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On Demand Businesses 101

On-demand insurance : Turn down the traditional insurance

For any business organization’s transformation strategy, technology has become a prominent factor. With huge impact on every aspect of life, technology has brought a sea change in customer’s behavior and preferences. The financial organizations and the insurance industry need to be digitally transformed and say goodbye to the traditional business methodologies.

Today’s customers want more control and flexibility as per their choices and preferences. On-demand insurance empowers customers to insure things anytime, anywhere. Insurance is unlike other on-demand industries wherein you cannot accomplish instant gratification of customer’s needs. Selling a promise over mobile interface can be a bit different from a normal on-demand delivery business. However, Trov is challenging this generic notion of public. Let’s have a look on how on demand insurance works:

To understand the significance of on-demand insurance better, here is an example:

A person on his way to office, meets with an accident. His car is completely destroyed but he manages to save himself. In such a situation, he can simply use his mobile device to claim the damage caused to his car. With traditional insurance, he would probably have to make innumerable trips to his insurance company.

Being the first one to provide on-demand insurance for single items in the world, Trov has recently raised $45 million for its global expansion. After attaining huge success in Australia and UK, Trov is focusing on providing on-demand insurance to people across the world. Not just Trov, Slice is another insurtech startup to provide on-demand, pay-per-use insurance in the US. The digital insurers realize the needs of changing customers. At the same time, some behold from taking that first step. Choosing the right technology part can be your ‘make-it or break-it’ decision. Since, there are not many on-demand insurance competitors in the market, you can have the first mover advantage.

For any on-demand economy, Tookan has all integral components to start with. From customer to manager to agent; Tookan offers an interface for all user roles. Get it customized as per your needs and business requirements and become the next on-demand insurance provider.

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