Traditional insurance products that cover everything, every time don’t meet the requirements of certain customer segments (e.g., millennials). These customers are keen to insure specific risks at specific times (i.e.; when they want it – like a car only when it is being driven, a home only when it is occupied, or travel insurance at the exact point of purchase of an air ticket). On-demand insurance allows consumers to purchase insurance coverage on their smartphone whenever and wherever they want, usually when the asset requiring coverage is in use and at risk.
Goals and Objectives
Partner with the right technology vendors or startups to launch simple, easy-tounderstand, shortor micro-duration insurance products quickly to the market to satisfy the risk coverage needs for unique short-term circumstances. Ensure consistent experiences across the customer journey across different kinds of mobile devices. Introduce text- and voice-enabled bots to enhance the experience.
- Mobile technologies — real-time smartphone-app-based coverage switch on and switch off
- Cognitive technologies — in-app chatbots for voice or text chats
- Advanced analytics
- Next-gen security — digital identity verification and network verification techniques using blockchain
- Digital platforms
Use Case Summary
Launch customercentric, ondemand products that meet unique needs and changing lifestyles in the digital era. Broaden the coverage beyond pay-as-you-use car insurance to cover personal belongings (such as mobile phones, bicycles, jewelry, and sports equipment), which may also encourage more underinsured classes to buy risk coverage. An attractive interface, customizable coverage, and ease of one-click purchasing all contribute to consumer appeal of on-demand insurance.