The insurance industry is known for being one of the most conservative fields where different tactics and changes are rarely adopted. When it comes to digital transformation, this industry is somewhere in the middle of the pack. Modern customers, however, expect more and more of online products and freedom to decide which product they want to buy, and when and how to buy it.
Team Virtual Broker from our FinTech & CyberSecurity 2017 accelerator class is eager to help the insurance industry adapt new technologies and move to a new digital future. This Bulgarian startup delivers a solution for intermediaries and insurances that fills in the gap between their possibilities and the needs of their customers. We sat down to have a chat with the Virtual Broker team to find out more about their unique solution, their accelerator experiences, and their plans for the future.
Tell us more about Virtual Broker. How exactly does it work?
For intermediaries, Virtual Broker minimizes the administrative burden by keeping the data about policies, customers, agents etc. in functionality reach backend system.
For the customers, we have built an online portal where they can compare the policy prices of different insurance companies. This overview also provides a comparison of differences in terms of conditions and risks covered by these companies. It also gives users a possibility to buy coverage for additional risks. Once everything is purchased, the customer receives a PDF file of the policy.