Customer expectations are evolving.


Consumer expectations are evolving.
 

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Customer expectations are evolving.


Consumer expectations are evolving.
 

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Aligned Values

Consumers want to do business with businesses that are socially-conscious and ethical.

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Mobile

Consumers want quick, simple ways to access goods and services using mobile apps.

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Cost Sensitive

Consumers demand value and will shop around to find the best deal.

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Subscription

Consumer preferences are shifting from owning products and services to consuming only what they need.

Trust


Consumer to business Trust is at all-time lows.

Trust


Consumer to business Trust is at all-time lows.

Insurance


Insurance ranks among the least trusted industries.
 

Insurance


Insurance ranks among the least trusted industries.
 

America’s least-respected industries: How does insurance fare?

CNN: Nickel & Dimed by Insurance Companies

Insurance advice industry battles perception problem

Insurance business model


Traditional insurance is ripe for disruption.
 

Insurance business model


Traditional insurance is ripe for disruption.
 

Underwriting unprofitable

Competition, regulatory pressure and unmanaged risk have made underwriting unprofitable.

Insufficient reinsurance

In an attempt to maximize profits, there is an incentive to minimize reinsurance coverage resulting in inadequate liquidity to meet claim demands.

Conflicts of interest

Conflicts of interest leading to the delay or denial of claims and the practice of overcharging have eroded consumer trust.

Poor customer experience

Increasing product complexity, bureaucratic policies and cumbersome, manual processes confuse and repel customers.

The Opportunity


The opportunity
 

The Opportunity


The opportunity
 

Most of the world is still uninsured.

The opportunity for growth is significant if we provide the industry counter balance for consumer trust and align with the evolved customer expectations.

 
When there is a high level of trust in a company, it drives business performance by attracting new customers and retaining existing ones.
— PwC

InsureTech


The rise of InsureTech
 

InsureTech


The rise of InsureTech
 

The new breed are capitalizing on tech to streamline operations and improve customer experience.

For example, let's look at Lemonade based in NYC:

  • Lemonade reports that 87% of their customers are first time buyers of homeowners and renters insurance proving that there is great opportunity to address the needs of a previously underserved market.

  • How have they attracted these customers?  They have reduced the conflicts of interest inherent in traditional insurance models by:
    • Charging a flat fee
    • Giving unclaimed funds to a giveback program
    • Their tagline: “Powered by A.I. and behavioral economics, not brokers and bureaucracy”.

But while these new InsureTech companies are making improvements on the traditional insurance model, each still has one or more of the following shortcomings:

  • Overcharging customers
  • Reliance on traditional (broken) reinsurance system
  • Complex and difficult to understand models and policies
  • Opaque business models/finances.

There's an opportunity to do even better and reach the needs of more customers in the process.

Blockchain


Putting insurance on the Blockchain
 

Blockchain


Putting insurance on the Blockchain
 

Blockchain tech enabled us to create 100% transparent insurance.

OLD WORLD
(Traditional Insurance)
NEW WORLD
(Smart Pool Insurance)
~50% efficiency ~90% efficiency
Opaque business model Transparent public records^
Complex business model based on combining multiple products Simple business model based on algorithms and individual products^
Lots of paperwork/fine print Streamlined user experience
Manual Online/mobile app
Reinsurance model Liquidity provider model^
High overheads Low overheads
Overcharge premiums (fixed fee) Exact charge premiums (dynamic fee)^
Annual policy Daily subscription model
Conflicts of interest/incentivized to deny and delay claims Premiums can only be used to pay claims/reduced processing time
Conflicts of interest drive dishonest behavior Transparency and behavioral economics inspire honesty

^ improvements on other InsureTech models

Honest Insurance


Welcome to Honest tech

Honest Insurance


Welcome to Honest tech

We invented Smart Pool technology for running independent self balancing insurance pools.

 

Interested? 

Learn more about our business model and blockchain tech via the form below, or download our whitepaper for further insight.

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