Taking Insurance into
the Digital Age!
The platform that connects Consumers, Insurers, and Distributors
using Distributed Ledger Technology, Artificial Intelligence and IoT
We are transforming Insurance. Again.
Many Insurers are exploring block chain and smart contract supported products. Yet an ecosystem is still missing. An ecosystem that can bring these policies to the market in a convenient, consistent, and coordinated manner.
This is where Inmediate comes in. We will provide the Insurance industry with that ecosystem where smart Insurance can be transacted at lightning speed, full clarity, and at much lower costs than ever imagined.
We’ve transformed Insurance in the past. And we are ready to do it again.
It has always been our goal to enable customers to make good choices when buying insurance; providing them the convenience to do it in a simple, quick and carefree way while getting the best value for money.
Our motto is “insurance anywhere, any time, any way”.
In 2016 we launched Insurance Market, a full-service online broking platform that guides customers through the jungle of confusion often surrounding insurances.
The Inmediate eco system aims to contribute further to the realisation of our philosophy. Not to disrupt the insurance world, but to make it work to the best of its ability.
The eco system and associated network brings customers, (re)insurers and distributors together in one place and lets them transact smart contract based insurances. It fosters the effective workings and development of smart contract based insurances.
What Insurers will do on the network
Insurers on the Inmediate network will design, price and publish new types smart contract based insurance products and offer promotions and loyalty programs. This type of insurance and the use of the Inmediate eco system will help them save substantial costs.
They will have to comply with the Inmediate common standards so that products are safe, fair, sound and clear. The eco system will also check that they can meet their financial obligations.
What insurance customers will do on the network
Customers can place insurance orders via multiple points of sale either directly with an insurer online or through point of sale connected devices and applications.
The eco system will ensure safe customer data management while maintaining a good balance between personal privacy and the need to share information for underwriting purposes.
Customers will have their own management panel to buy and manage coverage and a kick-ass shared loyalty program
What distributors will do on the network
Distributors are the “gateway” of the system for consumers. This is where consumers can transact. Either assisted or unassisted. We distinguish:
- Licensed distributors (for example brokers and financial advisors)
- Unlicensed distributors (for example aggregators, airlines, travel agencies, shops, telephone companies, etc.)
Distributors can integrate the smart contract based insurances with their applications using Inmediate’s API connectivity and process sales real time and get paid instantly without the need for post transaction reconciliation.
At the core of our solutions and operations are Distributed Ledger Technology (“DLT”) and Machine Learning (“ML”). Sceptics sometimes question the need for DLT to achieve the benefits associated with DLT and argue that conventional database technology and automation tooling can adequately “do the job”. It is our belief that in order to allow the industry to really progress the use of DLT is inevitable. The benefits are endless and after initial resistance more insurers start to understand.
Insurance technology currently deployed can not keep up and cost and capabilities are becoming an increasing limiting factor. Our tech stack and solutions will decimate the cost of insurance. The new economics will allow availability of insurance to be much improved, the user experience much enhanced, new/adjusted types of cover faster and readily available.
In summary: “we help insurance to be super efficient, reliable and omni present”. Concretely, the differentiating benefits of DLT/ML fall into 3 categories: Trust, Speed, Optimisation.
Trust is the nemesis of any efficient process. Trust that information is correct, complete, validated, verified, authorized, etc. A lack of trust between stakeholders in a value chain creates inefficiencies. It has given rise to endless regulations, procedures, verifications, reconciliations, audits, controls, communications across the entire value chain from underwriting to claim management. DLT deals with this nemesis by creating a trusted environment
Trusted: DLT allows for trusted cooperation by all stakeholders because it is a shared record keeping database (between the entire value chain) with structured rights permissioning,. Trigger actions are coded in smart contracts (see next slide).
Secure: DLT information is cryptographically secured and uses independent computers (nodes) to record, share and synchronise transactions. Data is organised into blocks, which are chained together in an append only mode.
Immutable: An immutable unified audit trail constitutes the core security feature. More efficiency and trust is enabled by structured and consistent (historical) data provenance and optimised control environments.
DLT comes with a “Smart Contracts” feature. These are used to automatically initiate actions such as sending out alerts, instructions, or to settle claims and effect payments to the insured party upon the happening of certain events. Smart contracts are essentially rule sets or agreements translated into code, which code self-executes.
