The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.
This month we are talking to Bernie Niehaus, Managing Director of DigiSure. Enjoy!
Tell us DigiSure’s brief pitch.
DigiSure utilises historical and real-time data and digital techniques to automate the underwriting and distribution of Insurance Products. We provide, direct to customer and agent/broker, channels depending on the product and Market. Our effective use of technology enables our partners to provide services with significantly lower capital and operational costs compared to their competitors. Our selection and monitoring techniques further reduce risk and costs.
Our technology enables our partners to launch new products and enter new territories quickly and effectively, usually within a couple of weeks. DigiSure now works with Insurers, Agents, Brokers, Coverholders in Asia, Australia/New Zealand and Europe.
So how did DigiSure begin?
DigiSure began as most others do, as a conversation over a bottle, born from months of frustration. However, it was a water bottle in a ‘Gym’ rather than the ‘Pub’ as one of the founders is a teetotaller (much to the other founder’s disbelief).
The Insurer had a product, and they had a target market; what they did not have, was a way to profitably underwrite the market or to distribute in a way that could be efficient and gain critical mass. We developed the Original DigiSure platform to address this issue. With that product, we gained 30% of the market within 6 months and ended up in partnership with one of the world’s most famous insurers and one of the world’s biggest brokers.
How has DigiSure evolved since its inception?
DigiSure had significantly evolved from our humble beginnings in 2016-2017. We now have offices in Singapore, Ireland, Australia and New Zealand. We started off with a concept that was to digitise, simplify and speed up the distribution, underwriting and sales process. Due to customer demand, the DigiSure platform has significantly evolved to be a full end to end system that supports and provides for the full insurance value chain, from distribution to Claims management.
We have also now developed a full agency portal for some large insurers. This platform enables agents/brokers to quote and manage their clients while providing underwriters with instant access to all the data and information required to assess risk. This platform has led to a significant reduction in Underwriting time that significantly reduces cost for all stakeholders.
What is your team currently working on for 2021, or what have you accomplished recently?
Q1 2021 has seen us working with several Local carriers and Re-Insurers to significantly expand our presence in South East Asia and Europe. We have also expanded the range of products, and we also support, for example, Takaful Islamic insurance and Professional Liability. On the technical side, we have expanded our use of satellite data for risk assessment and continue to invest in our Machine Learning initiatives.
How does DigiSure give back?
Environment, Social and Governance (ESG), our business and solutions are well-positioned to promote ESG in a number of ways:
Micro Business Insurance.
Micro Business, with fewer than 5 employees, are the engine rooms of many developing countries. According to the World Trade Organization, small-and medium-sized enterprises (SMEs) represent over 90 per cent of the business population, 60-70% of employment and 55% of GDP in developed economies. Yet countless millions of informal traders, micro-entrepreneurs and small businesses either can’t access or can’t afford insurance. Access to affordable Insurance increases their resilience and encourages investment, as well as opening up new funding opportunities.
DigiSure enables the direct distribution of insurance to Micro Businesses, typically via mobile phone with low operational and underwriting costs and the ability to pay as you go (e.g. daily/weekly) premiums payments. This combination provides access to and affordability to Micro Business, thus enabling their stability and growth. We are currently working with a number of Global and local insurance providers to roll out our products in Africa and low-income south-east Asian countries.
Personal Micro Insurance.
Microinsurance policies provide protection to low-income households against specific risks in exchange for a regular payment of premiums that are calculated proportionally to the likelihood and cost of the relevant risk. The DigiSure platform, which combines low-cost distribution (mobile phone) with automatic underwriting and pays as you go payments, allows our Insurance partners to efficiently bring personal Micro Insurance to low-income countries in Africa and Southeast Asia. Typical products include Disability and Property Microinsurance.
Workplace Diversity (Women in Tech).
According to the US National Centre for women in Information Technology, women represent only 26% of the workforce in Computing and Mathematical occupations compared with 57% across all professions. Women currently represent 50% of DigiSure’s Workforce. As well as targeting diversity in our recruitment pipeline and providing flexible working arrangements. We consistently seek to promote an inclusive work culture.
Workplace Diversity (Neurodiversity).
Unemployment in the Neurodiverse population runs as high as 80%, even though they can be typically 30% more productive than their peers given the right environment. DigiSure is targeting to have a 25% of its workforce Neurodiverse 2023. In addition to targeted recruitment, our main focus is on flexibility, workplace accommodations and culture.
What is DigiSure‘s biggest challenge in today’s market?
Identifying and choosing the right partners to work with. It may sound a cliché; however, with some minor exceptions, we have managed to work with good partners, i.e. Insurers, Re-Insurers and Brokers. As we scale up, this may become more difficult and something we need to be wary of.
Anything else you’d like to say that we didn’t ask?
DigiSure is proud of our team for their hard work and dedication to all projects. We do all our development and research in-house, which would not be possible without the fantastic DigiSure team. The long hours, endless focus and immeasurable dedication are truly appreciated.
My last reflection, given the target audience, fellow Insurtechs, is that you should be prepared for the long lead up times, particularly with large Insurers/Reinsurers, sometimes 12 to 18 months. However, once you’ve proven yourself and gained your customer’s confidence, expansion becomes much easier.
Thank You. If you wish to know more about DigiSure, watch their overview and demo video here: https://www.youtube.com/watch?v=iogFwhDercM.
