What Insurance should look like
Updated: Aug 6, 2019
Traditional insurance does not always suit customer's needs. In this blog post We'll share our vision about technology based insurance.
Clothes have been important for humanity since the dawn of history as they protect us from the Earth's elements and are also used to express who we are to others. Different clothes of course are worn for different activities such as bathing suits for swimming, leather jackets for riding motorbikes, ski jackets for your time on snowy slopes and pajamas for you comfy time at home. We wear specific clothes only during specific activities and we take them off when that activity ends.
Wear Insurance, Not Only Clothes
Insurance is in an essence the same as clothes; we need different protection for different activities. We need motor insurance while driving, travel insurance while traveling, winter sports insurance while skiing and third-party liability while scooting. The question that needs to be asked is - why the traditional insurance sells us policies based on long periods of time (annually and sometimes even longer than that) rather than activity based?
We can assume that before the IoT revolution there was just no other way to identify real-time activity, thus the traditional model was the lesser evil, but nowadays with the information revolution, this model needs to change - we should have tailored made insurance for every individual.
We should use the right protection for the right activity. Once a specific activity ends, we can take off one type of protection and wear a different, more-suitable-to-our-current-activity protection.