The insurance industry has a large demand for
innovation, but it hasn´t benefited yet from digitalization as it should
be. In 2014, only in the United States, insurance Market moved a total of US$
1,99 trillion, which stands for 11% of American GDP. The emergence of what is
increasingly known as InsurTech, a segment focused on advanced and disrupted
services for the insurance market, can be seen as the first steps of this
movement. In 2015, this new market attracted over US$ 3,1 billion investments all
over the world, according to InsurTech Outlook report from Everis consulting.
The report shows that insurance companies are
diversifying its investments in order to integrate new digital resources in its
business strategies, turning companies even better and more effective. Another
challenge is to adopt a new way of interacting with the clients, by using
omnichannel platforms or gamification methods in order to make sectors’ players
capable of offering more individually customized insurance services.
“Digitalization is a trend in every single market.
The insurance industry is no longer different. These numbers show how the
entire world is preparing for this new wave brought by companies that use
technology to make the offer and policies even more attractive and personalized
to consumers that demand efficient and agile services”, says Eldes Mattiuzzo,
director at Youse.
A report released in March 2016 by PwC Consulting
confirms that innovation represents a big opportunity for this market.
“InsurTech companies have been growing as a transforming opportunity for the
innovation of insurance companies to make them bigger. The Insurtech financing
has been occurred in the same size as Fintechs investments. We hope these
investments grow as far as new players join the field”, says the report.
According to Prepare for InsurTech Wave report,
developed by Financial Technology Partners, the interesting for the subject has
been grown gradually. From 2015 first quarter to recent days, the mention to
the term “Insurance Technology” has raised approximately 800% in media
appearance.
In this scenario a few Insurtech companies and
brands has been arising all over the world, changing the traditional way of
offering insurance policies and strengthening consumer relationship. This is a
consequence of a lighter structure owned by insurance players by the use of
technology, generating large benefits to consumers. And there is a few recent
good examples of this change, even in Brazil.
Youse is the very first Brazilian InsurTech brand.
It is the first local insurance selling service based upon an 100% online
platform that belongs to Grupo Caixa Seguradora. Due to the way it’s operating,
Youse can be inserted to the same group of companies that are bringing
innovation to traditional markets to make them better and advanced such as
Uber, Nubank and Netflix.
As an 100% native digital company, Youse offers
personalized hiring of insurance policies in a matter of minutes through
internet devices (website or mobile). There are over 1,000 possible
combinations of services during the acquiring of a policy. Another new
possibility brought to Brazil by Youse is the hiring of a policy with no need
to consult any insurance broker during the process, making the service faster
and eliminating steps.
The experience that companies such as Youse bring to
the country is part of a global movement driven by innovation in the insurance
sector. Last September a company called Lemonade was launched in USA, have been
introduced as the first P2P (peer-to-peer) insurance company. Acting in
residential insurance and planning to rapidly expand thought the country,
Lemonade set as one of its goals to change the mindset on insurance services in
order to emphasize its role as a social good, and not a ‘necessary evil’, which
is close to Youse’s mission in Brazil. Like the Brazilian company, Lemonade
offers fast insurance hiring thought internet devices, with no involvement of
brokers.
Another example is Metromile, an auto insurance company
with a new proposal: charge only for damage coverage regarding the travelled
distance and a US$ 35 monthly payment. Consumers pay extra US$ 0,05 per mile
using a “dongle” (a “token” connected to the internet). This American startup
believes that traditional insurance companies are not fair with “low miles”
drivers. They have taken into account report statistics that indicates that a
large numbers of drivers (65%) have to pay for the coverage of those who drives
more. “If you are driving less, you should pay less”, says Metromile website.
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