Life Coach
XYZ Insurance is a relevant and present partner in customers’ everyday lives for all events offering a guide / coach to navigate them. Insurance transitions from a one-touch-point pain experience for to pay in case of a claim to a various touch point partner to accompany customers’ lives and experiences.
The XYZ Insurance Life Coach is a life cycle assistance product.
Customers can call us any time and receive a broad range of assistance services. Annual telephone advice time per year is included and paid through a monthly fee.
XYZ Insurance enriches this hotline / concierge service with PA and CI. In case you are diagnosed, you can demand a personal coach to analyse your situation and needs at various stages of the processes you will need to go through, with personal and emotional respect and empathy. The coach will guide you through the steps needed to be taken (Lawyers, administrative papers, groceries service, meal service, transportation, psychologists).
XYZ Insurance will then pay a lump sum or take over the costs of services to be arranged up to a maximum of CHF 50’000. The initial personal consulting is free. The insured can demand also partial cash payout if wished.
The Life Coach program will include features to enhance your everyday well-being as the focus of the service.
Additional XYZ Insurance products can be included to reflect the varying needs of customers throughout their life-cycle.
• PA
• Cyber/hospital cash/travel
• Mobile phone protection/gadgets
• Family protection (PA of Children), PA 50+; Disabled Child, Heavy Surgery, Dementia
• Critical illness kids
- The XYZ Insurance Life Coach program will include community-building features for customers to share their favorite services and experiences."
Insurance Travel Card
The XYZ Insurance Travel Card is a personally issued business travel card with the function of a debit credit card. In addition, business travel assistance can load money onto the card in seconds and 24/7. This means that XYZ Insurance can immediately load money onto business travellers XYZ Insurance Travel Card, who are in need and customers can use it to pay costs immediately.
This allows possible emergencies to be treated promptly and easily.
The frequent travelers are the decision makers in a company when it comes to which business travel insurance should be chosen. Our unique offer is convincing. The brand XYZ Insurance is visible and better recognized by our XYZ Insurance Travel Card.
The additional offer will lower the price sensitivity for this product and convince the decision makers for our product, although it is more expensive than the standard product.
We can support business trips in the following areas:
• Medical emergency
• General payment problems
• baggage problems
• delays or breakdowns of means of transport
• evacuation
The positive loss experience will underscore the value of our business insurance to the client.
Further possible development of the idea:
• Connect the card with our App Travel Smart and offer customers additional products and services:
o Private Travel
o Opportunity to meet other business travellers
o Amounts of money at the request of the customer in situations in which the customer is in need, but it is not insured with the existing insurance (money in advance)
• Luggage reception at the aircraft
• Access to airport lounges
• Cross sell with the credit card company
• Customer information can be used to improve the offer and to predict the claim development more precisely.
• A customer loyalty program
Travel Smart App
"The new idea is using our market leading Travel Smart App (https://www.youtube.com/watch?v=Lsn-BLLoFD8) as a digital distribution platform to sell existing/new insurance products such as Leisure Travel and Personal Accident.
Our award winning Travel Smart App for IOS and Android is available to download for free for any individual covered under an A&H Business Travel policy, which means the potential reach of this new method of marketing could surpass a million individual contacts leading to substantial revenue potential.
The app gives us direct access to a target demographic allowing us to advertise and bind a variety of products that the end consumer would normally not be aware of. The app is currently available in over a dozen countries, allowing a large geographical reach that could be further specialised to meet local demographic needs with varied products advertised on the app including varied lines of insurance.
By automating the quote to bind process on our app we would provide an efficient, modern, user-friendly method to purchase insurance. Policy documents would be stored on the app for ease of access, alongside links to submit claims and download visa certificates.
This would reduce administration costs involved with manually quoting, binding and producing policy documents. Behind the scenes we would be able to control rates and premium, allowing us to instantly react to changing trends in purchasing and losses. All quotes, documents and claims would be automatically logged on our system via the use of an Application Programming Interface.
