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On January 1, 2017, the American startup in the field of insurance Lemonade announced that it had broken the world record for the speed of claims settlement. A.I. Jim, a specially created bot by the company, within 3 seconds from the moment of filing an insurance claim, processed information from the insured, passed the application through 18 algorithms to combat insurance fraud, approved the payment, transferred the compensation to the bank account and notified the client.
Brief reference. Lemonade - the world's first peer-to-peer insurance company offering insurance coverage using artificial intelligence technology and behavioral economics methods. Founded in 2015 in New York.
At the same time, the insurance startup Metromile is successfully launching in the United States. The company offers comprehensive insurance with a non-trivial business model: the insured purchases a "subscription" for insurance coverage with a minimum monthly fixed contribution of $30, and after the end of the month pays only for the kilometers traveled, which allows you to significantly save on insurance. To implement this model, Metromile uses two technological solutions. The first is a small device that connects to the OBD-II port and monitors vehicle mileage data. The second is a mobile application that synchronizes and allows the client to track statistics, control the cost of their insurance and pay the corresponding bills.
On the other side of the Atlantic, in April 2016, the Italian startup Helperbit was launched. Based on the currently popular Blockchain technology, it combines two components: the management of charitable funds and insurance reserves and the settlement of losses associated with natural disasters. Helperbit collects data from open sources, for example, about earthquakes, and based on this data, automatically transfers a certain amount to the account of the program participant. This scheme provides maximum transparency of all operations, both for fund donors and recipients.
Innovations and technologies continue to move forward, changing the landscape of our usual life, capturing more and more new areas. Of course, the insurance sector inevitably falls into their sphere of influence. According to the results of 2016 Insurtech startups alone attracted about 2 billion USD of investments in the world. For comparison, the total volume of direct investments in Ukraine amounted to 3.8 billion USD. The figures indicate that international investors see great potential and a bright future for technologies in insurance and generously invest their money in their development.
However, while artificial intelligence and distributed ledger technologies conquer the global insurance market, companies in the classic insurance market risk being left behind in this evolutionary process. Unfortunately, the vector of technological development of most insurance companies often ends in a dead end. With more than 100,000 IT specialists and 323 insurance companies in the country (as of September 30, 2016), we have unfortunately failed to offer Ukrainians and the world unique insurance solutions based on modern technologies. Having all the resources to create truly high-quality and sought-after hi-tech insurance products, insurance companies often reflect on the mantra coined back in the Soviet Mesozoic era: “The consumer is not ready.” Here, we cannot help but recall Steve Jobs’ position on the need for marketing research and market testing: “In most cases, people don’t know what they want until you offer it to them.”
In fairness, it is worth noting that the Ukrainian financial market is still beginning to be saturated with technological products, such as mobile wallets, contactless payments via smartphones using NFC technology, as well as developments by Ukrainian Blockchain activists. In addition, the issue of the use and regulation of cryptocurrency is increasingly being raised in Ukraine. And recently, several platforms, both private and public, have appeared, aimed at the growth and development of Ukrainian startups.
Let's hope that Ukrainian insurance will not remain on the sidelines of this trend and will surprise us with high-tech products that will not only simplify the process of concluding a contract and settling losses, but also give the masses access to insurance services.
Source: NV Business
Insurance payments will catch up with drivers
The law on electronic money was not adopted
