SVP - Strategic Marketing, Industry Relations and Innovation @ Majesco Traditional insurance models are being challenged and the need to innovate and to stay competitive is more important than ever. The on-demand business model requires a new technology and operating platform that will enhance customer loyalty, reduce customer acquisition costs, reduce the expense ratio with large transactional volume and small per-policy premium value, and effectively manage loss ratios for new and dynamic, changing risks.

SVIA accelerates innovation in insurance by facilitating connections & flow of market / tech insights, relationships & investments. Member News 4 big trends for the sharing economy in 2019This is an interesting question. On-demand insurance is on that exponential growth path based on the market statistics discussed previously.Overlaying this new business model and products onto your current, traditional core system will not work because both the existing and new business will be sub-optimized.

Regardless, they are actively engaged in defining their on-demand business model and products. We saw this during the SVIA workshop. Managing risk in real time offers the potential for businesses to have more control of their changing risk exposures. Consider the following market statistics: Jobs Economic and demographic shifts are accelerating the demand for on-demand products and services, offering tremendous growth opportunities.

So far the only on-demand product we commonly see in the commercial insurance space is special event insurance, which covers a single-day or short-term event, such as …

It also requires a constant understanding of challengers like InsurTechs, traditional competitors and potential competitors.Unprecedented insurance transparency has resulted in a trend that is changing the nature of the insurance contract.

If you continue to use this site we will assume that you are happy with it.Successful management of the existing business and reinvention of the future business requires making a bet—one that can overcome the drag of the old way of doing things. Encouragingly, a growing number of InsurTech and incumbent insurance leaders are proactively experimenting and introducing new on-demand products to market, helping accelerating their path to the future of insurance and market leadership.

We saw this during the SVIA workshop. Why?

The new on-demand platform requires new capabilities, including: More importantly, it reinvents the business model for how insurance products are created, underwritten, priced and distributed. We use cookies to ensure that we give you the best experience on our website. Chief Growth Officer @ Slice Making that bet requires a deep understanding of your customers in terms of what they expect. Majesco is at the forefront of creating a new technology platform for the on-demand insurance business model. Its course is now on an exponential growth curve—accelerating and intensifying. Some are further down the path; others just beginning. What's shaping Next Gen On-Demand Insurance?

Lafreniere is focused on helping communicate and evangelize Slice's vision of Insurance Corrected.Our mission is to accelerate innovation in the insurance industry.One of InsurTech's top influencers, author, speaker, and consultant in connected insurance, innovation, transformation, and leadership. Elements of the shift include: Moving from fixed duration to episodic; from point-in-time to continuous underwriting; from high premium to low premium; from bundled offerings to itemized coverage; from static to dynamic pricing; from low to high touch; from systemic risks to dynamic risks; and from mature, incremental growth to emerging, high growth.While relatively small in terms of premium, the on-demand market is poised to rapidly grow. Silicon Valley Insurance Accelerator / SVIA invites you to their webinar