Last month, Nicholas Hyman spoke with Insurance founder and CEO, Jonas Wei. While the two agreed that global life insurance has failed to address the issue of underinsurance, the topic of online platforms came up. This comes at a time when Insurance has been launching a few life insurance product offerings on a digital platform. Some of the digital offerings include an online home financing option for a home insurance policy and a life insurance policy with a new client protection feature that extends the policy to cover all beneficiaries of a deceased family member.
Principles Of insurance.
Hyman explained the importance of applying the principles of Insurerance’s insurance model and Insurerance’s investment philosophy, to auto insurance. Hyman, a veteran insurance executive who has helped build two major insurance companies, explained how Insurerance uses “strategic insurance and auto purchasing insurance” to provide value to auto insurance consumers.
While at another firm, he was asked by senior management to reduce auto insurance premiums by 10% to 20% in a short timeframe. Hyman said he was “intrigued” and ended up creating an online platform called Insurance Auto Insurance Insurance. It allows auto insurance companies to compete with one another while creating what Hyman said is the “finest auto insurance product in Asia” – Insurance Auto Insurance.
Hyman believes insurance providers will have to change the way they deliver benefits. He said, “It is very hard for auto insurance to change. They are great at insuring what they like to ensure – fleets and accidents. And auto insurance is not good at insuring what they like to ensure – homeowners.” Insurance believes that it can help auto insurance companies “sign up drivers online and drive down their premiums by about 20%.”
He added, “The average auto insurance company makes about 35% on auto insurance. This does not have to be a bad business. I am insuring cars. Insurance companies, in the past, used to be insuring cars.”
However, a few companies are not as convinced of the potential of digital technology. We said that “more traditional insurance players don’t believe in the auto insurance model. They are not invested in it. They do not believe in insurance…as an investment.” However, Wei does believe that insurers can sell auto insurance online if they employ Insurerance’s “new auto insurance model and insure vehicles online using the insurance company platform and a digital insurance solution.”
Hyman stressed that Insurerance’s online platform “is not another insurance platform. It is a digital insurance solution. This is what Insurance does.” The trend is clear. The traditional market is “moving into digital,” said Hyman. The question is, “How is Insurance going to change auto insurance?”
Policyholders will go online if it is a “safe place to buy auto insurance online. They want to know that they can get it.”
When auto insurance companies want to attract new policyholders, they usually put up more attractive home insurance offers. Auto insurers, on the other hand, put auto insurance offers online. This is what some auto insurers do, including Hong Kong’s Insurance.
Insurance, an online auto insurer, has developed an online home insurance policy, offering home insurance for auto insurance premiums.
Its online home insurance policy offers a 15% discount on auto premiums for home insurance. But it also gives auto insurance premiums and policy discounts for auto insurance premiums and auto insurance premiums. While auto insurance premiums are at least 10% cheaper, auto premiums are also 10% more attractive when auto insurance premiums are combined with home insurance premiums.
However, auto insurance premiums still aren’t as attractive as auto insurance premiums with auto insurance subsidies or auto insurance with coverage extensions.