It’s no secret that digital innovation is a hot item in financial services. So much is happening in this area that it’s often nigh on impossible to keep up. We’ll be pleased to help though, by listing the digital innovation highlights of the past month.
1. Thaivivat offers the world’s first automatic “on/off” car insurance
The Thai insurer Thaivivat is continuously striving to develop its consumer insurance products and services so that they meet today’s customer requirements. And to boost their efficiency and elevate customer satisfaction, Thaivivat has now teamed up with telecom provider Advanced Info Service (AIS). Together, they have introduced the world’s first insurance policy that is automatically activated when a driver starts up his or her car. Upon registering for the policy, customers are given a SIM-card-embedded tracking device that can be plugged into their vehicles. The device sends data to Thaivivat through the Advanced Info Service network and Thaivivat turns insurance coverage on when the car starts up and then off again when the engine is switched off. For more information click here.
2. Prudential launches new health-management app in Malaysia
“Prudential Pulse”, a new digital app from Prudential, uses AI-powered self-help tools and real-time information to help customers manage their personal health and well-being. This all-in-one application from Prudential offers a raft of user functionalities, such as flagging up possible illness symptoms, for example. Prudential Pulse was launched in Malaysia last week and is now set to be introduced in 10 other markets in Asia. Once the app has been officially launched in a country, it can be downloaded free-of-charge on iOS and Android. For more information click here.
3. Brolly insures your property: anyplace, anytime
Clearly moving with the times, UK insurtech, Brolly, launched a new chatbot recently that is completely focused on the home insurance market. Available though an app, the new product is aimed at customers who rent or own a property and want to insure belongings up to a value of £40,000. According to Brolly, as soon as eligible customers have run through the complete registration process, the app-based “chatbot” can provide a quote within just 60 seconds. Customers can take photos of their possessions and the AI-powered “computer vision” then identifies them. Customers can simply select the value that they want to cover, inside and outside the home, as well as the excess that they want to pay. The customer’s possessions are then covered worldwide and he or she can update his or her cover at any time, free-of-charge. For more information click here.
4. Achmea launches innovation fund for socially innovative fintechs
The recently introduced Achmea Innovation Fund is to provide growth capital to companies that are active in the areas of health, mobility, housing and “financial solutions for now, soon and later”. Over time, it is Achmea’s ambition that the investment fund will grow to €100 million. According to the insurer, the fund will be active from 1 October. For more information click here.
If you are curious about other innovations in the financial sector, click here.