There is a huge potential to scale the Travel Smart app by making it available in more countries and allocating resource to encouraging downloads and supporting our Business Travel clients.
By allocating more resource to increasing downloads we would also be able to demonstrate to our BTA clients that the Travel Smart app is an essential added value service they benefit from. This will lead to higher retention rates of clients as they will be reluctant to lose this free service, especially once the product is on a large amount of their employee’s phones."
Self Employed cover
"Develop a product which supports self employed and small business owners with a cover in case of sickness, incapacity to work to help them cover their daily ongoing expeness while the owner is unable to work. Self employed and small business owners in Germany are in principle not covered by the public health sector and no salaries will be paid in case of sickness. Day 1 coverage can be bought from private health insurances with full medical underwriting and for a high price that most self employed are not able to afford. XYZ Insurance could benefit from their own experience in Germany writing business through Combined Insurance in the past. An existing portfolio of 60.000 policies could be used to approach a bigger customer base through DM activities. Furthermore we can offer the product to the AXP SME customer base. The product should be without medical underwriting questionnaires and should offer a precise cover based on the insureds expenses to be covered like rent for a shop, electricity, replacement costs during his own absence…Cover shall be recognised as an Airbag policy and not full medex product…"
Real Time P & L reporting
"Development and roll-out of an realtime P&L reporting system for multinational program business covering all XYZ Insurance countries and associated friendly fronts. Therefore already available MNLR loss data to be enhanced by relevant premium date. To included in WorldView as additonal features to allow brokers/clients as well to view program performance daily."
Fire Fighters
Throughout the course of the last 12-24 months there has been a surge in Forest Fires worldwide primarily due to both increased climate change with ever prolonged & sustained periods of hot weather as well as an increased frequency of malicious acts from individuals with an intent to cause damage. While traditional property insurance is becoming difficult and even unobtainable in some parts of the world, we can offer victims some level of protection and support. Disaster Recovery services and assistance are available and accessible by many businesses but this is not necessarily true of individuals and smaller to medium sized businesses. We are considering the addition of a ‘Disaster Recovery Extension’ to add value to our SME and personal / small commercial lines offering in affected territories such as California. The option would be available to purchase inner limits to help in addressing the most immediate concerns such as assistance with and reimbursement for costs of relocation, travel, alternative accommodation, catering, loss of revenue, denial of access, childcare and costs towards preventative measures to the event should the worst happen. This will be offered alongside assistance and advice on measures they can take to mitigate loss or damage, preparation of insurance claims, assistance in document recovery and legal costs, automatic alerts & warnings, credit card bill recovery and so on.
GIG Economy
The workforce is changing. There are five million people currently working in the gig economy in the UK which is around 15.6% of the total full and part-time workforce (32 million people) and this rate is set to rise.
This group is often vulnerable and miss out on workers' rights such as sick leave, holiday pay, redundancy pay and maternity leave. Gig workers are not even guaranteed the minimum wage. This can have a disastrous impact on individuals and families as over 25% of households in the UK have less than £95 in savings and little to fall back on in the event of being unable to work.
This changing workforce structure also presents challenges at the business end as whilst it great to have a workforce you can flex to satisfy business requirements there is still a need to show Duty of Care to these workers and there is reputational risk legal risk if companies fail to do so. With customers showing more and more emotive purchasing this has never been more relevant.
With many big name companies operating on this basis – this is a big opportunity for XYZ Insurance in the UK and globally.
The idea being put forward is a benefits package distributed digitally via an App to the individual gig economy workers. It will be a slim line version of a full-time Employee benefits package but flex to accommodate the feedback and customer centric approach taken at product development stage including more relevant health covers like virtual doctor to help promote a healthier workforce and take the strain off the NHS.
