Insurtech firms are now disrupting the insurance ecosystem, one of them being InsureScan. According to their website, their goal is to create a one stop shop for all insurance matters, from streamlining policies to filing for claims, all through the comforts of the user’s phone. Their app is said to reach more lines of business than other Insuretechs. They boast a 99.3% accuracy rate using autofill on all entry forms. The man behind this firm is Mark Chappell who has experience in working the computer industry as well as the insurance industry. We had the pleasure of asking him about his take on the Insuretech industry and how his company fits into the picture.
Part 1: Insurtech and their challenges
Being an up-and-coming industry, Chappell said that the number one challenge that Chappell said that the number one challenge that insurtech companies must face is legacy systems taking the risks of investing in the integration with an insurtech. Because of this challenge, he is thankful that InsureScan is patent protected. Being just brokers, it is inevitable that insurtechs must also deal with the slow sales cycle of insurance companies. However, comparing to legacy insurers, he adds that insurtech are better in terms of speed and its competitiveness.
Part 2: All about InsureScan
Insuretech is technology itself that plays a part in the insurance ecosystem. The downside of technology is that it leaves people who are not tech-savvy behind. One way InsureScan is overcoming this is by building their technology from the users perspective, taking engagement and gamification into account. Their current model uses insurance agents to sell policies using the mobile platform then offer the client the app for billing, claims and telematics. These agents know their local market and are hungry for technology. The companies testing the direct play are spending hundreds of millions and are not profitable, as of yet. It would require time to turn more towards direct-to consumer. To mitigate fraud, InsureScan uses gps, time-date stamps on everything they do!
Consumers worry on data protection especially when it comes to uploading information online. Therefore, the data collected through InsureScan must be verified by the insured for accuracy and permissions given for quoting or issuing policies.
Chappell ends by saying InsureScan was started to change a very old way of buying insurance. In 10 years to come, everyone will simply be able to scan their license and the quote from hundreds of companies is filtered to the clients demands.
Image Source: InsureScan