In this episode Michael talked to Dr. Woody Mo, co-founder and CEO of eBaoTech. eBaoTech is a Chinese company founded in 2000 that aims to be a global leader in enabling connected insurance. The Company offers a platform as a service and software for traditional insurance carriers’ core systems.
Dr. Woody touches on how the insurance industry wastes time and money on, in his opinion, on the wrong sales channels and gives his viewpoint on new channels to sell insurance, including affinity marketing and partnering with ecosystems such as payment platforms. He also gives his viewpoint on the potential of insurance becoming a high-frequency product like MasterCard and Visa.
Michael and Dr. Woody also discuss how insurance could be an invisible product embedded into a lot different services. A big potential market for micro-insurance are services like Go-Jek and GRAB. One option is to already include insurance in the product and price, instead of an additional pricey service that has to be purchased separately.
Other companies we mentioned in this conversation: