How does the Future of MicroInsurance look like? How to understand customer needs and fit products to them? How to enable on-the-go purchase?
Last week we hosted a webinar on "The Future of MicroInsurance" with top industry experts. During the insightful live discussion, Marijan Mumdziev, CEO at Amodo, and William Lee, Co-Founder of YAS MicroInsurance, spoke about understanding customer needs and fitting products to them by using innovative business models and reshaping insurance for generations to come. Panelists also discussed hot topics such as embedded insurance, data privacy, data transparency, and ownership, as they revel valuable results of the latest research and studies.
Two key learning points from the webinar are:
1. Affordability and Convenience as the crucial factors
When choosing insurance, there are two key factors for the end users - affordability and convenience. 62% of insurance customers value price above all, while 56% of them prefer to be served through the digital channel*.
*Source: MindTake Research of European Markets in February 2022, sponsored by Amodo.
2. Seamless and Embedded Insurance
Insurance is becoming embedded not only into different services and products but also into our lifestyles. This represents a major shift from the customers' perspective, with personalized insurance policies that match the end-users individual needs now being available seamlessly through smartphones in just a couple of clicks.
🎥 This is just a sneak peek of the insightful live discussion. If you are interested in learning more about this topic, watch the recorded version now!
Amodo is an award-winning insurtech company. Amodo Connected Insurance Platform enables insurance companies to create and brokers to place hyper-personalized usage-based insurance (UBI) products on the market. Amodo clients use its platform to gain strategic insights into customers' profiles, segment them into relevant groups and acquire profitable ones. Over the past nine years, this European insurtech launched close to 50 Connected Insurance projects worldwide with some of the leading companies such as AIG, Porsche Insurance, UNIQA, and many others. Amodo was named by Financial Times as one of the top 5 Insurtech companies globally, is a winner of a prestigious Digital Insurance Agenda Diamond Award in 2020, and has been named by Frost and Sullivan as the Best Practice Leader in the Usage-Based Insurance market in 2021.
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