Make insurance more social, cheaper and clearer; educate people to the social function of insurance carrier; leverage on business (and product construction) models of the sharing economy to provide users with better service, better experience, at a lower cost.
The mission of DarWinsurance, an Italian startup with a very solid team made up of experts in the insurance industry, which in our country, is the first example of peer to peer insurance, can be summarized in this way.
This is not the first venture of this sort in the international scene: from Lemonade (the Facebook of the insurances) in the US, Friendsurance in Germany, to Inspeer in France, Guevara in the UK, TongJuBao in China, the spread of insurance tech on the one hand and the sharing economy on the other, is experiencing a successful combination that promises to be beneficial to consumers, through a model that once again is made possible by technology, but conceptually represents a return to the origins of the insurance concept, enhancing the mutual aid.
DarWinsurance enters therefore in the global scene of such revolutionary insurance carriers starting from Italy and tailoring its service on the characteristics of the Italian market, where the insurances penetration is very low compared to the rest of Europe: if the Netherlands, the country where the number of insured is greater, has an index at 7.7%, Italy is 0.9%, although the trend is positive.
In Italy there is no insurance culture, but at the same time, is the most connected country in the world (especially by mobile) and the most fond of the sharing of ideas, opinions, comments. In the relationship with insurance carrier we are already considered hybrid customers, namely multichannel.
Leveraging on all this, DarWinsurance has developed a P2P insurance model, where each user creates a group with people they trust, thus allowing a savings up to 40% on premiums if accidents do not occur. The insurance is not operating in the market, which is why the 100% of its model has not been revealed yet.
“DarWinsurance stems from our experience in the Italian insurance market, where it is possible to improve a lot, for example in customer experience and transparency of the underwriting and pricing. Our model has been developed and implemented in all its components, from operations, to products and design, based on the specificity of the Italian market – said Yuri Poletto, co-founder and CEO, to InsuranceUp.
” We will enter the market by the end of this year. The support of external investors will definitely be important for the development of our startup, we have already taken the first steps, we consider to be ready in 2017. We turn to the Italian market, which has ample room for growth, especially in the non-motor classes. We will begin to evaluate expansion into other markets after having consolidated our presence in Italy”.
Poletto even explains the relationship between the company and traditional carriers: allies or enemies?
“We set ourselves towards the carrier as a partner who can bring added value and perform certain phases of the value chain, faster and more efficiently. We presented DarWinsurance to a number of carriers, and I would say our message is understood pretty clearly.”
Besides Yuri Poletto among the founder of the startups (15 years’ experience in the insurance industry), there are Gaurav Kumar (CTO, blockchain expert) and Thomas Hall (COO and CFO, 20 years’ experience in insurance industry)