There’s still hope for insurers. Maybe.

The insurance market is antiquated. We all agree on that one.

The majority of policies are still stored and managed in tatty folders, tucked away in dusty filing cabinets; opened once or twice a year either for a claim or renewal.

Where 10 years of innovation has resulted in absolutely no change to the policies, just the ability to buy from a central comparison site, it’s no wonder the entire industry is being disrupted.

And $2.65bn of VC investment into Insurtech just last year, certainly accelerates things.

The uncalculated cost of insufficient, or even absent innovation
In a world where immediacy, simplicity and transparency are table stakes when it comes to consumer/brand relationships, digital transformation or sustainable innovation isn’t enough.

Insurers need to evolve; to shift from a chore to a valued part of a consumer’s life.

And where it’s at, is for companies to bridge the gap between provider and customer.


The future of insurance

This post explores just one of the key 6 areas of disruption we’re witnessing across 2016 – startups that give control over to the customer, providing them with the ability to manage, monitor and compare all of their policies from a single place.

Meet the 21st century insurance concierge startups.


Bringing sunshine to the UK

Brolly is a free personal insurance concierge platform available online and as a mobile app. The startup is the brainchild of founder Phoebe Hugh, who left a job at a major insurance provider to begin the project, after feeling there needed to be a product which allowed customers to be more informed about their product, at a higher level of convenience.

The app allows users to manage all of their policies from multiple providers in one place, and understand where they have duplicate or missing coverage. It tells you if you’re over or under-insured; it helps you manage your insurance policies in one place, providing access to documents, prices and contact numbers of insurers.

The app also shows a breakdown of your policy costings so you can understand exactly what you getting from what you pay, in relation to other insurers on the market.

Perhaps the most unique feature of Brolly is the ‘concierge’.

The app hopes to put an end to fumbling through ring binders bulging with various policies, and sifting through irrelevant written communication with your provider just to find contact number or policy detail, by putting all the information you need in one simple app.

Whilst at the time of writing it’s very much still in beta, we’re big fans and expect great things from Phoebe and her team.


When concierge meets on-demand

Another Insurtech looking to make it easier to keep track of your policies is the American startup Trov. They’ve created a platform allowing users to organise information about bought items into one place, including receipts and real-time product value, securing it all in the cloud.

Customers can immediately evaluate insurance policies available for their ‘things’ based on their current market value, ultimately helping them select the appropriate level of insurance. A further feature allows users to switch insurance on and off in real time, which we guess, makes it the first on-demand insurance concierge on the market. Nice.

Up until now in the insurance industry, the value of items being insured has been little more than a cumulative rounding or estimate. Trov’s distinctive offering is to help insurers better identify the value of products and price their coverage accurately.


Sexy? We think so.

If these startups can truly be successful in organising consumer’s policies effectively, there are huge opportunities ahead for them.

They may not be the most sexy in our 2016 Insurance Disruption Report but they well be the next ‘must have’ utility lifestyle apps.

Out with the filing cabinet and in with the mobile concierge. And all wrapped up with the convenience and transparency we’ve come to expect from their service providers.

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