In recent weeks/months, rounds have been held to attract investment in these two businesses, which introduce innovation in the insurance sector. We are going to explain what they both consist of, and what we think of them, as an active part of the insurance mediation business.
Services provided by insurance apps
For years, insurance companies have been investing a lot of money in improving their IT systems, recycling processes to speed up their response times, as well as in being closer to the customer through social networks.
The same thing is happening in “traditional” insurance mediation : we are investing resources in digitalizing our operations and providing a better service to an increasingly demanding client.
What we must know well is whether these apps really provide the service of a brokerage or not.
We will describe the activities of both businesses:
- Coverfy: a mobile application whose purpose is to accumulate the information of our policies, and act as a digital insurance broker, having the information just a click away.
- Coverwallet: a business imported from the United States, in which a local business will be able to deal directly with the exact guarantees it wants to cover being, in principle, a completely tailor-made policy that you could take out.
Our opinion about Coverfy
We find Coverfy ‘s transparency and ease of access to information very interesting.
However, it does not seem to us that it is nothing to which the most leading brokerages in Spain are not adapting. The policy management software of the Insurance Brokerages are becoming more and more advanced and are enabling their clients to have a portal available from which they can control their policies, receipts, maturities, etc.
It is a great idea, and will probably gain many followers, but nothing that a good Insurance Brokerage cannot offer, probably losing the experience of the latter and the personal treatment, so important in the event of a claim.
Our opinion about Coverwallet
Coverwallet is a much riskier bet than the previous one, raising important doubts that remain to be resolved.
The solvency with which we respond to major claims, which is essential in the insurance world, would be the first question. It also seems dangerous to us to personalize policies so much, given that there can be more than 80 guarantees in an insurance policy, and it is not easy to know what is dispensable and what is not for someone who is not an expert in the insurance sector.
It seems to us a bad idea to discard guarantees at the time of contracting and then have to remember them at the time of the claim, and it would be necessary to understand the business well in order to make a clear assessment of it.
If you want to contact an experienced Insurance Brokerage, but adapted to the needs of the XXI century, contact us. PIB Group Iberia e Inversión gives you the technology, but, above all, the service you need.
