In this episode, Michal Waitze speaks with Rohan Kumar CEO and Co-Founder of Toffee Insurance. Toffee Insurance was founded 2017 and its focus is on selling micro insurance for different kinds of services. Rohan went to the University of Lincoln and Massey University. Early in his career he worked for companies like Shell.
Rohan discovered while consulting with some incumbent insurance companies that he wanted to create and sell his own product so he and his co-Founder, Nishant Jain, began building Toffee Insurance. Michael and Rohan discuss simplifying the process of buying insurance and making it more contextual and affordable. They also talk about how point-of-sale for things like bicycles creates a new way to sell and distribute insurance.
He and Michael discuss a special Denge insurance product that is unbundled from more traditional offerings that can be sold for a lower cost. Toffee’s innovative partnerships and alternative distribution models allow them to work with pharmacies to sell this product along with mosquito spray, again utilziing point-of-sale in a way that has not been used prior.
Michael asks Rohan’s opinion on companies like Grab and GoJek and their new way of acting as distribution channels for microinsurance. He says the best point of sale depends on the product. For bicycles it is offline but for travel insurance that is simply addable to your booking it is online. They also speak about the importance of gathering data and how data analytics will continue to grow in importance for InsurTechs and the insurance industry.