12 Dec Innovation Watch: Insurtechs up their disruption
Here’s our regular round-up of the latest innovations within insurance, with insurtechs eyeing 2020 as their year to disrupt the traditional intermediary model
Ratings agency and startup Gilchrist Standard is encouraging insurance brokers to benchmark themselves against their peers and the wider industry, through an annual assessment that can be completed online or over the telephone.
Gilchrist Standard’s platform for the general insurance sector measures brokers against 18 key performance indicators, including corporate governance and emerging risks, with algorithms used to produce a score and rating.
Flexible insurance provider Cuvva has announced its intention to launch a pay-monthly car insurance product early next year.
The announcement came off the back of a £15 million funding round and follows its successes in offering temporary and short-term cover through its mobile app. Its pay-monthly car insurance product will be subscription-based, require no deposit and be quick and easy to cancel, and won’t use dual pricing or offer claims bonuses, according to Cuvva.
Insurtechs are also partnering with top brands outside of insurance, with Wrisk teaming up with BMW Group Financial Services to offer three months of free car insurance to purchasers of all new MINIs.
All new MINIs are now being sold with three months of free insurance to eligible retail car buyers in the UK through BMW Group Financial Services’s new insurance product, MINI Flex Car Insurance.
BMW Group Financial Services’s new insurance product is underpinned by Wrisk’s new Pro Motion capabilities, which does away with the typical ‘7-day-driveaway’ insurance model and MINI drivers continuing to be covered by MINI Flex Car Insurance after the three-month promotional period via a monthly subscription.
MINI Flex Car Insurance is offered online, enabling insured drivers to access their policy documents at any time, from any device, and make changes to them instantly. Premiums also update in real-time according to any changes they have made.
Berlin-based insurtech WeFox Group is eyeing the UK market in 2020, following the closure of a $110 million (£83.38 million).
WeFox offers an app-based digital marketplace for consumers, brokers and insurance companies. It claims to be Europe’s leading insurtech, with more than 500,000 customers in six countries.
Julian Teicke, chief executive and co-founder of WeFox Group, said: “This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020.”
Insurance Direct Group Solutions has launched its new UK digital broking service for UK companies with a turnover up to £100 million, which can apply for and manage their commercial insurance online.
The service has “stripped back the traditional insurance broking process and re-engineered online”, according to Insurance Direct Group Solutions, and its “agile insurtech solution connects a digital platform with human intervention, combining the efficiency of technology with the knowledge and experience of insurance professionals”.