In the last 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 both are and what we think of them, as an active part of the insurance mediation business.
The services provided by insurance apps
For many years now, a lot of money has been invested by the insurance companies at improving your IT system, The company is also working on recycling processes to speed up its response times, as well as on being closer to the customer through social networks.
The same applies from the insurance mediation “traditional”: we are investing resources in digitising our operation and provide a better service to an increasingly demanding customer.
What we need to know 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, where a local business will be able to deal directly with the exact guarantees it wants to cover, and in principle, a completely tailor-made policy could be taken out.
Our opinion on Coverfy
Coverfy We find the transparency and ease of having the information so close at hand very interesting.
However, we don't think it's nothing that Spain's leading brokerages aren't adapting to.. The policy management software of the Insurance Brokerages, The company is becoming more and more advanced and is enabling its customers 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 on Coverwallet
Coverwallet is a much riskier bet than the previous one, raising important questions that remain to be answered.
The solvency with which you respond to major claims, which is essential in the insurance world, would be the first question. We also think it is dangerous to personalise 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 a Experienced Insurance Brokerage, but adapted to the needs of the 21st century, contact us. From PIB Group Iberia and Investment we give you the technology, but, above all, the service you need.
