Buying insurance has been a largely unchanging procedure for years. You contact a broker, either on the phone or online, and give them your details. If the quote they find you is good enough, you purchase the policy from them. This model might seem somewhat dated in the 21st century. However, it has worked until now, and continues to work.

New Tech

Some people believe that there is a better way of working though. Insurance start-ups are exploring ways of changing how insurance works and is sold forever. Insurtech (a portmanteau of Insurance and Technology) seeks to introduce the latest technology into the industry. One such company, the US insurtech business Lemonade, is soon set to open in Europe.

Subscriptions

Lemonade is an insurance start-up that offers cover to home owners and renters. Rather than take details and offer specific quotes, Lemonade works as a subscription service. While its European prices are currently unknown, in the US it charges $5 a month for renters and $25 a month for owners.

Lemonade also uses technology to make its claims and customer services easier. The app which the company uses has advanced chat-bot capabilities. When you make a claim with Lemonade, you enter the details of your claim into the chat-bot, and only later does a human have to become involved.

While Lemonade has been a success in the US, it is difficult to know whether it would be a comparable success in Europe. Europe is the home of traditional insurance, and insurance brokers do a very successful job of providing customers with everything they need.

Insurtech might become the future of the insurance industry. However at GAP Insurance Today we are proud of our position in the present day. We take a traditional approach to get you the best quotes that are available today.