App capabilities include;
• Up-sell of other XYZ Insurance products/higher benefit levels
• Ability to white label for individual clients
• Improve brand awareness of XYZ Insurance
• A function to improve – capture user feedback
• Video to demonstrate usage/educate on coverage/claims portal link
• Paves the way for us to work direct with clients
Ticket Smart
Standard personal accident (PA) / sickness ticket cancellation cover (music festivals, theatre, sporting events etc), promoted through an app, cover extended to include an automatic payment (which may be a voucher for a future event) if the event is cancelled, starts more than 45 mins late or is cut short for technical reasons etc.
Ticket Smart will send push notification about the insurance when your mobile identifies an event in your email to add to your calendar and when a ticket is transferred to you e-wallet. We would also engage with event organisers to promote this product.
Ticket Smart will deliver useful content about the event, venue, maps, traffic and public transport to ease the planning and will notify you if there are travel issues. This content will drive customers to download the app.
Event linked cover - working with the event organiser so that if the event is cancelled, cut short or has a delayed start, the payment would be an automatic credit of cash/voucher to the individual. We would receive notification of an insured event taking place from the event organiser to trigger this. Any additional or unused travel costs resulting from this could also be claimed.
Individual cover - typical ticket cover familiar to XYZ Insurance will pay the ticket / booking price and lost travel costs if you are unable to attend due to PA / Sickness. Possible extension to cover travel delay should the individual be delayed on public transport, similar to travel insurance cover.
Opportunities to cross sell with Event Cancellation cover and potentially to incentivise prospects like Ola Cabs or Uber to link our app to theirs for people that want taxi rides to/from the event.
The app will be useful, easy to use and where possible claims payments are automatic.
FLY-OT
A connected device aimed at our travel insurance customers that would enable them to activate or freeze their travel insurance policy with the touch of a button.
This device would not only give XYZ Insurance precise measurements of time on risk, but will also provide location details. If the luggage is lost or stolen, both the policyholder and XYZ Insurance would be able to track the location to speed up and improve the chance of recovery.
The data collected from this device could also be used in a variety of ways, from sending catastrophe or terrorism event warnings to customers in at-risk locations, to providing businesses analytics data on their staff travel insurance.
The Green Team
It is now well known to anyone that one of the main innovations that will characterize our economic system will consist of the possibility of making online purchases with very short receiving time of goods. Nor is it a mystery that, in this regard, the world's leading global trading companies, most notably Amazon, are seriously thinking about using drones to make timely deliveries in less than half an hour. Is this all science fiction? To the question "Is this science fiction or is this real?" Amazon replies on its website "It looks like science fiction, but it's real. One day, seeing Prime Air vehicles will be as normal as seeing mail trucks on the road. " The idea of our team starts with this assumption for the creation of a single insurance product resulting from the union of several classic covers: a 360 ° insurance coverage for drones. In addition to covering any damage caused to drones (and therefore in a Property logic), the policy will also cover damages to third parties during transport (General Liability logic), damage to transported products (Marine Logic), damage caused by a hacker attack to the aircraft (Cyber logic), and the delay in delivery to the customer. Drones are now widely used tools in a wide variety of tasks, just think that XYZ Insurance uses them for our Risk Engineering service.
Squad-Zero Implementation
In a fast-moving world a dynamic way of working is imperative. The way of doing business has to be adapted in order to respond promptly to market opportunities and customer needs.
Our idea is to create and implement a well-dimensioned skilled teams (called SQUADS) that work as dynamic cells, full oriented on customer centricity, productivity increase and employee engagement.
Is our ambition to create the “SQUAD ZERO”, a multidisciplinary team specialized in Global and Upper MM Accounts in both domestic and multinational tenders, that works fully aligned during the tender period with flexibility, autonomy, and strong engagement.
This Squad is focused on WHAT, HOW and DELIVERY.
Squads dissolve once the mission is over and they are ready to reshape and face other mission. In the meantime the individuals continue with their BAU.
The XYZ Insurance Tribe will be our new organizational model for tenders based on pre-defined squads.
My Curators
myGALLERY is a digital dashboard accessible via multiple channels, initially for Masterpiece High Net Worth customers to view and manage their portfolios with XYZ Insurance.
