In this episode, we talk to Timo Uustal, co-founder and CEO of Nursebeam, a HealthTech startup that helps people manage their health while traveling. For example, when suffering from a mild illness, the integrated chatbot suggests over the counter medication available in a foreign country and even recommends trustworthy pharmacies close by. By integrating this service, insurers can become more of a partner instead of just the insurer that picks up the bill in the end but leaves the customer alone in the struggle to figure out a foreign healthcare system.
Timo talks about how insurance incumbents are starting to fall behind due to a lack of the digitization of their services. InsurTechs are aiming to offer better products and services with a high degree of convenience. While some insurers have realised the need to improve their services, other major incumbents seem to ignore the problems with the arrogance only a major corporation can afford.
But not only InsurTech players are aiming to disrupt the industry. Timo and Michael talk about insurance outsiders tapping into insurance. Last year we witnessed ride-hailing startup Grab as well as US electric car manufacturer Tesla entering insurance and recently Emirates started offering special Covid-19 protection. What sets all of them apart, is a well-designed customer experience and products that are designed for their needs.
Companies mentioned in this episode: SingLife,
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