Connected Insurance : UBI and the Sharing Economy
Connected Insurance ’ s Tal Cohen and Yaron Zurr reveal how CI is revolutionising UBI solutions in the sharing economy
Connected Insurance ( CI ) created a datadriven risk platform that powers the next generation UBIs , driving the space forward .
Tal Cohen , co-founder and CEO of CI explains , “ The sharing economy is a relatively new industry with limited exposure history . Traditional insurers are using traditional risk models that they use for similar products . This results in low accuracy pricing , which is based on few risk factors and a black box that customers can ’ t understand or control . By differentiation , CI breaks the insurance paradigm .”
“ Our technology employs pricing models with much higher granularity , factoring many more data points currently ignored standard pricing models . We provide our clients transparency on their insurance costs and empower them to control and reduce costs by making educated decisions ,” he says .
Strategic partnerships
Extending their services into the marketplace has been achieved by a collaboration with some of the world ’ s leading insurance players . Yaron Zurr , co-founder and CCO of CI , says “ We believe that insurance players should become contributors and enablers to the businesses they serve . We provide a solution that empowers our partners to make a better insurance offering to their client , as well as solution for the digital platforms to manage their self-insurance and enable them to offer even more relevant protections to their end clients .”
Technology-driven innovation and CI
CI ’ s full-stack solution connects and serves all parties : sharing economy platforms , brokers , claim administrators , and reinsurers . Connecting everyone under the same platform , says Cohen , creates transparency , leads to better insurance pricing , and ultimately allows sharing economy companies to reduce their total exposure costs .
Cohen adds , “ CI provides digital platforms with essential tools such as : Risk & utilization dashboards to help the platforms manage their insurance costs and control their risk ; Connected Claims module integrated into the digital ; tools to manage the self-insurance part better than most advanced carriers ; and tools for rapid creation of embedded insurance .”
The result is a seamless delivery of services and a satisfactory customer journey , concludes Zurr , who adds , “ CI can optimise the customer ’ s insurance pricing by focusing on the lower risk usage and avoid the riskier transactions .”
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