Contact person: Natalie Fong
Email address: email@example.com
Contact number: +(852) 36899067
Asia and ANZ
The Digital Insurer Startup InsurTech Award
1. About Wesurance
What is Wesurance? The quick answer to that it's a smartphone app for insurance available on Playstore and App Store. A few clicks and you are covered immediately. We started with travel insurance and will soon have term life and personal accident. The fuller answer is that we want to reinvent insurance for the mobile age.
Wesurance Limited is an InsurTech startup. We are a registered corporate agency. Spotify changed music. Uber changed the taxi industry. Wesurance is going to change the personal insurance. We are working with Allied World Assurance (AWAC) to rethink, redesign and re-engineer the entire insurance experience from the ground up. We operate on the basis of formal pre-approval from AWAC to allow us to issue insurance. The app is innovative and fresh, but our insurance model is proven and trusted.
Currently, overpay and complex claim process are everywhere due to the company-centric nature of classic insurers. Human agents are often the only available choice for customers to turn to. Purchase, manage and claim procedures are conducted separately. Wesurance will exceed the performance of traditional insurance by using 100% fully digital channels (Technology Insurance) and customer-centric solutions around purchases, claims handling and customer support listed below.
2.1 Two Patents Pending:
Chatbot Situationalization detects user location through GPS, checking for relevant local news and weather forecast. This information is then used to predict user queries and enhance the efficiency of the in-app virtual assistant. It avoids misunderstandings and adapts the AI for local scenario personalisation.
“Claimatic” automatically connects with the airport API and detects flights that have been delayed, cancelled or re-routed. Users only need to provide the flight number and date of departure for verification, removing the need for the user to submit paperwork or even provide proof of delay.
2.2 Unique Features:
Geo-aware based insurance is an automatic geographical function that detects and reminds users to activate the travel insurance before departure and deactivate it after returning to home airport by locating their positions via GPS. This feature allows users to purchase insurance at the last minute.
Reschedule in one click is a function that allows users to extend the policy coverage period in one-click. At present, owing to the rigid nature of insurance companies, users need to spend large amount of time on call transfers and other technical issues so as to amend the date of the policy. In addition, if users want to call their insurance company for coverage extension during their holiday, time difference and opening hours will be concerns. By contrast, Wesurance users may edit the start date of their insurance policy before departure and extend it before their policy expires through the app in a few clicks without any surcharge.
In-app 24-Hour Worldwide Assistance Hotline can be used without a local SIM card. Users are able to connect to the third party emergency hotline via VoIP-Phone technology (voice-over IP), such as mobile data, ethernet or wifi connectivity. This eliminates expensive overseas roaming calls and reduces information or searching costs.
Teenagers self-direct purchases allows teens under the age of 18 to purchase and manage their own insurance policy by themselves with their parent’s approval. Parents only need to set up a guardian account to authorise the transaction. Real time alerts across multiple devices will be sent to guardians if a purchase is made by teenagers.
Handling claims in an efficient and caring manner has always been the desire of many customers. Wesurance harnesses the power of AI developed by IBM (Watson) in our Easy Claim process, allowing users to file a travel delay claim via our digital chatbot by taking relevant photos as proof, significantly simplifying the claim process. The chatbot also provides a number of functions, from a leisurely chat to travel information tips. It acts as a policy manager and claim administrator providing different forms of assistance users need during their trip. To handle more complex claims, we also have a dedicated team of people ready to provide customer support and service and provide a human touch.
Wesurance is the pioneer of implementing the eKYC facial recognition function developed by consumer credit reporting agency TransUnion, allowing instant identity verification and privacy protection while reducing the risk of fraud. Users only need to take a selfie and a photo of their identity card. It is a win-win situation for both the customers and the insurers.
3. Benefits and Impact
Unlike a traditional insurer, we are a digital-first company which means our overheads are lower. Better efficiency through technology means we can pass on lower premiums while still offering great service to customers. Transaction costs for sales and claims are also significantly lower, with purchases conducted through the app and some claims automated by Artificial Intelligence.
We are fully digital that means we are paperless and environmental friendly. The ease of purchase and claim will encourage the general public especially the digital generation to buy and understand insurance. Insurers increase their market share or revenue in this blue-ocean market by serving unmet customer needs.
We are strong believers of simplicity, professionalism and a great user experience. Thus, we have taken numerous steps to ensure that every step of the user process is as simple and clear as possible for users to easily purchase, understand, manage and claim. Our app is visually impactful, polished, intuitive, fast and enjoyable to use.
All of our features aim to disrupt the current rigid company-centric insurance market and set a new customer-centric standard for InsurTech in a mobile-first world. Our extensive high-tech functions help the user save time and improves convenience while striking a balance with simplicity. Wesurance reinvents the way in which users purchase insurance and manage policy freely via a mobile app and solves pain points that consumers themselves may not be aware of. By doing so, Wesurance brings insurance to the next generation.