Ngebray.com,- Francois Robinet, a French venture capitalist that invests in startups disrupting the insurance industry. Here’s what he says the future of insurance will look like.
People don’t want to own. They want to use. And it’s especially true with millennials. Don’t want to own a car, you want to take Uber and so on. The definition of insurance will go along this trend. It’s what we would call itemized insurance. Itemized insurance means that you don’t insure something forever, you insure something for the usage we do. So if you drive your car for two hours, you will be in insured for two hours. If you ski and you are about to go down a slope, you take out insurance because it’s a risky activity.
The other moment of truth is when you have a claim. The claims will be processed in seconds. Maybe you’ve been through the experience or not a pleasant experience. And you need that your problem is quickly solved. Based on data management, insurance company will be able to know if a claim is fraudulent much faster. Money can be wired almost instantaneously.
There’s a startup called Affinity, and what they are doing is when you call a call center, they direct your call to the most appropriate person in the call center depending on your characteristic on your personality. And depending on who you are. It will be easier. Your insurance agent will be nicer.
Things will change significantly. The way the world is moving, software that are in the cloud, so not on premise, that will make back office solution much cheaper, more efficient, and much easier to deploy for the insurance company. Insurance will definitely get better in the future.
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