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How InsurTech overcome Covid - 19

Grant Kim

 

Cases against to Covid - 19 

Coronavirus Infection-19 (COVID-19) has completely changed the way we live, work and communicate. Many organizations are trying to overcome the current situation, and insurance companies are also planning and implementing several approach to wisely deal with this crisis. .

  • (EUROPE) WEFOX GROUP LAUNCHES A FREE DIGITAL PLATFORM
  • (INDIA) FINTECH COMPANY PHONEPE RELEASES COVID-19 RELATED COMPENSATION PRODUCTS
  • (UNITED STATES) AON UNVEILS WEB APPLICATION FOR EMPLOYERS TO PREDICT THE IMPACT OF COVID-19

01. (Europe) wefox Group launches a free digital platform for insurance brokers to tackle sluggish insurance caused by COVID-19 (2020.03)

◦ Wefox Group *, an Insutech company, has released a digital platform that can be used free of charge for insurance brokers who are concerned about a decrease in insurance sales due to COVID-19.

* Wefox, a digital platform that connects insurance companies, brokers, and customers, and ONE, Europe's first digital insurance company

-The digital platform “WefoxGo” manages meeting schedules for insurance brokers and enables video conferences to facilitate consultation between brokers and customers.

◦ Julian Teicke, CEO of wefox Group, said, “Broker's insurance business is being seriously affected by the coronavirus.” “We want to solve this through our digital platform.”

02. (India) Fintech company PhonePe releases COVID-19 related compensation products with Bajaj Allianz Insurance Company (2020.04)

◦ India Insurance Regulatory Authority (IRDAI) recommends that insurance companies and fintech companies release COVID-19 related insurance products in March.

-PhonePe, a digital payment company, launched Corona Care *, which can be easily signed up through the app with Bajaj Allianz.

* Monthly payment premium 154 ₹ (about 2 USD ) and insured amount 50,000 ₹ (about 800 USD) based on subscribers under the age of 55

-No health checkup is required when signing up for this product, and all medical expenses related to COVID-19 after enrollment (test, treatment, counseling, etc. for 30 days before and after admission) are covered.

◦ PhonePe CEO Sameer Nigam said, “Many Indians do not have health insurance benefits, and especially if they have COVID-19 infection, the financial burden will be heavy.” Mention

03. (United States) Risk analysis company Aon unveils web application for employers to predict the impact of COVID-19 on employees (2020.04)

◦ We designed a web application that predicts the risks that may arise from the spread of COVID-19, such as medical expenses, absenteeism, and workplace shifts.

-This solution is updated daily based on the latest COVID-19 data such as virus spread, confirmer status, etc. Employers can check real-time estimated medical insurance billing costs of employers through a web application.

◦ Aon's Health Solutions Director Tim Nimmer said, “The app will work with employers to plan how to minimize business disruptions while maintaining employee safety.”

Source : Korean Insurance Development Institute ,  May 2020