Today, we’ve been speaking at the Accenture-sponsored FinTech Innovation and Disruption 2016 in London, presenting a disruptive UberInsurance concept based on the Uber model. You can checkout the presentation below (and download it here)- but here are the key points
- Insurance is ripe for disruption, and investors know it – $650M investment in #InsurTech in Q1 2016 alone
- But the InsurTech scene is complicated – just check out the Periodic Table of InsurTech – so many shiny new startups, and most will fail. Where should we invest?
- Follow the money – if you take a look at where the money is going – so called ‘Unicorns’ (startups valued at $1Bn) they are investing in #ConvenienceTech and #EgoTech – tech that saves us time and effort and panders to our fragile ego. #ConvenienceTech + #EgoTech = Unicorn DNA
- Uber is a combination #ConvenienceTech (tap for automagic service) and #EgoTech (puts you at the centre of the world – all those car icons running around the screen are your slaves…)
- Applied to insurance, the UberInsurance is about more than insurance for gig economy; it’s about easy on-demand personalised insurance that uses realtime robo-broking to ensure you’re always getting the best deal and the best coverage, when you need it. In other words it’s #ConvenienceTech + #EgoTech
- Think of UberInsurance as the on-demand service from trōv/sure/cover/fitsense combined with the robo-broking (personal digital concierge) of insurify’s evia / knip / brolly. Like Uber, UberInsurance is all about owning the relationship but not the costs (smart intermediation), whilst combining #ConvenienceTech (tap for automagic service) with #EgoTech.