The new disrupter in online insurance!
Fintech investments have had a good eye on the insurance world for quite a few years now, and for good reasons.
The insurance industry is a large one, and it’s one of the very few areas of finance that has not already been “disrupted” by the technology industry. While most industries have experienced a shakeup thanks to new digital technologies, insurance is still operating with a surprising amount of traditional paperwork and disjointed platforms.
But in January 2024, the industry will see a new disruptive approach to selling insurance online in the form of goinsure.market, a completely independent online marketplace for B2C insurance.
How it works
goinsure.market’s new disruptive service DO NOT scan insurers own systems for quotes like many price-comparison sites but has its own embedded flexible engine that can independently calculate premiums for any insurance product.
Any insurer can be accommodated to provide their products for sale on this online marketplace and any broker or potential insured can retrieve quotes on selected products available after registering as user on the platform.
For the “buyer” the process is then very simple, and the full quoting process is kept within the platform without parallel emails or phone calls, in 5 steps as:
- User selects the insurance product for quoting.
- Answers the questions required for that specific insurance.
- Commits the input.
- Unless the insurer needs more information, the user will promptly receive the quote directly on the screen.
- User accepts or rejects the quote.
Benefits for brokers and insureds
Users of this independent online marketplace, would benefit from:
- Available products are filtered down to what is relevant for the actual business type.
- The input for each quote is reduced to the absolute minimum for the selected product.
- All communication with insurers around quotes is contained in the online platform. (No phone calls from insurers or unwanted emails).
- Easy and quick to use, with no commitments, until potentially accepting a quote.
- Same platform across all insurers and products.
Benefits for insurers
- Quick way to market.
- All products can be distributed, provided the premium calculation can be provided to goinsure in Excel, who will then reverse engineered the model into the platform.
- Products can be tailored and filtered to specific lines of businesses.
- Products can be configured for sale via brokers and/or direct sale.
- Homogenized process of quoting and binding.
- Underwriting information reduced to exactly what is needed for each product.
- Insureds and brokers cannot bypass or omit required information.
- Easy and quick communication between underwriter and clients.
- Same platform across all brokers and direct clients.
- Option for whitelisting brokers.
- Dashboard and admin features with easy metrics, process control, and download of underwriting data for inhouse systems.
Like to know more ?
goinsure.market goes live on January 22nd in Denmark, and will expand to other countries and regions throughout 2024 and 2025. News about this can be followed on our news and articles blog
Insurers interested in providing products for sale on the platform can reach out to poul@goinsure.dk for more information and presentations.
Brokers and other potential users are welcome to reach out to support@goinsure.market