Inmediate is building a new ecosystem in which smart insurance (smart-contract based policies) can operate as effectively as they are meant to be.
One that supplants the current insurance operations of today, which has become so expensive and riddled with inefficiencies.
Inmediate will develop a de facto standard for smart insurance by taking designs quickly from the drawing board and set them into motion, where real time market feedback can be gathered.
This rapid test-and-improve cycle lets participating insurance companies and other market participants quickly work out what works and what doesn’t — Inmediate is a fully collaborative system with its commercial partners.
There are many more blockchain related insurance initiatives. Although they all have insurance as a common factor, these cannot just be thrown into the same basket. Insurance is a USD 5 trillion industry and there are many ways in which the industry can benefit from blockchain applications. The insurance industry can be sliced and diced in many different ways. E.g. Production vs Distribution, Corporate vs Personal, Sales vs Operations, Risk vs Reward, Existing Coverage vs New Opportunities, etc.
Inmediate cuts across many of these. Inmediate’s design solutions always start with the customer. But that does not mean Insurers cannot benefit as well. We optimise the relationship and make it symbiotic. Anything that is good for the one can be good for the other. For example, low operating costs means cheaper policies and fast execution means more sales. Better data means better cover.
The scope of our ecosystem is without boundaries. We will start small but structured because that is easier to manage and we do not want to unnecessarily increase complexity. As and when the big strokes are done we will broaden out into finer initiatives and iterative tuning.
Analysts are always very tempted to compare insurance blockchain initiatives without much discretion. That is understandable (because there are very few insurance initiatives) but not always justified.
In our view every initiative should be evaluated on its own merits and short cuts should be avoided. The key success factors of every initiative in our view are
· a clear, concise and realistic insurance vision
· good subject matter knowledge and experience
· credibility with stakeholders (customers, insurers, regulators and distributors)
· financial and planning controls
· ability to balance between creativity and reality
· right scaling
· technology choices (bearing in mind costs, scaling, security and simplicity)
· execution and communication ability
· commercial aptitude
· team composition
We are confident Inmediate scores high on all those parameters.
Our advice: Comparing our initiative again other blockchain related initiatives should really be done on a case by case basis. We have not found one that is the same as ours.
There could be overlaps and common denominators such as use of smart contracts, but comparison focus should be on the differences and not on the similarities.
Once again, the devil is in the details — but we are confident of standing up to any level of scrutiny. That is the product of experience and our mission of getting insurance to be available when you need it. Easily, conveniently and at a reasonable price.
Otbert de Jong