The Encourage Insurtech Interview’ sequence is designed to encourage fellow insurtechs. We wish to share who they’re, what they do, and what we are able to anticipate from them sooner or later.
This month we’re speaking to Bernie Niehaus, Managing Director of DigiSure. Take pleasure in!
Inform us DigiSure’s temporary pitch.
DigiSure utilises historic and real-time information and digital methods to automate the underwriting and distribution of Insurance coverage Merchandise. We offer, direct to buyer and agent/dealer, channels relying on the product and Market. Our efficient use of expertise allows our companions to supply companies with considerably decrease capital and operational prices in comparison with their opponents. Our choice and monitoring methods additional cut back threat and prices.
Our expertise allows our companions to launch new merchandise and enter new territories shortly and successfully, often inside a few weeks. DigiSure now works with Insurers, Brokers, Brokers, Coverholders in Asia, Australia/New Zealand and Europe.
So how did DigiSure start?
DigiSure started as most others do, as a dialog over a bottle, born from months of frustration. Nevertheless, it was a water bottle in a ‘Fitness center’ reasonably than the ‘Pub’ as one of many founders is a teetotaller (a lot to the opposite founder’s disbelief).
The Insurer had a product, they usually had a goal market; what they didn’t have, was a method to profitably underwrite the market or to distribute in a approach that could possibly be environment friendly and achieve important mass. We developed the Authentic DigiSure platform to handle this challenge. With that product, we gained 30% of the market inside 6 months and ended up in partnership with one of many world’s most well-known insurers and one of many world’s largest brokers.
How has DigiSure developed since its inception?
DigiSure had considerably developed from our humble beginnings in 2016-2017. We now have workplaces in Singapore, Eire, Australia and New Zealand. We began off with an idea that was to digitise, simplify and pace up the distribution, underwriting and gross sales course of. On account of buyer demand, the DigiSure platform has considerably developed to be a full finish to finish system that helps and supplies for the complete insurance coverage worth chain, from distribution to Claims administration.
We now have additionally now developed a full company portal for some massive insurers. This platform allows brokers/brokers to cite and handle their shoppers whereas offering underwriters with on the spot entry to all the info and data required to evaluate threat. This platform has led to a major discount in Underwriting time that considerably reduces value for all stakeholders.
What’s your group at the moment engaged on for 2021, or what have you ever achieved just lately?
Q1 2021 has seen us working with a number of Native carriers and Re-Insurers to considerably increase our presence in South East Asia and Europe. We now have additionally expanded the vary of merchandise, and we additionally assist, for instance, Takaful Islamic insurance coverage and Skilled Legal responsibility. On the technical aspect, we have now expanded our use of satellite tv for pc information for threat evaluation and proceed to put money into our Machine Studying initiatives.
How does DigiSure give again?
Surroundings, Social and Governance (ESG), our enterprise and options are well-positioned to advertise ESG in plenty of methods:
Micro Enterprise Insurance coverage.
Micro Enterprise, with fewer than 5 workers, are the engine rooms of many creating nations. In accordance with the World Commerce Group, small-and medium-sized enterprises (SMEs) symbolize over 90 per cent of the enterprise inhabitants, 60-70% of employment and 55% of GDP in developed economies. But numerous hundreds of thousands of casual merchants, micro-entrepreneurs and small companies both can’t entry or can’t afford insurance coverage. Entry to inexpensive Insurance coverage will increase their resilience and encourages funding, in addition to opening up new funding alternatives.
DigiSure allows the direct distribution of insurance coverage to Micro Companies, sometimes through cell phone with low operational and underwriting prices and the flexibility to pay as you go (e.g. day by day/weekly) premiums funds. This mix supplies entry to and affordability to Micro Enterprise, thus enabling their stability and progress. We’re at the moment working with plenty of International and native insurance coverage suppliers to roll out our merchandise in Africa and low-income south-east Asian nations.
Private Micro Insurance coverage.
Microinsurance insurance policies present safety to low-income households towards particular dangers in trade for a daily cost of premiums which might be calculated proportionally to the probability and price of the related threat. The DigiSure platform, which mixes low-cost distribution (cell phone) with automated underwriting and pays as you go funds, permits our Insurance coverage companions to effectively deliver private Micro Insurance coverage to low-income nations in Africa and Southeast Asia. Typical merchandise embrace Incapacity and Property Microinsurance.
Office Variety (Ladies in Tech).
In accordance with the US Nationwide Centre for ladies in Data Know-how, ladies symbolize solely 26% of the workforce in Computing and Mathematical occupations in contrast with 57% throughout all professions. Ladies at the moment symbolize 50% of DigiSure’s Workforce. In addition to concentrating on range in our recruitment pipeline and offering versatile working preparations. We constantly search to advertise an inclusive work tradition.
Office Variety (Neurodiversity).
Unemployment within the Neurodiverse inhabitants runs as excessive as 80%, despite the fact that they are often sometimes 30% extra productive than their friends given the correct surroundings. DigiSure is concentrating on to have a 25% of its workforce Neurodiverse 2023. Along with focused recruitment, our primary focus is on flexibility, office lodging and tradition.
What’s DigiSure‘s largest problem in as we speak’s market?
Figuring out and choosing the proper companions to work with. It might sound a cliché; nevertheless, with some minor exceptions, we have now managed to work with good companions, i.e. Insurers, Re-Insurers and Brokers. As we scale up, this may occasionally change into tougher and one thing we have to be cautious of.
Anything you’d wish to say that we didn’t ask?
DigiSure is pleased with our group for his or her arduous work and dedication to all initiatives. We do all our growth and analysis in-house, which might not be doable with out the unbelievable DigiSure group. The lengthy hours, countless focus and immeasurable dedication are actually appreciated.
My final reflection, given the target market, fellow Insurtechs, is that try to be ready for the lengthy lead up instances, notably with massive Insurers/Reinsurers, typically 12 to 18 months. Nevertheless, when you’ve confirmed your self and gained your buyer’s confidence, enlargement turns into a lot simpler.
Thank You. Should you want to know extra about DigiSure, watch their overview and demo video right here: https://www.youtube.com/watch?v=iogFwhDercM.