Innovation in the Field of Insurance
Insurance is a sector that continues to grow and adapt to changing times.
With increasing demand and challenges from consumers, insurers must be able to offer products and services that suit their needs and expectations.
The following are some of the innovations that have been carried out by several insurance companies in Indonesia and around the world.
- Insurance on-demand:
This concept allows consumers to choose and pay for insurance according to the time, place and activity they are doing.
For example, travel insurance which only applies when the consumer is traveling, or vehicle insurance which only applies when the consumer is driving.
This concept provides flexibility and convenience for consumers, while saving premium costs.
- Insurance telematics:
This technology leverages data from sensors, GPS, or applications connected to a consumer's vehicle or device to measure their behavior and risk.
This data is then used to determine fairer and more accurate premium prices, as well as to provide incentives or discounts for good-behaved consumers.
This technology can also help make the claim process faster and more transparent.
- Peer-to-peer insurance:
This model combines insurance principles with sharing economy principles. Consumers can join groups or communities with similar risk profiles, and form a common fund to cover their risks.
If a member suffers a loss, the funds will be used to pay for their claims. If there is no claim, the funds will be returned to the member or donated to another party.
This model aims to increase trust and solidarity between consumers, as well as reduce bureaucracy and operational costs.