We recognise the need for more ‘touch points’ with our customers in an environment in which emergent technology is making it easier than ever for customers to connect directly with their insurance providers at high velocity and a challenging broker environment which has been slow to adapt to changing customer demands.
We call the platform myGALLERY since it will house a digital record of a customer’s own Masterpieces along with their policies which have been Crafted by XYZ Insurance so there is a cross product line applicability to the name.
myGALLERY builds on an existing broker facing portal we employ in the UK & Ireland to offer a direct connection with our Personal Lines customers which can in time be scaled to other regions, product offerings and to integrate new functionality and emerging technology.
Claim Operations
This idea speaks to ambitions in the (lower) mid market and digital space.
We have the opportunity to be involved in the launch of a new product in the community sharing space called ShedSpace. The principle is close to that of AirBnB, allowing registered users to rent their spare space to people wanting to store items.
The holding page for the business is here: www.shedspace.com
There is currently only one other provider in this space. They have low penetration and are London centric.
This is an online distribution model where the person wishing to store would purchase insurance on a day rate at the time of booking the space.
The insurance product is a first party risk. Claims risks will involve frequency and moral hazard. The business has a six point ID checking process that will support mitigation.
Weather App
"The idea is to sell via a mobile app para metric weather insurance products for outdoors events,. Payout would be based solely on weather mesures for a given location, date and time. You would need to buy this product at least D days before. Then, on the given date and location, if at least x% out of the nearest Y stations give rain, then the payout would be based on an actual % of the premium, taking into account probability and margin. You could buy insurance for a rained out picnic, thunderstorms for a VFR Session, a rained out world cup final, etc etc.. Premiums would be small amounts, so ensure customer buy in."
VatBot
"Expansion of an automated VAT decision tool currently in use within the EMEA region. This tool could be developed and adopted on a wider global basis to allow the benefits of the tool to be utilised in other regions where there is a VAT/ GST (or similar) system involving VAT/ GST exemptions for insurance."
Insurance Subscription
"As the World is now most connected than ever and this technological environment wll only expand more and more in the coming years using IoT, BlockChain, AI. We believe that XYZ Insurance has the ability to collect and use that data to protect every individual based on his/her lifestyle.
Our disruptive product is insurance subscription offered direct to consumer as a service all under one roof. From motor insurance, travel insurance, house insurance, A&H, Cyber, SPL, Life and any other existing product insurance for consumers.
Given the fact that XYZ Insurance also has or is developing ways to monitor, settle claims and become one of the market disruptors when it talks about moving insurance industry forward."
Esports Insurance
"Professional-level computer gaming, or eSports, is a fast-growing global industry, with expected 2018 revenues of $906 million - a year on year growth of 38.2%. Estimates for 2021 put revenues between $1.3 and $2.2 billion. Prizes for individual players can exceed $1 million per tournament, with multiple tournaments being held globally each year. The 2018 ‘Fortnite Battle Royal’ tournament prize fund is $100 million. Individual players as well as teams often have celebrity status within the industry.
The eSports industry has a range of participants: individual players, agents, teams, managers, boot camps, tournament organisers, audiences, sponsors, and distributors. Risks vary from personal accident for players, property risks for team and boot-camp managers, contract failure between teams, players, and tournaments, loss of earnings through tournament failure or team withdrawal, advertising loss through distribution failure (ESPN, Twitch), event cancellation, or event underperformance.
These are all well understood types of risk for which XYZ Insurance already has products – but none are branded or targeted towards eSports organisations, fans and players. As risks materialise over time, there is likely to be a growing understanding for the need to obtain insurance and an opportunity to craft a tailored offering for the sector.
This proposal is to create a branded suite of eSports products and packages to serve all areas of the industry, leveraging existing product knowledge and incorporating industry and market need analysis. The aim is to allow participating bodies to pick and choose covers that they require.
