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Insurance Business | 03 Jul 2018, 08:00 AM Agree 0
Users can protect whatever they want, wherever they are, for whatever time they need
  • Roger | 03 Jul 2018, 10:47 AM Agree 0
    It appears that my 50 years of insurance experience and knowledge of how insurance has always been provided are rapidly coming to an end. I suspect that emerging technology will soon reduce to a bare minimum the areas of insurance for which a person might need the advise and counsel of a real live agent or broker
  • Millennial with a different perspective | 03 Jul 2018, 11:02 AM Agree 0
    It’s the free flowing capital that is supporting ideas like this. Insurance is an old system, yes. But it works. And this idea is carving out the segment of insurance buyer that only wants to pay a premium when it’s items are worth insuring (ie, when they are most likely to be lost or damaged??). Like Lemonade, would expect the underwriting results for this group to be quite poor as they “seek scale”, at which point they will tighten underwriting standards and become a typical insurance company. Nothing new. I would wager that they may even divorce themselves from the on-demand elements - if these worked, there are insurance companies out there that would already be doing it (Progressive, Geico, esurance, etc).
  • | 03 Jul 2018, 11:35 AM Agree 0
    When you talk about "whenever it is needed" how do you handle underwriting poor risks and adverse risks?
  • | 03 Jul 2018, 11:58 AM Agree 0
    This will be a "caveat emptor" policy with no advice. Some people will buy it, get burned or try to game the system and move on. I don't see broad appeal for carriers.
  • | 03 Jul 2018, 12:24 PM Agree 0
    It could work but how do they prevent fraud? Say my camera is stolen so I dial up the app and buy coverage then tomorrow I file a claim. How does the software know when the event occurred? Reminds me of a client who called me from the scene of an accident to add collision to his already totaled vehicle.
  • Allen H | 09 Jul 2018, 10:18 AM Agree 0
    This will have the affect of making a particular niche market more efficient. Namely, as the article already suggests, Inland marine & equipment floaters.

    For example I have a news media client that sends journalists out in a van 3-4 times per week for @ 1hr with close to 50k of camera equipment.

    Their current floater is under written based On their estimated use, but they have to inflate the premium to include the potential for under reporting. Although the coverage is pretty cheap compared to the other lines, it is marked up And imperfect for the actual.

    But for the same reason that flood carriers Put moratoriums on coverage prior to a named storm event, this product will most likely Have a very limited impact on the insurance industry as a whole.
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