real-time and through its voice interface designed for driving, guides drivers to mitigate the risks of road accidents due to mobile distractions, drowsy driving, speeding, and external risks like weather or accident-prone roads. Kruzr cuts down distracted driving by 80% and is estimated to increase profits for insurers by ~15%.
Squarelife & Getsurance
Squarelife (Switzerland) & Getsurance (Germany) developed a long-term disability product that protects customers from the loss of their income due to illness or accident. They jointly built a compelling product perfectly fitting the digital only strategy of their distribution partner, creating a completely seamless experience for the customer while being strictly compliant with commercial and legal framework.
PharmAccess & CarePay
PharmAccess Foundation (Netherlands) and CarePay (Kenya/Nigeria) developed a mobile and digital health platform that has the potential to fundamentally change healthcare. With a mobile phone in hand, anyone can have access to healthcare. The platform is built on top of mobile money platforms and can be introduced anywhere in the world. By introducing a digital health platform on people’s mobile phone, they make sure that the power lies with the individual.
Dutch startup Somnox developed the world’s first sleep robot that works by using scientifically proven cognitive and simulated human breathing techniques to accelerate the process of falling asleep. Sleeplessness or insomnia is one of the most common sleeping disorders worldwide and a prevalent problem that is associated with increased use of health care services and products and a very high economic burden. The Sleep Robot actually does something to help people sleep, without medicine!
Better Trade Off
Singapore-based BetterTradeOff(BTO) focuses on upgrading financial planning to become life-planning. To relate to their customers, financial institutions need to secure the feelings side. Humans inject emotion, empathy, passion, creativity, and can deviate from the procedure if needed. The whole financial industry has recognized the need for a new generation of financial planning solutions which brings institutions and clients closer. BTO’s solution “Aardviser” meets this exact need.
Stonestep (Switzerland) delivers bancassurance for the unbanked with microinsurance as a service. Their “Eiger Platform” handles partner, policy, VAS, CRM, network, claims, and reporting in multi-language, multi-currency, and for Nepal multi-calendar. Stonestep exemplifies the contextual ecosystem approach we identify as a major trend for 2018: tailoring product to channel and to moment of truth.