The insurance coverage business has lengthy been identified for its conventional and cumbersome processes. Nonetheless, with the rise of digital expertise, startups like Positive are revolutionizing the best way insurance coverage is purchased and managed. Positive is a digital insurance coverage platform that’s on a mission to convey the insurance coverage business into the digital age. By combining insurance coverage experience with cutting-edge expertise, Positive is reworking the shopper expertise and unlocking the potential of digital insurance coverage for big manufacturers and carriers.
In 2014, Wayne Slavin, the co-founder and CEO of Positive, skilled a second of realization throughout a turbulent flight. He started to ponder the convenience with which anybody ought to be capable of buy insurance coverage on the spot, at any time when they want it. This led him to acknowledge the untapped potential of life insurance coverage, as a latest survey by Prosper Insights & Analytics revealed that solely 25% of US adults at present spend money on it. Slavin noticed a possibility to make insurance coverage extra accessible and handy for people, and thus, Positive was born.
Positive initially got down to construct a proprietary app that will allow individuals to buy insurance coverage shortly and simply. Nonetheless, as they developed their expertise, they realized that their alternative was a lot larger than promoting insurance coverage digitally on their very own. They noticed the potential to companion with manufacturers and carriers to create subtle embedded insurance coverage packages. This method allowed Positive to leverage their expertise and insurance coverage experience to ship distinctive buyer experiences whereas serving to manufacturers and carriers attain their prospects in a extra handy and seamless means.
The normal insurance coverage business has struggled to satisfy the evolving expectations of in the present day’s customers. In keeping with the Prosper Insights & Analytics survey, 13.4% of US adults plan to purchase or swap auto insurance coverage within the subsequent 6 months. Nonetheless, lots of them are prone to have a disappointing expertise. Legacy insurers have been unable to ship the varieties of digital experiences that customers now count on. The problem lies in bridging the hole between insurance coverage experience and expertise experience. Whereas massive carriers possess the insurance coverage experience, they usually lack the expertise experience to ship progressive digital insurance coverage experiences shortly and at scale.
Positive addresses this problem by bringing their expertise to the desk. They supply insurance coverage carriers with the required infrastructure to achieve prospects in a digital-first world and ship world-class buyer experiences. By combining the insurance coverage experience of carriers and the expertise experience of Positive, they create a collaborative atmosphere the place each events can add worth and create experiences that meet the wants and expectations of shoppers.
Embedded insurance coverage is an idea that has been round for a while. Within the analog world, it referred to choices like rental automobile protection offered on the rental counter. Nonetheless, within the digital age, embedded insurance coverage takes on an entire new which means. It leverages expertise to digitally distribute insurance coverage merchandise and permits prospects to buy insurance coverage seamlessly and immediately.
At this time, embedded insurance coverage includes offering prospects with the flexibility to buy insurance coverage by a very digital shopping for course of. For instance, when locking in a mortgage on-line, prospects can even buy owners insurance coverage concurrently. The objective is to satisfy the shopper with the fitting product on the proper time, offering a handy and frictionless expertise.
Positive has labored with numerous industries and types to run profitable digital insurance coverage packages. One notable success story is their partnership with Farmers to construct Toggle Insurance coverage from the bottom up. Positive’s platform handles all of the digital workflows, from coverage quotes and binding to coverage administration. They began with renters’ insurance coverage and expanded into auto insurance coverage, frequently assessing the market to ship extra embedded insurance coverage experiences for customers.
One other instance of Positive’s innovation is Retrace, a expertise that permits on-line retailers to supply embedded one-click insurance coverage and safety on the level of sale. This expertise enhances the shopper expertise, growing satisfaction and fostering model loyalty.
Trying forward, Wayne Slavin envisions the transition from insurtech 1.0 to insurtech 2.0. Within the early days of insurtech, direct-to-consumer firms acknowledged the necessity for a greater buyer expertise and constructed their very own insurance coverage choices. Nonetheless, this mannequin offered challenges in the long term. Legacy insurers are specialists at managing threat and underwriting insurance policies, whereas expertise companions can present the required infrastructure for distribution and distinctive buyer experiences.
As insurtech 2.0 unfolds, fashionable insurance coverage platforms like Positive are prone to substitute the legacy platforms utilized by incumbent carriers. Patrons’ expectations for a seamless buyer expertise are right here to remain, and the flexibility to streamline the insurance coverage course of will outline the following period of insurance coverage distribution.
Positive is on the forefront of revolutionizing the insurance coverage business with its digital innovation. By leveraging their expertise and insurance coverage experience, they’re unlocking the potential of embedded insurance coverage for big manufacturers and carriers. Positive’s success tales in partnerships with Farmers and on-line retailers showcase their dedication to delivering distinctive buyer experiences within the digital age. As insurtech continues to evolve, Positive’s method exemplifies the way forward for insurance coverage distribution, the place collaboration between carriers and expertise companions permits seamless and handy insurance coverage experiences for patrons.
FAQs
Q: What’s Positive? A: Positive is a digital insurance coverage platform that mixes insurance coverage experience with cutting-edge expertise to ship distinctive buyer experiences. They work with manufacturers and carriers to create subtle embedded insurance coverage packages.
Q: What’s embedded insurance coverage? A: Embedded insurance coverage refers back to the digital distribution of insurance coverage merchandise, permitting prospects to buy insurance coverage seamlessly and immediately. It ensures that prospects can entry the fitting insurance coverage product on the proper time.
Q: How does Positive assist insurance coverage carriers? A: Positive gives insurance coverage carriers with the required expertise infrastructure to achieve prospects in a digital-first world. By partnering with Positive, carriers can ship world-class buyer experiences and meet the evolving expectations of customers.
Q: What industries has Positive labored with? A: Positive has labored with numerous industries, together with retail and automotive. They’ve helped construct embedded insurance coverage experiences for renters’ insurance coverage, auto insurance coverage, and even enabled on-line retailers to supply embedded insurance coverage on the level of sale.
Q: What’s the way forward for insurtech? A: The way forward for insurtech lies within the transition from insurtech 1.0 to insurtech 2.0. This shift includes a collaboration between legacy insurers and expertise companions to offer seamless buyer experiences and streamline the insurance coverage distribution course of.
First reported by Forbes.
