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Insurance has been broken for way too long. With the latest technologies, some common sense and people’s best interest at heart Hedvig is tearing up old business models to build the insurance solution of the future.
Article | April 1, 2020
If there is one thing that we have all learned with the spread of COVID-19, it is that there is virtually no industry that is immune to its impact. The global pandemic is disrupting the daily lives of individuals, the operations of businesses, the activities of governments, and even the approach of cherished institutions like museums, universities, and religious organizations. The P&C insurance industry, like many others, is reeling from the implications of the virus. Amid the rapid changes that are taking place, it is important to assess the impact of COVID-19 on the InsurTech movement. After all, InsurTech has always been touted as the ultimate disruptor of the insurance industry. But, might COVID-19 prove to be a disruptor to InsurTech?
The latest figures from a Willis Towers Watson report shows that investment in insurance technology, or InsurTech, reached an all-time high in 2019 at $6.37 billion, with funding in the Property/Casualty sector representing the lion’s share over its Life/Health counterpart. InsurTech is designed to disrupt and change the way the insurance distribution system conducts business, upping the game in delivering tailored product lines, reducing friction in client transactions, providing a better on-line customer experience, and assessing risk scenarios to provide new offerings.
Medicare Rights now has a flier with information about Medicare coverage and coronavirus.Congress passed legislation (H.R. 6201) that would waive all beneficiary cost sharing for coronavirus testing and the associated doctor’s office visit. The President is expected to sign the bill soon. Early Saturday, March 14, the House passed legislation (H.R. 6201) that would waive all beneficiary cost sharing for coronavirus testing and the associated doctor’s office visit. A Senate vote is expected soon.
Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.
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