A Veteran's Thoughts on Insurtech

Travel insurance and wedding insurance....something that revolutionary certainly deserves an $8 million infusion of cash.

The avalanche of news from "industry-transforming" insurtech startups continues. Here are some of the latest: Headline: Aviva to Slash Prices with "Game-Changing" Concept Concept: To sell insurance without asking applicants any questions. Quote: “What’s our long-term goal? To go from Ask it Once to Ask it Never – so customers don’t have to answer any questions at all.” Observation: How about a long-term goal of protecting individuals and families from catastrophic financial ruin? I just had my annual physical. My doctor said his new concept was to not ask me any questions and to get me in and out of his office in two to three minutes. That’s the kind of “customer experience” I want when my life is on the line. How about you? Headline: “Insurtech Startup Gets a Boost for Smartphone-Only PoliciesConcept: To provide “Insure-a-thing” coverage for things like “flights, baggage and weddings.” Observation: Hmm, travel insurance and wedding insurance. Something that revolutionary certainly deserves an $8 million infusion of cash. And I’ll bet you that these “game-changers” have a phone app to distinguish them from everyone else. Apparently this is the insurtech equivalent of a guitar amplifier that goes to 11.

Bill Wilson

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Bill Wilson

William C. Wilson, Jr., CPCU, ARM, AIM, AAM is the founder of Insurance Commentary.com. He retired in December 2016 from the Independent Insurance Agents & Brokers of America, where he served as associate vice president of education and research.


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