Key Sentence:
- Despite being one of the largest industries in the world, the insurance industry has functioned the same way for hundreds of years.
InsurTech Unlike many other industries that have used technology to streamline processes and adapt them to the lifestyles of digital millennials, the idea of taking out insurance brings back many memories of how to get through various tires over the phone or delayed email.
The modified train or flight has jumped. There is room for improvement – the PWC opportunity for companies looking to innovate in the $50 billion space that has raised €200 million and based in Dublin, Ireland, has created insurance products.
Innovative digital that you never imagined before. Companion uses EDI (Event-Driven Interactions) extensively throughout the customer journey to turn negative experiences into positive experiences.
They work with online businesses and booking providers to differentiate themselves from their competitors. And generate additional revenue by offering their end customers additional insurance that is EDI enabled and tailored to their digital lifestyle. Companion is a technology-driven destroyer that is changing the way people think about insurance.
Bringing InsurTech successful business models from Asia to Europe
Companion’s ideas and offerings, while new to Europe and the UK, have increased in Asia over the years. Five years ago, experienced managing director Matthias Naumann. Who has had a long and highly successful career at the Boston Consulting Group, discussed the idea of ensuring people’s daily lives with his colleagues. As he is already active in the Asian market with success.
He teaches the concept of using technology to change the way people do business and how traditional vendors provide solutions. And just like that, there was an “ah-ha” moment. “I told myself that if we could develop and offer insurance solutions that were attractive, event-driven, and fully digital. We could influence the way they saw and experienced insurance.”
Large-scale build and growth during a pandemic
Although the team managed to raise a significant amount of money from a leading Swiss insurance company. It ended up building most of the product and crew amid the COVID-19 pandemic. That means they will have to develop new processes to adapt to the remote work environment and develop insurance solutions for a world. That is likely to look very different after the COVID-19 pandemic.
The international team developed 100 percent cloud technology that can process 32,000 policies per second with flexible product design and development. Enabling customization, easy integration via custom API gateways and seamless connectivity to third-party data sources.
In addition, the company is one from the few digital insurance companies licensed and regulated by regulators. Which has the significant advantage of being faster and able to take all the risks as an insurance company. And broker and giving them the flexibility to provide the services they offer without relying on third parties.