The insurance industry is under tremendous pressure to innovate with modern technology to keep up with customer preferences. Mobile-first is now the norm and challenges like fraud and inefficiency are driving the need for operational changes. As consumers increasingly seek insurance policies that provide coverage only when they are at risk, rather than all the time, technology companies are responding by offering consumer policies unbundled into usage-based components, in other words, Micro-Insurance. Micro-Insurance is a relatively new model in a market that is still untapped, and it has the potential to grow around new business models like Uber, Lift, and Airbnb. If insurers take into consideration market behavior trends and think of innovative ways to market new products and services in this area, then Micro-Insurance can open up new opportunities to fuel business growth.
Synechron’s award-winning Micro-Insurance platform, “MyPossessions™”, enables incumbent insurers to offer consumers coverage that adjusts as their risk changes. It draws together Synechron’s experience in insurance trends, digital user experience, and core systems development and maintenance to create a cloud-based, mobile tool that helps consumers protect their possessions on an as-needed basis without requiring a risky and expensive overhaul of core P&C admin and claims systems. Consumers can use the Micro-Insurance app to track their possessions, buy coverage if and when they want, and catalog and protect their valuable possessions all from single-screen dashboard.
Key Features and Benefits:
- Enhanced Risk Management – real-time and catalog management whereby customers and insurers can view what they are insuring, also enhancing underwriter risk management
- Easy Policy Management – by optimizing the insurance policy application, underwriting and claims management processes wherein policy data is directly moved into core systems upon consumer command
- Improved Claims Process – due to a faster process backed by easy accessibility and availability of information
- Effective Customer Engagement – consumers control the process from their mobile devices, thus enabling faster turnaround and easy policy schedule management
Know how Synechron’s MyPossessions™ App is innovating the micro-insurance space
To learn more about Synechron’s InsurTech Accelerators focused on Mobile applications and the work we’re doing email us at firstname.lastname@example.org
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