The big benefit is that any process latency is taken out of the system. As soon as a trigger is fired the new state takes effect and all databases are adjusted and follow-up actions can be initiated. This makes the system close to real time, hence always up to date. It will not only affect operational speed but also the customer experience in terms of speed and convenience.
The co-existence of data obsoletes the need for traditional reconciliation and associated mistakes and delays will be a matter of the past. Internal and regulatory control and reporting can be replaced by real time supervision and control.
The new tech environment creates new opportunity to fine-tune and optimise processes because of its high speed, low costs and high levels of trust. This structure now allows for enhanced cooperation between the stakeholders in the process. (only place where trusted cooperation possible)
The data that is collected will allow for the optimisation of decision support, risks, pricing, alerts and many more e.g. underwriting, claims, capital adequacy). Not only insurers stand to benefit, customers benefit as well!
Price: The operational efficiencies and optimisation will allow for the costs to be reduced significantly.
Product: New technology as described and the possible use of IoT will allow for much better tailoring of products around specific customer needs
Experience: Insurance can become much more convenient, unobtrusive, fluid, trusted, integrated, automated, real time, managed digital)
With the inmediate network comes the Direct Insurance Token or DIT for short. The DIT token is used to power the inmediate network and works as a means for insurers and distributors to pay transaction and access fees or to reward customers. It is also used to manage entry criteria for insurers and distributors such as brokers.
Tokens are used for example for:
Transactions – consisting of API calls, financial settlement and customer fulfilment
Registrations – insurer and product registrations on the network
Analytics – purchase of network analytics
Settlements – for financial settlement and clearing of transactions
Loyalty Programs – rewards for customer loyalty
Feedback programs – rewards for customer feedback
Data access e.g. Oracle / Database / IoT connectivity
Technical or consulting assistance
Software as service platform connections
Benefits for customers
Lower insurance prices
Better tailored insurance around actual needs
Improved trust in insurance
Ability to build up a reliability track record
Ability to get loyalty rewards
Benefits for insurers and re-insurers
Reduction in operating expenditure
No distribution capex required
Always real-time data
Financial settlement automated
Positive brand association
Easier product customization
Better customer experience
Reduced time and costs for time to market
Modular products and bundling
Cross border products
Increase in traffic
Benefits for distributors (online and device connected retailers)
Ability to serve customers better
Ability to generate additional revenue
No investment in sourcing product
Platform as a service
Access to product from all insurers
Full suite of products
Cross border products
Integration of the Inmediate network by using APIs
How “Smart Insurance” works
There are many use cases one can think of, but here is a simple example.
Let’s say you book a ski trip to Japan to enjoy that long-awaited and well-deserved vacation. You decide to book snow insurance just in case. Using our solution this would be as simple as firing up your insurance distributor app, receiving offers, selecting the one you like and … done! It is as simple as that. But when you get there, lo and behold, there is no snow! With your smart “no snow” policy you get paid automatically without even having to submit a claim, thus you’d have some money in hand to make the most of your vacation. No more paperwork and chasing of your insurer!
A few more types of insurance that would be interesting candidates for “smart insurance”
Infectious disease vaccination insurance: Insurance that after being vaccinated an infectious disease will not be contracted.
Dreaded and unpredictable illness or incidents
Specific assets insurance (e.g. telephone)
Flight and/or Baggage Delay
Weather insurance for holidays, crops or (special) events
Availability insurance e.g. No transport availability insurance (can be (partly) underwritten by network operator)
Package delivery insurance (against delayed delivery or returns)
Replacement insurance e.g. broken battery, broken glass
Warranty type insurance
Parametric “Acts of God” such as hurricanes, earthquakes, floods, other environmental conditions
Meet our team
Otbert is Founder and CEO of Inmediate. He is passionate about making insurance more readily available in a simple, reliable, cheap and transparent way to anyone, not bound by place or time. He has spent the last 4 years building Insurance market after a range of international senior positions in ABN AMRO Bank and having been a partner at PwC.
Sathiya is the Chief Technology officer with 20+ years of experience in Banking and Insurance industries. Formerly worked with Global Investment/Corporate/Commercial Banks like Barclays, Standard Chartered and United Overseas Bank. He is passionate to take the insurance into the digital age using Blockchain/Distributed Ledger, Artificial Intelligence and Internet of Things technologies.