Recently Manchester City, West Ham, Boston Celtics and Cleveland Cavaliers all purchased eSports players to represent their brand in tournaments that mirror their physical sports. Formula 1 has formed an entire league for the eSports equivalent of racing.
With such bodies making long-term investment into the field, there should be little doubt about its viability."
Protection Insurance
"This is an insurance product for our customers who had experienced violence. The name of the product is “Protection Insurance”. People who face physical violence, snatching, sexual harassment can benefit from this insurance. People can reach TPA by calling the phone number that’ll be provided to them when they buy this insurance. The coverages will include AME - Accident Medical Ext, Hospital Cash, psychological help and legal assistance. Assistance will be provided via TPA. Theft of goods can be added as additional benefit. The violence will be supported by hospital or police report."
App Connect & Protect
"What we are proposing is creating an app that can be used by our exisitng 15000 HNW clients to add value to our proposition. XYZ Insurance PRS (Personal Risk Services) is a B2B2C business so communication with the end user is minimal. The HNW market is moving fast and we need to move with the times. More and more people are time poor and asset rich so dealing with things on the go is key. The app will provide access to policy documents, wordings, valuation and appraisal reports. Push notifications to remind clients of the need to update valuations and upcoming appraisals. Ability to notify of claims through the app with picture and video upload to improve validation process. It will have an information and video suite that will provide key information on security, cyber, dangers of social media for kids. Our aim is to increase the client experience and see the value in the premium product they have purchased.
XYZ Insurance Insured
"XYZ Insurance is great. “XYZ Insurance insured” is even greater, for it opens a virtual platform via a Webpage and an app where all of XYZ Insured are connected (if they want to): They may search or offer services to each other, hence building on the trust that comes from being insured by XYZ Insurance .
The “XYZ Insurance insured” initiative lets insured connect in a lot of different ways: Imagine you have a water leakage in your house and are in dire need of a plumber, but do not know one. Just use the new “XYZ Insurance insured” app and check out all the “XYZ Insurance XYZ Insurance insured” plumbers in the area – maybe one is available and even offers a special discount. Or imagine a company, whose supplier is suddenly out of business. Maybe it will - using the “XYZ Insurance XYZ Insurance insured” app - find a new supplier who offers the required goods as well. Or think of our claims department, which is in need of an expert or a contractor for a quick fix – using the “XYZ Insurance XYZ Insurance insured” app, it might be easy to find the right person in the required area and maybe even save money in the process."
Homeless Children Insurance
"The product is for homeless children with education and/or a savings coverage. The product is a package insurance targeting governmental and private entities. We will be approaching governmental entities i.e. Ministry of Family and Social Policies and Turkish Social Service and Children Protection Institution. Children up to 18 years old will benefit from this product which would be unique to the local Turkish market and possibly global too. "
#Phone Voyage Travel Insurance
"Ensuring safe travel will be easier than posting a hashtag on a photo #phonevoyage
How long does it take to post the perfect hashtag on a Travel-photo? Believe me, it´s more than you will take to get travel insured with #phonevoyage.
With just one click in your smartphone, you will be able to grant the most carefree trip ever. With #phonevoyage app you will be covered against the main worries during your travels.
- Robbery, Falsification or cloning of debit and credit cards, Identity theft
- Loss of personal documents.
- Travel assistance, including cancelation.
- Personal liability for tenants of rental houses.
Doesn’t matter the type of traveller you are, you might be a #globetrotter, #honeymooner #squadgoals #bradybunch, among others. #phonevoyage adapts to any traveller profile and meet your needs.
You will decide who is covered, how and for how long.
From one day to the end of your trip, just a single click in your phone will activate the coverage, no need to submit long questionnaires every time you travel or make payments in advance. You will pay as you use.
Last minute plans? Your son has decided to have a weekend outside with friends? Family trip in Italy? Crazy weekend in Ibiza? No problem, now you can manage it as you wish and have a sleep easy coverage.
#phonevoyage includes the possibility to contact with 24/7 assistance and also claims reporting just clicking on a button on the main menu of the app."
