How Digital Startups Are Developing Insurance-As-A-Service
Digital insurance companies like Oscar and Covera are expanding upon traditional offerings to include supplemental services and tailored assistance for a more user-friendly experience
In a marketplace as difficult to navigate as insurance, consumers appreciate a little extra attention from the companies they’re doing business with. Amid the recent growth of digital insurance startups giving a typically unflashy industry the tech treatment, complete with humorous subway ads, is an approach that puts a host of extra perks at the customer’s fingertips: insurance-as-a-service.
This trend sees insurance companies expanding their traditional offerings to include supplementary services and risk mitigation, providing customers with tailored assistance. PSFK researchers compiled a few examples:
Covera Technologies Inc.
Montreal-based insurtech startup Covera uses data and proprietary algorithms to help consumers break the renewal cycle and shop for new policies every year. Once a consumer signs up, the company will automatically shop for new home and auto insurance policies, year after year, sharing relevant policies that can be purchased in just a few clicks.
Health insurance startup Oscar assigns every policyholder a four-person “concierge” team (consisting of a nurse and three aides) that is trained in navigating the healthcare system. The team locates in-network specialists and can even set up appointments. Users can access the concierge team by downloading the Oscar app, and can chat, call or go online to communicate or make an appointment with a professional.
Bought by Many
U.K.-based insurer Bought by Many is a free, members-only service that helps find insurance for the things that customers care about. Bought by Many sells unique policies for concerns such as pets or medical travel insurance by mainstream suppliers. To accomplish this, it creates a platform for groups of people with similar insurance needs. Once a group grows to a particular size, the company uses the group’s collective purchase power to negotiate better rates on their behalf.
Insurance companies can differentiate themselves by speaking to specific challenges and needs that have yet to be addressed by industry standards. By offering personal assistance and tech-augmented services that ensure access to the best policies, providers deliver the kind of user-centric experience consumers have come to expect. More insights can be found in the PSFK research paper Optimizing The Digital Insurance Experience.
Lead Image: Oscar