By Reethu Ravi and Sharon Lewis This article is the third of a four-part Tech’s Year in Review series reviewing developments across industries in 2020. It discusses the world of lifestyle tech, focusing on esports and gaming, entertainment and media, and travel. The year 2020 was a tumultuous [...]
By Eddie Chang | The travel market has held huge potential ever since the Wright brothers flew their first plane. Working in the InsurTech market, I ask myself the same question every day: How can creators persuade customers that they will satisfy their needs when those customers cannot even articulate them? A tough sell, but once adopted, it can change the world.
Forms, time-consuming waits and complicated terms have always been the norm with insurance. By merging elements like insurance, technology and travel, an innovative and game-changing idea can be created.
Think of it this way: compared to the traditional credit card payment you make in the grocery store, mobile payments now save you from all the waiting, minimum transaction limits and rolling eyes in the checkout queues. These are pain points the consumers are not even aware of – yet once they are solved, you cannot go back to the traditional solutions at all.
It’s the same with travel insurance products. Why limit your trip duration and schedule because of the insurance you purchased? Energizing insurance with technology brings us a more convenient, friendlierand smarter solution. Wesurance is going to provide you with ‘Non-scheduled Travel Insurance On-the-go’. All you need to do is enable the location service in your phone. Imagine you are going on a vacation. Once you arrive at the departure airport, a message will pop up reminding you to activate travel insurance before taking off. Just tap the button to get insured.
During the trip, you may decide to extend your holiday a little bit longer. Since you are connected with the app, your policy will be extended automatically. All by one app, one button. Unfortunately, just before you are supposed to return, the Weather Channel reports that a tropical storm is churning towards your vacation spot. The plane gets delayed for over six hours. But once you are back and the trip is finished, your policy will be deactivated automatically.
Since a delay over six hours meets the requirement of claiming a cash benefit for travel delay, just upload your boarding pass and AI/big data technology will be used to confirm your flight delay. Once approved, the claim amount will be transferred immediately into your e-wallet.
Sounds fancy, right? It’s more than just insurance. It’s always been bigger than that. We aim to bring society more insurance products, and invigorate the industry through the technology revolution. The future is not that far away, and with all the innovative developments, Wesurance is rebuilding the insurance industry.
About the Author
Eddie Chang is the Founder and CEO of Wesurance, a Hong Kong-based FinTech company providing advanced InsurTech solutions to users. In November 2017, Wesurance launched a digital InsurTech solution platform incorporating features never seen before in the local insurance market such as eKYC and a customer-centric personal assistant powered by AI technology that is tailored to individual needs.