INSURTECH : DOBLE INDEMNITY AGAINST COVID-19

COVID-19, Fintech, Insurtech

INSURTECH : DOBLE INDEMNITY AGAINST COVID-19

Our topic today will be to focus on fintech startups, especially insurtech startups and their strategy to improve their service in the wake of the coronavirus crisis.

What is Insurtech ?

The questioning of traditional insurance services, which are no longer adapted to the needs of the current crisis, will strongly encourage the boom of insurtech startups. Let’s take an example of different startups that can make the difference:
1. Oscar is an American insurtech startup that allows its users to access in a simple and efficient way, and without all the insurance jargon, to the medical services they need. Their goal is based on the users and is to guide them to the best solution in a still too defective American healthcare system. Their services are well adapted to the coronavirus crisis and allow
Access to online consultations to check one's health status with a telemedicine doctor
The implementation of a risk assessment survey is broken down into 4 key steps
A medical tool to measure the risk of developing COVID-19 and thus develop a personalized health guide.
If you are possibly affected by the virus, this tool allows you to access test centers in your area.If you have not contracted the virus you can still have a guide to help you know how to reduce the risk of becoming infected depending on your age, location etc.
This tool is connected directly to Oscar's telemedicine solution and the treatment of this virus is free for members of Oscar's insurtech.
2. Sofía is also an Insurtech startup based in Mexico City, in view of the policy put in place by the Mexican government to fight this crisis, it offers an efficient and responsible solution to the users of its application. Its objective is to offer quality telemedicine services while encouraging the population to stay at home to counter this health crisis.
It allows citizens from Mexico city to have access to free online consultations while preserving the quality of a traditional medical consultation. They also want to expand to other states in Mexico to offer this solution. Given the situation, this solution will reduce collective unconsciousness, offer free consultations and be a tangible tool in the fight against COVID-19.
3. Moonshot , a French startup, offers a range of B2BC products developed on three main axes and using algorithms that allow to optimize and propose the best product offer:
E-commerce
Product under development which will allow owners of e-commerce platforms to offer protection solutions against late delivery with an automatic refund system or offer a quality of service with the return of packages to the sender via a free system of support.
Travel
Protection for its customers against flight delays by warning and granting customers access to a partner lounge. Or for missed connections (product under development) which allows to automatically compensate its customers or give them access to a partner lounge.
Tailor-made
Co-creation of insurance products adapted to its needs, self-scaling and automatic on the triggering of claims
Moonshot offers products adapted to the current situation, between an explosion of e-commerce in some countries such as France or the difficulties of international travel management.
Insurtech startups are scalable solutions to the weekly changes of this crisis and allow the protection of people against this virus and visibility for companies by adapting their offer to the changing business model. To be continued…

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