An interview on innovation in the insurance industry with Aleksandr Prochorov, the founder and CEO at Ooniq which was founded in Lithuania, a member state of the EU.
What product are you working on?
If you look from the traditional business viewpoint, Ooniq is creating a product, that in a way could be categorized as an insurance service. However, it’s apparent that what we are developing is so innovative that for example, thus far there is no Lithuanian term that could describe our scope of action. Using our platform people will be able to join communities and share their possible losses. Firstly, we are creating a product for the owners of iPhones and iPads. This group of people will have an option to register on Ooniq’s platform and pay a monthly membership fee. In case of device destruction, water damage, battery breakage or a loss of device, a previously fixed sum for such a loss will be covered from the community’s fund. Although Ooniq’s solution will not fit into a classical insurance description, it will similarly to traditional insurance enable users to protect themselves from losses and lower their risk.
What is innovative about this product?
Ooniq is an alternative to standard insurance, when a person pays an insurance premium and is not certain what amount of compensation will be paid in case of loss. Furthermore, in case of no loss, the insuree loses their insurance premium payments to the company. We are building a model that’s different from standard insurance in a lot of principles and elements. Firstly, Ooniq is based on the principle of sharing-economy, where people are joining communities and helping each other in case of loss. Secondly, if a person that is a part of a community with no losses cancels his membership, he will be able to get back part of his membership payment. Thirdly, transparency is our key feature, which is guaranteed by the blockchain technology. Lastly, the terms & conditions for the community membership and insurance coverage will be simple and fit into a one-pager, which will simplify the decision-making process for the prospective Ooniq users.
What markets are you targeting?
Ooniq aims to help people share their risks in all areas, that are not only related to good emotions. After all, a smartphone or a computer are not just things, they’re a vault for our memories, they’re intermediaries between recording our experiences and emotions. In the future we will be building other products related to people’s sentiments and hobbies, for example, we will invite motorcyclists, cyclists, pet owners, wakeboarders and others to join our risk-sharing communities. We will provide a platform and encourage people to share their risks while growing their interpersonal relationships.
What global problems is Ooniq solving? How are you contributing to resolving current social or global issues?
There are a lot of people in the world, that cannot afford the services of traditional insurance providers. Moreover, some insurers refuse to cover things that are truly valuable to people. This is why we are proposing an alternative, which will help people to reduce possible losses. Ooniq’s platform will be simple to use, and the membership fees will be lower than standard insurance premiums.
What are the prospective markets for this product?
This year we will introduce Ooniq to the Lithuanian insurance market. However, Ooniq will be attractive to any citizen of the world. One of the proving examples — during our participation in the “China High Tech 2018” show, a journalist from Beijing had found us and featured us in a couple of high-profile publications presenting Ooniq as “very perspective” project. Therefore, Ooniq’s goals are global, we are particularly interested in countries that nurture a strong community-based culture.
What are your competitive advantages against other players?
How strange it may sound — we don’t have competitors because we are creating an innovation.
Are you planning to expand, hire more people, update your equipment?
Of course, we are planning our expansion because Ooniq is set to become a global platform. Currently, we are working on business strategy and participating in the “Helix” accelerator based in Hong Kong. Subsequently, we expect more clarity on what directions we will be taking moving forward and what resources will be required.
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