An insurance network dubbed Internet of Insurance, which is owned by its members, has been officially launched with an aim to upgrade the insurance industry.
Image: Internet of Insurance launched by the insurance industry. Photo: courtesy of BSK/Freeimages.com.
Its founders, a group of agents, carriers, and technology companies, recognized that there are two different types of carriers and agencies in the insurance industry, a situation which has created fundamental conflicts that are holding the industry back.
There are companies that are complacent and resistant to change, and there are companies that are open-minded to using technology to improve efficiency, reduce waste, and make consumers safer.
Members represent more than $30B in premium across the country. The Internet of Insurance is designed by its members to accelerate the modernization of the insurance industry by removing technology constraints, creating alignment, and developing shared resources for its members including:
A digital risk syndication network
A behavioral economics laboratory including an incentive fund governed by an agency and carrier council
Open source technology, including standards and data privacy agreements to address GDPR and CCPR compliance
A key component of the Internet of Insurance is the regulatory council and cooperation with regulators to help them use technology to protect and benefit consumers.
Network members take data privacy seriously, understanding that this issue directly affects both consumers and businesses, and recognize that this is a multi-billion dollar threat to the industry.
Data regulation is coming to the U.S. and this network has the potential to help.
The network moves beyond superficial blockchain use cases and proprietary marketplaces. It uses technology, connectivity, and behavioral economics to catalyze change.
The Internet of Insurance is an open network, however, availability is currently limited to early adopters who demonstrate thought leadership and commitment to change via member referrals.
Source: Company Press Release