Break the vicious circle of distrust, advises start-up founder

There’s a fundamental problem in the insurance industry: consumers no longer trust insurers.

“Consumers trust insurers less than they trust banks, and that’s despite banks being blamed for the financial crisis,” explained Dylan Bourguignon, founder of insurtech start-up SO-SURE.

Bourguignon is one of more than 20 start-up founders discussing the insurance market at the annual Intelligent InsurTECH conference on October 3 in London. Click here to find out more.

According to Bourguignon, insurers do want to engage with customers but, until they’ve gained the trust of their customers, they are not in a position to do so.

London-based SO-SURE was founded in a bid to solve this “vicious circle of distrust”.

“Consumer trust had to be addressed, and nothing in the market was suggesting anyone was really trying to address the fundamentals of why consumers don’t trust insurers (price and claim experience),” said Bourguignon.

The company takes insurance back to its 17th century roots, when the value chain was aligned and money was given back when there were no claims.

Policyholders can connect with their friends and earn money back when they and their friends don’t claim (up to 80 percent cash back each year).

Bourguignon has set out to restore consumer trust in insurance on a global scale.

SO-SURE currently only offers mobile phone insurance, but Bourguignon’s ambitions are to grow into other lines and other geographies.

“Insurance companies are driven by underwriting, they should be driven by the customer,” he added. “Until they change the entire mindset of their organisation, it will be very difficult for them engage with customers.”

SO-SURE is one of more than 20 insurtech startups attending Intelligent Insurer’s Intelligent InsurTECH conference on October 3 in London. Click  here to find out more.

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