Simple, Reliable & Direct Insurance: 88 INSURTECH is a startup company with a disruptive business model based in blockchain/cryptocurrency that intends to revolutionize the insurance market. The company promises to present a cheaper, more practical, faster and more transparent way to sell insurance.
Founded by an ex-KPMG partner with more than 20 years of experience in the insurance market and supported by the application of the newest technology of blockchain and cryptocurrency, the company presents a new way to distribute and sell insurance. The interface is intended to be simplified by the use of a digital platform (app) that gives full transparency to the consumer and operated in a 24/7 shift to guarantee a faster path to contract and acquire insurance.
The digital platform would work also as an insurance service marketplace, enabling different service providers linked to the insured item to offer their service. For example, home repair companies would be able to offer their services linked to a house insurance. More than that, these service providers would become active sellers of insurance, linking their service to the insurance product. In exchange of a commission, 88 INSURTECH is planning to have the active support of these intermediaries to sell insurance products, without the standard physical costs of distribution, it is expected a considerable decrease in the price of insurance in the market.
Another important feature of the business model is the possibility to customize the product. Currently at the market, it is very hard to tailor-made insurance products, clients have to close deals with standard products, without the possibility to change and/or adapt to their needs. With the easy digital platform, customers can choose, for instance, to secure them selves only on weekends, or only for a specific trip.
Furthermore 88INSURTECH has been accelerated by one of the largest banks of Latin America, Bradesco at Inovabra, where the collaboration between companies, startups, investors, mentors and internal teams are united by challenges for greater and better innovations.