Jeremiah Tan is the Chief Operating Officer. He is experienced in building rating frameworks centred around the analysis of insurance products, giving him an unparalleled understanding of insurance policies and their details. His experience on the subject matter coupled with his understanding of smart contracts make him a key resource to the Inmediate network.
No stranger to the world of insurance, Juin Nik started his career as a young high potential in 2014 with Jardine Lloyd Thompson, where he placed and serviced commercial reinsurance classes under Major Corporate Risks, H&M, Credit, Political & Security Risks and developed, placed and serviced H&M, P&I, Cargo, CGL and EL Insurance for Marine and O&G clients/projects.
Franklin Joseph is an experienced full stack software developer. He is passionate in building innovative insurance applications in Blockchain/Distributed Ledger Technology, NodeJS, Golang and ReactJS. He is instrumental in translating conventional insurance policy and claims into smart contracts (solidity and chaincode).
Jeremy Gill analyses insurance products to the bone and conceptualises user flows and processes, including regression analyses on premiums and coverage provided by insurance companies. He is responsible for interpreting data, analyzing results using statistical techniques. He is passionate about Robotic process automation(RPA) to improve the operations efficiency in Insurance industry.
Nix Yap is our Business Analyst who looks after requirement analysis, assisting with business case planning and monitoring. He uses his knowledge to drive the design or review of test cases, process change requests and manage a project’s scope, acceptance, installation and deployment. He monitors performance and generate sales reports for management.
Max is a co-founder at Anquan Capital and Zilliqa Research, both based in Singapore. Anquan is creating deep technology ventures in cyber security and private blockchains. Zilliqa is a high throughout public blockchain, launched in early 2018, that is ranked at number 41 in the world’s top 50 crypto currencies list. Max is a long-standing entrepreneur and investor in the Fintech space.
Currently serving as the Chairman and Managing Partner of Golden Peak Consultancy where he creates bespoke investment strategies for a variety of SME’s and HNWI’s. Additionally, he is an active Angel Investor in the Fintech space. Prior to the founding of Golden Peak, Tomas completed a 25-year career in Consumer Insurance, the last 20 of which have been based in Asia with postings in Hong Kong, Tokyo, Shanghai and his new permanent home, Singapore.
Tomas spent 9 years with Prudential UK Plc in a variety of executive roles in both the Asai Regional Office and the Singapore business as Chief Marketing Officer, Chief Partnerships Distribution Officer and, ultimately, as Chief Executive Officer and Executive Director. Prior to joining Prudential, Tomas was the Executive Vice President, International Personal Lines for ACE Insurance (now Chubb) and has experience with Regional Leadership roles for AIG in Tokyo and Hong Kong.
Hans is an accomplished CEO with a career span of over 25 years in financial services across three continents; Latin America (4), Europe (6) and Asia (15). The last twelve years he has been based in Asia focusing on wealth management solutions for ultra-high net worth families. He successfully led cross-functional and multicultural management teams at ABN AMRO, Merrill Lynch and Credit Agricole Private Banking. Hans is an experienced change manager who led several complex transition periods, both rightsizing organisations as well as M&A transactions.
Since 2017 he is acting as an independent advisor to Asian business families, thereby holistically addressing intergenerational wealth planning.
Dick is a corporate entrepreneur with longstanding +30 years experience in building brands and businesses through innovation and creativity. He has done so for both blue-chip global brands, incubators and startups. He has operated Globally, Regionally and locally, having lived in various countries including a long-term stay in China. His hybrid cultural background makes him a quintessential global citizen and change agent. He joined Dentsu as the first non-Japanese head for Dentsu Asia in 2012. Following the acquisition of Aegis he became the CEO for the combined Dentsu Aegis Network in South East Asia which doubled through a combination of acquisitions and organic growth to +4000 people. Most recently he became the first non-Japanese Global President of Dentsu’s global creative agencies
Yen is an insurance industry veteran who held various senior appointments at Aviva Asia as CEO in Indonesia, Malaysia and business development head for the Asia Pacific region.
Currently, Yen is a senior consultant to various insurance and re-insurance companies and on the board of ReMark International, a subsidiary of Scor, a large re-insurance company.
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Interested in meeting us? We invite you to come look us up at the following events where Inmediate will be present:
There are no upcoming events.
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