Hapag Lloyd - Shipment Worldwide
"Smart and easy digital added value solution attached to Hapag Lloyd´s online Freight-Service-Platform for worldwide single shipments. Catching up only a few additional information to provide fast and immediate insurance cover to the Hapag Lloyd freight-customer around the globe."
SPL B2C Insurance Brand
"To enter a new market / under-developed market for SPL products by creating our own B2C device insurance brand and platform/value chain. This gives us direct control of all above the line and below the line marketing activities to generate maximum sales. In addition, we will tackle and link in Affinity partners such as MNO’s, Retail Banks, Eletronic Retailers and Insurances (and their sales agents)."
Consumer Insurance Policies library
"Setting up a library - available through XYZ Insurance's website - that provides a hassle free access to XYZ Insurance Consumer insurance policies.
Nowadays, there are a lot of websites or applications focused on filing claims but through the library the insureds could quickly and easily retrieve and manage their insurance policies any time. They could also get the details of the insurance intermediary that is brokering their policies.
A link to notify a claim should be available and connect to our current claims customer portals (CSP). In a target version, the details of the insured policy should populate the dedicated fields in the claims portal.
I suggest working on consumer lines firstly.
From my experience of the Italian insurance market direct consumers have difficulties either to get hold of their policies and to know who their broker is. For example, they mix up the name of the broker with the name of the insurer. A library would help the customers get clear and straight forward information about their policies and their broker’s details.
Basically, the website would display both the policy schedule and the broker’s details.
The project can leverage the upcoming introduction of IPID (Insurance Product Information Document) that is one of the main requirements laid down by IDD (Insurance Distribution Directive). IDD is an EU directive setting out new professional requirements for European insurance distributors. One of these requirements is a standardized policy schedule featuring the basic information of a policy such as information about the type of insurance, summary of the coverage (main risks underwritten, sum insured, and deductibles); policy coverage dates.
The e-form of the IPID is the right tool to provide an easy to read and digitized policy schedule format which is clear and concise, displaying only the relevant pieces of information of the policy. Furthermore, the e-support can make use of hyperlinks through which more information about policies terms and conditions could be delivered to the insureds.
To sum up, the idea is to put up a library or repository that makes the policies and brokers details simple to access.
The main goal of the project is to broaden and strengthen the relationship between insured and XYZ Insurance , making them know they can rely on XYZ Insurance 24/7."
Next Act Platform
Think Amazon and Netflix recommendations for insurance! In addition to facilitating top line growth, NextAct will be able to support product / industry specific research, marketing campaigns and price elasticity analysis by being able to have a single customer view.
As the industry evolves to develop more data & technology enabled solutions, NextAct will allow us to make decisions based on empirical rather than anecdotal evidence. We believe NextAct will create a platform that could underpin all our customer offerings. NextAct brings together the art of craftsmanship and the science of data to create a service that has the potential to truly make a difference in our business."
SME Insurance Comparison
"An interactive tool that allows an SME to discover how comparable companies are addressing their insurance risks.
A user would enter their company’s name and the system would gather information about the company from a number of sources. The system would then compare this with our existing data to provide a breakdown of insurance products that similar companies have bought. For instance, insurance coverages and limits based on their profession and size. This would also include example claims, anonymised from our own claims history and tailored to their company characteristics, alongside relevant claims and risk trends.
Depending on the company size, the system will then provide the user links to XYZ Insurance's relevant digital products or brokers, based on their offering and location."
XYZ Insurance Unite
The one stop app that allows XYZ Insurance employees to learn and seek information on the go.
XYZ Insurance Unite will be a globally easily accessible platform, running in real time with a clean and straight foward interface to improve communication, collobaration and sharing of information. This will work alongside the Village however will be suitable on mobile phones – personal and business phones. We spend vast amounts of time on our mobile phones – whilst traveling to and from work, on business, at the weekends, wouldn’t it be great if ALL employees could get access to information instantly?
