Blockchain is prominently in the news these days. Insurance Market also forges ahead and has recently launched an exiting new group company named “Inmediate” that will support the development of insurance using the blockchain in an effort to make insurance more
- Customer centric
- Real time and in the moment
We are of the view that insurance is still not really meeting customers requirements, is too tedious to deal with and quite often does not offer enough value for money. Take for instance your car insurance. Chances are that there are al kinds of benefits included that you did not ask for and definitely do not want to pay for. Buying a car insurance can on top of that also be a complicated and frustrating affair. So more innovation is needed! We can mention many examples. Not only car insurance but the same also goes for home insurance, travel insurance and so on.
Inmediate wants to innovate insurance with the customer in mind. They explain to insurance companies what customers want and help them to deliver it smooth, personal and fast with the help of new technologies. The utility of these rising technologies such as the internet, blockchain, smart contracts, encryption and the Internet of Things (“IoT”) will help accelerate the insurance digitisation process and hence the ability to provide better products at a cheaper price.
Inmediate is building the crucial, yet missing link for blockchain based smart insurance: they create an eco-system and decentralised application (“dApp”) that customers, insurers and insurance distributors can transact these new type of policies in. A platform that will coordinate and orchestrate the interactions between participants, removing friction and opening up new opportunities for insurers, distributors and customers using the latest technology and insights, making insurance all that we need it to be: fast, affordable, transparent, flexible, accessible and responsible. Operating costs will reduce to a fraction of what they are today, with fraudulent claims becoming a thing of the past. The changing economics will allow smaller tickets and will increase the available premium pool.
Insurers on the Inmediate network will design, price and publish new types smart contract based insurance products and offer promotions and loyalty programs. They will have to comply with the Inmediate common standards so that products are safe, fair, sound and clear. The eco system will also check that they can meet their financial obligations.
Inmediate will work together with leading insurers on the project. Some well know names such as FWD and MSIG have already be announced and several more are in the pipeline. If you are interested to learn more then visit the company website at https://inmediate.co