The rise of on-demand services has been unprecedented. The desire to have access to what you want when you want has disrupted many traditional industries. On demand music streaming, movies and TV, transport, food, drinks and the list goes on. It was no surprise that this disruption would start to impact the Insurance industry.
On demand services within the insurance industry have been driving change by creating a better experience for consumers. They allow consumers to purchase cover whenever and however they want with flexibility in pricing, coverage, and length of term. This has become especially popular when paired with the rise of ‘gig- economy’ services like Airbnb and Uber that encourage people to seek non-traditional insurance coverage with more specific functions.
Businesses in the on-demand insurance space are using cutting-edge innovations such as the internet of things (IoT), artificial intelligence (AI), predictive modelling and big data. These innovations are helping start-ups reinvent the way insurance products are created, underwritten, priced and distributed.
While on-demand insurance is still in its infancy, representing less than 1% of the global insurance market according to KPMG, the market is poised for growth and starting to take shape.
RAC in conjunction with Trov and InsurTech Australia invite you to special insurance industry event to hear from expert panellists on what the future of insurance looks like heading into an age of on demand services.
Trov is “the world’s leading On-Demand Insurance platform, intelligently protecting anything, anytime, anywhere. Trov builds unique insurance experiences designed for the modern, connected consumer. Its consumer application enables people to insure single items, for just the period of time they need, from any device. The Trov app is available in Australia, the United Kingdom, and the United States. Trov Business powers digital insurance solutions for innovative businesses in the finance, insurance, mobility, and retail sectors. Trov’s insurance product line spans on-demand, single item, mobility/fleet, renters and small business insurance. Founded in 2012 by serial entrepreneur Scott Walchek, Trov has raised over $97 million and is based in the San Francisco Bay Area.”
This event will draw guests from across the InsurTech and insurance eco-system to take a deep-dive into the challenges and opportunities being faced by the sector through the lens of insurtechs and incumbents alike.
Be sure to register your attendance.