The app has several icons/tiles for each main communication style we feel is important. This of course could be an extensive list but the below outlines our key areas of focus:
- Keeping team members up to date and integrated who might be on leave/absent.
- Displaying company announcements/promotions. Studies have shown we are wanting to move away from emails and use social platforms to contact each other - lets have a place in the app to store such communications.
- Closed/private team pages – ability to chat to team members in a trusted space – almost like a ‘whataspp’ style form of communication. This would be across functions and regions (we are a global company after all so lets stay connected to North America, Asia Pac and Latin America).
- Traveling on business? Use the app to find out about the country you are visiting. Find top tips from those who work in that location, retrieve maps of the whereabouts of the office. What if you have an emergency? Lets build an app which can help our colleagues travel smart!
Car Leasing and Finance Gap Protection
"Gap protection product for car leasing and car financing, covering unexpected situations such us: divorce, multiple birth, long term ILOE, accidental death & disability…
It will be an optional cover when individuals finance or lease a car. Sold in the premises while financing is contracted as an add-on.
Financing and leasing companies will be able to offer differenciated value.
Individual can have easier access to upgrade or downgrade car model upon claim trigger within the car maker."
Domestic Violence Insurance
Protection for domestic violence victims in the most relevant impact on the family. Applicable for all domestic violence (male or female originated). The cover are valid in case of police reported gender violence and will be:
- Capital in case of TPD
- Capital for minors dependent in case of parental death
- Hospital cash
- Capital in order to help to change dwelling or temporary accommodation
- Legal assistance
- Psychological assistance
- Funeral expenses
Smart Contracts (Block Chain)
"In a near future, we will live in a world of millions of objects connected to each other and it will therefore be possible to determine with total precision and transparency what has happened and at what time. In this contest, it is be possible to stipulate smart contracts which automatically allow the activation of actions contained in the insurance and insured contracts (e.g reimbursement, reduction or increase of the insurance policy).
With the XYZBC (XYZ Insurance Block Chain) platform it will be possible to create a digital and shared transaction log where participants (insurers, reinsurers and brokers) can exchange all the administrative transactions related to the contracts. Moreover, the identity of the seller and the buyer, the unique identifier of the asset and the time stamp remain sure and unmodifiable. For example, if you lose your baggage at the airport (travel policy), the XYZBC system reads and crosses the baggage data with the cancellation and delay data and refunds the indemnity directly without having to report to the desk. XYZBC will automate many insurance processes such as the premium’s calculation, the checks management and settlement for certain types of claims, ensuring maximum transparency for final use.
The basic concept can be connected to the IoT (Internet of Things) world allowing, for example, to connect environmental sensors to the insured property/object that transmit to the blockchain information about potential damages or catastrophic event (e.g drought insurance: the umpteenth day without rain, previously granted by the policy contract, the sensor in the ground starts the compensation procedure).
XYZBC will also offer a chatbot service, an artificial intelligence software that interacts with users through mobile apps. The user is asked questions about his/her needs and this allows to obtain information about the customer without being submitted to long forms to fill out, improving overall user experience and the quality of the insurance service."
Fitness-in-app Insurance
"The idea is to cater to insurance needs of users of Fitness apps/gadgets – such apps are growing with health and fitness conscious individuals taking interest in such apps which monitor daily workout activity. The segment is expected to continue to grow, as wearable technology become more common:
- Selling Accidental injury Insurance through a partner Fitness App – with certain coverage available only if bought by groups of users together.
- The cover would be for any injury during running or cycling or any agreed fitness activity being tracked by the App.
- Small Injury coverage all app customers who’ve purchased the cover. For e.g. fixed benefit for knee injury, elbow injury or shoulder injury.
- Cover to be in force during fitness session i.e. running workout as monitored by the app.
- Coach/Doctor advice covered.
- No Claim Bonus
- Target Market is the growing segment using app to monitor/track their fitness activity.
