Insurance Market (IM) has been the source of inspiration to build Inmediate.
We started IM a while ago because we are of the view that insurance is unnecessarily complex, slow and tedious.
With IM we enabled the digitisation and automation of insurance distribution. Looking back, we have indeed made the process much faster and transparent by rating them.
However, the policies themselves and the way they are managed have not changed. This means that they are still expensive, uncertain and complex. We just dealt with them more quickly.
Inmediate is the new frontier where we now address the policy itself, in addition to its distribution. At Inmediate we look at how we can break down complexity of the policy, codify and automate pay-outs, simplify and expand distribution methods, reduce fraud/disputes, and minimise costs.
In order for that to be able to happen a new eco system is required by the insurance industry in which these policies can operate as effectively and efficiently as they are meant to be. The current insurance eco system is too expensive and not fit to deal with the new requirements in terms of speed, technology, security and customer experience.
Insurance companies are intensely competitive. Their default response would be to build their own smart contract applications. This would be unfortunate both for them and for their clients. Smart insurance requires a lot of data and having each insurance company collect its own is expensive, cumbersome and raises many privacy issues.
Also, other processes such as securing data feeds, effective distribution and settlements will benefit from a common approach and protocols. For customers this keeps insurance cheap and efficient.
Insurance Market is a licensed broker and could be one of the distributors in the network that Inmediate is building.
The relationship is symbiotic because Inmediate can benefit from the credibility and relationships that Insurance Market has built up with the insurance companies. This will help Inmediate to accelerate the construction and take -off of the network.
In short, with Insurance Market, we’ve transformed Insurance.
With Inmediate, we are going to do it again — on a wider, grander scale.
It is an exciting space to watch indeed.
Otbert de Jong