Instant on-demand insurance is about to revolutionize the relationship between insurers and consumers. Insurers need to rethink their strategies, products and business models to stay relevant in such a fast-evolving market. InsurEngines offers E2E solutions to support this insurance innovation.

2018-09-14

Digital Era Requires Instant Response

There is no doubt that insurance landscape is going through dramatic changes: the digital revolution has delivered technologies that can lead to dramatic business improvements for insurance companies, whereas external challenges, financial volatility and increased competition weigh on income streams and consumer demands.

According to 2018 European Insurance Outlook by EY, millennials and tech-savvies are not willing to accept the traditional way of selling insurance products, since they are the least likely to be fully engaged and the most likely to be actively disengaged. Moreover, the 2018 Capgemini World Insurance Report states that an increasing number of consumers prefer digital on-demand touchpoints when conducting insurance transactions.

Channel Importance for Customers

source: 2018 Capgemini World Insurance Report.

Customers Willingness Share Data

Customers willingness to share data with Tech Firm for personalized services, from a scale to 1 (uncomfortable to share data) to 7 (Very Confortable). Only ratings 6 and 7 are shown in the above chart.
source: 2018 Capgemini World Insurance Report.

Figure-remarks:

  • 1. Gen Y customers are categorized as individuals aged 18 to 34, while Non-Gen Y represents customers aged 35 and above. Those customers are mutually exclusive and collectively exhaustive (MECE)
  • 2. Customers that use online and mobile channels frequently to conduct transactions such as purchasing electronics, clothes, food and groceries, paying bills, etc. are categorized as Tech-Savvy. Tech-Savvy and Non-Tech Savvy are mutually exclusive and collectively exhaustive (MECE)
  • 3. Gen Y customers and Tech-Savvy customers segments are not mutually exclusive and collectively exhaustive (MECE).

Why Instant On-Demand Insurance?

Traditional insurance companies have adopted policy-centric approach that, although it profited insurers for decades, has led customers to thought about insurance typically two times:

  • To buy/renew a policy
  • To make a claim

Insurers need to switch from a policy-centric approach to a customer-centric approach in order to exploit the huge undiscovered opportunities from close interactions with their customers. As in the digital age, long period without contact or being perceived value-added, becomes an easy entry point for other new and innovative competitors.

At the same time, sharing economy platforms, such as Uber/Lyft, Airbnb/HomeAway, have now become household names and might eventually change people's life style for good. Naturally, new risks arise during the transition to the new life style and there're evident gaps between the risks and the coverages. Sharing economy represents a huge opportunity for insurers but it will require insurers to adopt new technology and new methodology in order to support instantaneous risk assessment and pricing.

For those reasons, both in USA and Europe, different “first movers” traditional insurance companies have started offering instant coverages to their consumers and, unsurprisingly various new start-ups are entering in the market.

Sharing Economy Insurance

source: PWC Analysis


Agile Convenient and Personalized - InsurEngines Solutions

Instant insurance is transforming insurance as an essential part of people’s everyday life. To do so, Instant Insurance should focus on offering new products that inspire customer demands, anticipate and address customer needs.
Instant insurance products should be simple and flexible for users to evaluate, customize and purchase using their favourite devices. Further more, Instant insurance should be based on a holistic value proposition - the aspirations that really matter to consumers - including those unexplored by traditional insurance products, such as well-being, safety, personal goals, etc.

To fullfil those ambitions, at Insurengines, we stated the three fundamental pillars of Instant Insurance:

  • Ease & Quick: Instant insurance products should provide best-in-class user experience - being absolutely unambiguous on tariffs, covers, terms and conditions, allowing instant purchase within quick swipes & taps on mobile.
  • Tailor-made: Instant Insurance providers should offer coverages based on usage or short timespan coverage (e.g. for a day or a week), They should allow users to compare and to choose products from comprehensive catalog and to bundle products and packages by themselves.
  • Competitiveness: Instant Insurance products should provide the coverages that customers actually need, without extra or hidden costs, and offer real value-for-money.

Insurengines is well-positioning itself in the Instant Insurance competitive arena, thanks to its best-in-class backbone systems, proven analytical excellency and its capability to extract effective value from the top trending advanced technologies.

insurEngines-Instant-Insurance-Solutions

At Insurengines, we strive to create values for both insurers and consumers by promoting innovative products, improving engagement and offering better services.


Contact us to discover our E2E solutions that are capable of implementing Instant Insurance products and unlimited flexibly-mixed bundles in days not in months.


  • InsurEngines
  • Instant Insurance
  • On-Demand Insurance