- Convenience - Less hassle for the customer to buy insurance"
Solit
"Can you imagine your local policy being issued and booked in seconds? SOLIT simplifies the process and automatically issues local policies, certificates and invoices. We deliver a solution to reduce the costs of servicing multinational insurance programs and lower turnaround.
SOLIT combines both of best worlds: Max and a system that can issue policies/invoices/bookings and certificates. By creating an interface with Max and such system of (for instance) XYZ Insurance Easy Solutions, we are uncomplicating processes and eliminating manual work. By combining the strengths of these two existing platforms we create a process where we send instructions via Max and issue a local policy right away. Good local standard policies, certificates, bookings and invoices will be issued by SOLIT.
SOLIT has the following benefits:
- Contract certainty from day 1
- Local policy immediately available in Worldview
- More competitive SLA’s
- Cost-reduction
- Efficiency
- Consistency
- Get it right the first time
- Higher customer satisfaction
- Improved cash-flow
- Compliance
SOLIT leads to an even stronger brand value of XYZ Insurance and allows XYZ Insurance to become more competitive in this market. This will result in an increased volume of multinational programs serviced by XYZ Insurance and more compliant programs for clients.
Incontrol for SME
"InControl helps to create more awareness within the SME market about risks that they might encounter with their business and link this to XYZ Insurance Solutions.
InControl is a free online tool where the entrepreneur only has to enter their SIC code (from the Chamber of Commerce) and answer a few short questions. The tool then specifies the risks associated with the business activities and the tool then explains how these can be covered by XYZ Insurance insurance solutions. The use of InControl leads to better awareness, understanding and resilience against the various entrepreneurial risks their business faces.
The advantages of InControl:
- Quick and clear overview of risks based on SIC Code
- Better understanding of XYZ Insurance´s Insurance Solutions because they are linked to the risks
- Increased awareness within SME market
InControl ensures that Entrepreneurs are aware of the risks that their company is exposed to, and the necessity to insure. That way they can stay InControl."
A&H Asset Resale Protection
"Our idea is to provide some peace of mind to customers who, due to an unforeseen significant life event, may need to sell off assets in order to handle a heavy financial burden.
This idea is an offshoot of the resale protect which covers a loss in the value of a home due to unforeseen life events.
The benefit trigger is a significant life event, not an investment loss.
We propose to cover half of the loss of the initial investment in an emergency sale of a customer’s long-term assets due to a positive or negative life event up to a maximum of CHF 50’000.
If an insured person
1. makes a loss, (the negative difference between the purchase prices and the sales price realised during the insurance execution period following the event),
by selling long term investments, meaning to be held longer than 1 year or legally defined and privileged as long-term (e.g. for retirement savings), due to
2. AD, PDCS, CI, Divorce, Multiple Birth, Forced Relocation, and all of these for close persons, which are partners & children."
Small is Beautiful for SME's
"Insurance Online for SMEs: direct web platform and mobile app to be insured quickly and easily with personalised coverage in order to protect property assets, liabilities and human assets of SMEs.
The purpose of the tool is to give the opportunity to the SME manager:
• to create his own packaged product adapted to his own activities,
• to get his policy on line
• to make it evolutive if his activities/resources change
• to notify a claim
• to call for assistance if needed
It is also an educational tool as it is designed as a journey and gives access to videos with claims examples and tips for loss prevention for each risk they have to face.
After having entering basic info about his company (localisation, industry sectors, number of employees, fleet, mobility, use of personal data), the SME manager will be guided through a scenario including risks of property, liability & PI, D&O, cyber,transports, duty of care… the scenario will depend on the basic criterias entered by the client.
During this journey, he will choose to clic on the protection he needs and it will progressively fill a basket. At the end of the process, the tool will calculate the premium of the package product. If the client is fine, he will pay online and the policy documents will be immediately issued.
He will have permanent access to his account and be able to update data and covers through the website or the app (if he hires employees, buy new IT materials, moves…)."
A digitally integrated solution for commuters when public transportation breaks down. It would leverage the Grab app and include direct claims payments to be applied to alternative transportation