Insurance for the Generation That’s Always Bored
Entertain me or gtfo
Insurance. A word that evokes passion, romance, a burning desire to better the world…
Or not.
Truth be told — if we’re doing word associations — “insurance” is often associated with “boring”. And for good reason. Insurance has been, historically, boring and stable. It’s the person you should be with, not the person you want to be with.
But what if there was a person that you both should and want to be with? Yes, mind blown.
It might just exist. Not the person (don’t know about that, sorry). But the kind of insurance that you should and actually want. How? Modern solutions are being developed for modern problems.
Check it.
Problem: Short Attention Span
Solution: Apps, etc.
Ah, social media. Connector of people, shortener of attention spans. The most tech and social media-savvy amongst us will be glad to know…insurance is dealing with this.
Offering home, renters, and pet insurance, Lemonade shops itself as having “instant everything”. Download their app and it can take as little as 90 seconds to get insured. But they’re not the only one. A whole new crop of insurance companies are taking this route. The super fast-download app-boom insurance route. There’s usually an innovative twist thrown in. Some more examples?
Behold.
Root. Manage your policy and claims easy peasy in their app, drive better for benefits.
Hippo. With the fast time of getting a quote in 60 seconds, Hippo is for the tech-savvy. Mac lovers will be happy to know that the company has “4x more coverage for items like home electronics and smart appliances.”
Problem: You don’t like talking to people
Solution: Don’t talk to people
You’ll probably like talking to bots more. They’re simpler, less dramatic. And now? They’re all over the place. Everyone rejoice. You’ve unlocked the next level in the game of Introvert.
Customer service chatbots are popping up in traditional insurance companies. GEICO’s got “Kate”, Progressive has got Flo (the bot).
Lemonade’s “Maya” can secure your policy without you ever having to talk to another person.
Be still, Introvert hearts.
Problem: You work at an insurance company and are having trouble attracting “hip” employees
Solution: Sexy yourself up in an HR-friendly way.
Only 2% of university alumni plan to work in insurance. Ouch. Why? Because tech, entertainment, and everything else just. sounds. sexier.
But it’s okay.
Insurance is cleaning up its act. How? It is a truth universally acknowledged that a large share of Millennials find artificial intelligence sexy. Some even find blockchain sexy. There’s just something about “decentralized” that sounds rebellious.
We’ve covered a bit about AI in insurance (bots), so let’s touch on blockchain. According to Accenture, 80% of insurance companies have either implemented or plan on implementing blockchain.
There’s a whole slew of startups bringing blockchain into insurance. Immediate.io is an interesting startup that uses smart contracts on the ‘chain. ChainThat supports negotiation and proper contracts between brokers, reinsurers, and beyond.
The opportunities are nearly endless.
So fear not. You don’t have to be bored forever. What’s good for you might soon also be fun.
