In the innovation scene, a disruptive model is gaining in importance: the P2P model, or "Purchase to Protection":
From purchase to safety.
Within my dedicated team, we had the opportunity to strategically contribute to the development of this new concept with digital technologies. In the following post, I would like to share some of our innovative insights and experiences.
This article was written in German, automatically translated into other languages and editorially reviewed. We welcome feedback at the end of the article.
Innovation in the insurance industry through P2P
P2P aims to take customer convenience in the digital world to a new level by seamlessly integrating insurance services into the actual purchasing process. This "Assured Integration" enables the customer to purchase a product and at the same time receive insurance that is perfectly matched to that product. The transition is seamless - "Seamless Security" - and results in a double benefit: the purchase of a product and the simultaneous guarantee of comprehensive protection - "Purchase and Protect". You could say the customer is covered from the start - "Covered by Default".
Does P2P save the innovative insurance company the brokerage power of attorney?
Very likely yes: If insurance is already included in a product, i.e. is taken out directly when the product is purchased, a broker's power of attorney is generally not required. This is only the case if an insurance broker is appointed to act on behalf of the customer and to conclude, amend or cancel insurance contracts.
In the case of a purchase where insurance is already included, as is the case with the P2P ("Purchase to Protection") method, you generally agree to the terms and conditions contained in the product's terms of purchase or service. This is also where the insurance coverage is specified. It is important to read these terms carefully to understand exactly what is covered and what your obligations are.
This type of transaction simplifies the purchase process and secures the product immediately. However, you have less individual influence on the exact insurance terms than if you were to purchase separate insurance yourself or hire a broker. We explain how to build highly customized P2P quotes at the end of the article.
Platforms combine new technology and insurers' products
This innovative approach is a real revolution in the traditional understanding of insurance and a significant step into the digital future of the insurance industry in Germany. By using digital platforms and technologies, processes are optimized and individually tailored to the customer. The traditional model, where customers have to search separately for a suitable insurance policy after purchasing a product, is replaced by this customer-centric P2P model.
Only one innovation of the innovations of all insurers
This new method not only promotes customer convenience, but also creates significant added value for Insurance and other companies. By embedding insurance into the digital buying process - "embedded insurance" - these companies can offer their customers an enhanced service, improving the overall shopping experience. An "InSync Insurance" experience is created, where insurance coverage and consumption harmonize on a common digital platform. This opens up opportunities for companies to deepen their customer relationships and strengthen their position in the highly competitive digital market.
Privacy concerns of new services
Of course, implementing the P2P model also poses challenges. Data protection concerns and compliance with regulatory standards are just some of the hurdles that need to be overcome. And there is a risk of limiting customer choice, as insurance is already included in the product purchase. But I am convinced that these challenges can be overcome with the right team, a transparent strategy and a constant focus on customer needs.
In closing, I want to emphasize that P2P is not just a strategy, but a mindset that has the potential to fundamentally change the way we think about and design insurance. It is a way to create a "UniCover" experience where product and protection merge into a unified, coherent experience.
The P2P model stands for a digital future in which customers not only buy products, but also receive the protection they need at the same time. It stands for a world in which insurance is perceived not just as a necessary supplement, but as an integral part of our everyday lives. "One-Stop Security" - a place where buying and protection come together. This is the digital future we aspire to, and one to which the P2P model can make a significant contribution.
An innovative approach to more information through AI
In summary, the P2P model is a forward-looking strategy that is redefining the dynamic between consumers and insurance companies. But the application of this model is not limited to the simple purchase of products. In fact, advancing digitalization and technology are opening up further opportunities to seamlessly integrate insurance coverage with more complex services.
One particularly exciting field of application is the use of Artificial Intelligence (AI) lie to support such processes. Imagine an automated AI platform being able to analyze the data of a invoice analyze and offer the appropriate insurance coverage without the customer having to take action. This means that documents, chat histories, images, and voice memos not only provide proof of purchase, but also form the basis for individual insurance coverage and faster claims processing.
This automated approach can be applied, for example, in areas such as home insurance, car insurance, or even life insurance. The use of individual AI in such processes significantly increases not only efficiency, but also customer convenience and understanding of the insured risks.