The on-demand trend has become incredibly popular because it is incredibly convenient. Now, this trend is spreading into the world of insurance.
The old way of insurance
In the past, insurance used to involve signing long-term contracts that were very complicated and very difficult to get out of. Oftentimes, the process of buying them involved hiring an insurance broker who would shop around for many different plans on your behalf.
It could take weeks to find a good plan and then people could get locked into them for an extended amount of time without the possibility of getting out of them.
The new way
Thanks to developments in Insurtech (insurance technology) it is now possible for people who need insurance to be able to find solutions and place orders for them quickly. Users can find a wide variety of insurance products on the platform including hiking insurance, biking insurance, running insurance, pet insurance, ‘kidsurance,’ critical illness insurance, and travel care.
Hiking insurance, biking insurance, and running insurance all provide coverage for losses that can be incurred while a person participates in these activities. These insurance products can cover the equipment itself such as the bike, or medical expenses related to injuries performing these activities.
Pet insurance provides insurance coverage for expenses related to your pet developing a disease or disability. Kidsurance provides coverage for expenses related to your child developing an illness or disability.
These types of expenses can be extremely expensive and parents who have ill or disabled children often have to take time off of work, which compounds the issue. Kidsurance is a great supplement to traditional health insurance that can help you and your family to weather the storm if your child falls ill or becomes disabled.
Innovative Insurtech companies
Here is a list of some of the most innovative Insurtech companies on the market right now that are creating high-quality insurance solutions for the on-demand generation.
Lemonade
Lemonade is an Insurtech company that has built a reputation for offering incredible custom insurance solutions that can be presented to you in 90 seconds or less. Lemonade offers a number of great insurance products including products for renters’ insurance, homeowners’ insurance, term life insurance, and pet insurance.
The Lemonade insurance app has a 4.9-star rating in the Apple App Store and the Google Play Store, which is a true mark of quality. Filing claims is extremely easy on Lemonade. In fact, you can get paid for your claims in as little as three minutes. Lemonade also offers monthly subscriptions, so you can cancel anytime. It is incredibly convenient.
Hippo
Hippo is another high-quality Insurtech company that offers fast quotes and on-demand insurance. Hippo offers 60-second quotes for homeowners’ insurance, which makes it extremely easy to find out what you will have to pay to get coverage.
Hippo’s homeowners’ insurance policies provide coverage for appliances and electronics, computers and home office, water backup, house cleaners, sitters, and local ordinance changes.
Oscar
Oscar is a rising star in the health insurance world. Oscar insurance provides coverage for virtual doctor’s appointments and virtual urgent care. Through Oscar insurance, you can easily see a doctor through a video call or speak to one on the telephone.
Oscar insurance is helping to save people time and money. Now, instead of having to drive to the doctor’s office every time you need healthcare, you can do virtual meetings and have these meetings covered.
Rhino
Rhino is a new type of insurance company that provides insurance coverage for security deposits. This means that if you have Rhino insurance and if your landlord accepts it, that you won’t need to pay a safety deposit when you move in.
Instead, you can just pay as little as $5 a month for a Rhino insurance policy. Rhino can make it significantly easier for you to move into your new house or apartment and prevent you from having to fork over an extra month’s rent as a security deposit. It is extremely easy to sign up for Rhino insurance.
YAS
YAS is a digital marketplace for microinsurance products. On this marketplace, users can find a wide variety of creative on-demand insurance products for a wide variety of coverage areas. For example, on YAS, you can find insurance products for hiking, biking, running, kids, pets, travel, critical illness, and more.
YAS’s mission is to ‘make insurance loving again’ and to remove all of the friction and stress involved with traditional insurance. YAS aims to be a one-stop-shop for purchasing extremely convenient and affordable microinsurance products quickly.
Bridge Mutual
Bridge Mutual disrupted the Insurtech industry with its fully decentralized, scalable, and comprehensive system of smart contracts to insure stablecoins, centralized exchanges, wallets, and other crypto and decentralized finance products.
Its insurance application allows users to insure each other and get compensated in the event of a cryptocurrency market fall or a hacking attack. The Bridge Mutual users can provide coverage, decide on claim payouts, and get reimbursed for taking part in the ecosystem.
Source: Value Walk
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