InsTech London: Product Innovation Driving New Insurance Solutions.

Author Judit Toth
  • Date April 27, 2018
  • Reading Time 3 minutes

On 23rd April we attended the latest Instech London event at the Steelyard.

Insurance is rarely seen as a contract that enables people to take risk and it is not exactly known to give you more freedom. It’s quite the opposite, we take out insurance because we have to. 

InsTech’s presenters proposed innovative solutions on how to improve this experience and help on an individual as well as a community level. In this article we’re looking at 3 of those innovations in particular.

Instech London Innovation

Zego is a rapidly growing pay-as-you-go insurance provider. Their product is dedicated to help cover delivery drivers (be it scooter/car/cyclist) when and wherever required. The ‘gig economy’ is growing but it needs attention and refreshed services to satisfy the demand. 
Zego’s advantage isn’t just offering an on-demand product but also the fact that it doesn’t rely on requests from drivers because it is directly connected with the work providers. Their policy starts from the moment they start their shift and ends when they finish.

Instech London April

ForestCar is a car sharing solution that promises to make an impact on the environment. The service is not purely focused on helping users earn money but it takes their minds off airport shuttles, airport parking and supports the environment, specifically rainforests. 

Imagine arriving at the airport in the comfort of your own car, earning money rather than paying for parking and saving the rainforests while away on your well deserved holiday. Too good to be true?

One can’t help but wonder who is using your car and will it be returned as you left it? How will ForestCar match the offer with the demand? Can they ensure that your car will be back in time? How many of us are willing to trust a stranger driving our car?
There is a solution to all of these, but those passionate about the environment (especially rainforests) are more willing to bear the burdens of getting the arrangement right. 
 
There can’t be a list of innovative ideas without including blockchain. Everyone is talking about it, thinking about it, everyone has their own ideas of how it could and should work. 

This started as an idea to start a insurance company, except there is no insurance company, just people. 
A member based community where the validity of a claim is judged by its members and all decisions are executed and recorded by smart contracts. 
Their current (and only) product is Smart Contract Cover. This will provide a fixed claim pay-out should the designated smart contract be used in an “unintended way that results in financial loss”.
The goal is to provide more standard products in the future. 
 
If you'd like more information on how to make best use of the latest technology get in touch at hello@dock9.com or on 0207 977 9230.