In a recent episode of the Insuring Cyber Podcast, Elizabeth Blosfield sat down with our CEO Dan, to discuss how technology is reshaping the insurance industry, especially for the on-demand economy. Here are some key takeaways from their conversation.
A Personal Journey into Insurance
Dan's path into insurance was unexpected. Moving to the USA as a child, Dan’s family soon had a link to the taxi industry, and he saw firsthand the challenges that immigrant drivers face.
Language barriers, regulatory confusion, and distrust of traditional insurance providers motivated him to create INSHUR to make insurance more accessible for everyone.
Challenges in Building an Insurtech Business
INSHUR’s early focus was on simplifying the onboarding and underwriting journey for drivers. While our front-end technology allowed customers to easily get quotes and buy policies, behind the scenes, we faced outdated processes like faxing information to underwriters.
This led the company to become an MGA (Managing General Agent), enabling us to handle pricing, underwriting, and claims in-house.
Advice for Insurtech Startups
Dan emphasized the importance of mastering the fundamentals of the insurance industry.
Having the right mix of technology and insurance expertise is key to long-term success. He also highlighted the value of understanding and respecting traditional insurance practices while innovating in areas like claims and underwriting.
The Power of Embedded Insurance
INSHUR has embraced embedded insurance, partnering with platforms like Uber and Amazon to create tailored insurance products for the on-demand economy. By leveraging data from these platforms, they can develop flexible policies that cater to drivers’ specific needs, such as coverage based on the number of deliveries made, rather than an expensive commercial policy.
Enabling Diverse Workforce Success
INSHUR's approach is inclusive, especially for immigrant drivers who may lack credit history. Instead, they focus on factors like driving records to assess risk and provide coverage. Their goal is to simplify insurance, making it easy for drivers to understand what they’re buying.
Looking Ahead
Dan is most proud of the team and partnerships INSHUR has built, both internally and externally. As the company continues to expand across the US and Europe, we are working on new products and partnerships to further innovate the insurance landscape for the on-demand economy.
Check out the full podcast and interview with Dan below!
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