Worry+Peace is a reviews-led platform that connects insurance. We long to see the insurance ecosystem evolve. Here are 3 simple ideas we had about claims.. which after all, is the reason people buy insurance.
🚓 Crime Reference API
Did you know there’s no open mechanism to check a crime reference number is valid? Gasp.
A lot of insurance claims from phones to contents are the direct result of crimes. The biggest drain on insurance claims pools - and therefore buyers' pockets is fraud.
It seems only sensible therefore that police forces across the UK create some means for insurance providers to 'check' the validity of a reference.
Call us cynical, but they'd probably charge a little for it - in the grand scale, that's a win/win for everyone involved - especially the honest buyers paying for the funks in the system.
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📍Claims Pin on a UK-owned AR Canvas
Whatever you think of the EU one of the most ingenious value communications they conceived is the blue plaque that reads: “funded by the EU.”
Whilst it might get a bit much to see signs by insurance like this - across the UK in real life (insurance pays a LOT of claims) - they could be pinned in Augmented Reality? (That's a reality that's projected digitally into the real world, via a device. Like a parallel universe!)
Why can’t this model then be used by the insurance sector on an AR grid across the UK?
To pin anything in AR requires a platform. Since driving a car requires a road. Sending a text requires bandwidth, we'd argue that either the government needs to own the AR Canvas, or license rights to use an AR tool in a state-owned space.
You can't just start a mine in a road owned by the Queen - the same logic should apply for Digital Mines for people's data.
We think the UK government are missing a huge trick, here. Those people at Pokemon Go proved its viability... No less games, more serious.
All manner of other connections and data could hang of a Claims Pin. Like - reviews!! (Yes, we do reviews.)
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🛂Claims Passports
It's bizarre that the FCA regulates the industry and sell-side of insurance so keenly, but yet doesn’t impose any regulatory obligations on buyers? We're not saying this should be mandatory to HAVE one, but if it was mandatory to ASK for a Claims Passport and offer an IPT discount... well, now there's some creative nudging.
When an insurance provider asks you if you've made a claim - you tell the truth, right? There's No Claims Bonuses that car insurers transfer... but, um, what ARE they? Nothing formal.
We think buyers should have the option of joining an FCA-approved Claims Passport offering. Insurtechs could build this - even firms like Yoti.
You simply input your passport number - just like when you travel - and hey presto! Providers can be certain of your background.
You might see providers offering hefty incentives as well just for the certainty and evidence of conscientious consumer mentality.
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Previous Photo by Matthew Henry from Burst