REINVENTING TRAVEL INSURANCE

Pitch for a fully mobile on-demand insurance for millennials based on digital assistant using Ai and Blockchain.
This pitch was done on a Saturday as a Design exercise.

CURRENT SITUATION
THE DAUNTING CHALLENGE FACING THE INSURANCE INDUSTRY TODAY

One of the most pressing challenges for the insurance industry is the demographic shift. This represents a dramatic change in the way insurers have built their business since the beginning of the industrial revolution.

Often times the interaction between customers and insurers is perceived as unfair, non-transparent, complex and cumbersome.

CUSTOMER-CENTRICITY AS AN ANSWER TO THE DEMOGRAPHIC SHIFT

The exponential popularity of mobile devices, internet, and social media has become an integral part of today’s consumers. They expect a service matching the standard set by digital giants such as Amazon, Google, Apple and the likes.

Insurance should adapt to their lifestyle and needs, offering digital/mobile platforms, good quality, shorter response times, transparency, simplicity and a personalized service.

MILLENNIALS AS A TARGET GROUP
MILLENNIALS AS A TARGET GROUP

A recent survey (Travel Insurance Vacation Confidence Index) published by giant insurer Allianz indicates that Millennials (age 18-35) are likely to:

  • book or communicate using online/mobile platforms
  • use sharing economy services like Airbnb or Uber
  • visit challenging destinations
  • travel with expensive computers and camera equipment
  • engage in extreme sports
MILLENNIALS AND TRAVEL INSURANCE

For Millennials, insurance usually becomes relevant when they want to travel abroad. They worry about things unexpectedly going wrong:

  • Lost luggage
  • Accidents (both health and 
non-health related)
  • Trip cancelation
  • Stolen property
THE SERVICE/PRODUCT
NO TEAM, JUST ME
USER EXPERIENCE
Customer experience based on a strong technological backbone

We need rely on the use of artificial intelligence and blockchain to focus on these three critical dimensions and create a delightful customer experience:

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SIMPLICITY

The use of AI will reduce complexity and friction for the user by personalizing and simplifying the overall experience. The interaction should feel as natural as talking to a real person.

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Transparency

Transactions will be recorded on the B3i Blockchain to ensure they cannot be altered, but also open and accessible.

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Speed

With the combined use of AI and Blockchain the processing of claims should be done in a matter of minutes if not seconds, thanks to the use of smart contracts/policies.

Simplified customer journey  – Travel insurance purchase context
Simplified Service Blueprint – Travel insurance purchase context