Innovation in the insurance sector aiding the pay-as-you-go model and other cool things: What are startups up to?
Within a short span of time, micro-insurance and the pay-as-you-go model of insurance has evolved into a long-term strategic business opportunity. Economic stagnation, increasing income disparity and increased migration of low-income professionals in the US is expected to drive the demand for micro-insurance schemes in United States. insuremyrentalcar.com provides collision damage waiver and loss damage waiver policies for use with rental vehicles in the US. Friendsurance: Friendsurance approach towards insurance is completely new. Crimson Informatics: This company is trying to disrupt the auto insurance market. Metromile: Metromile, a San Francisco-based startup has created a device that captures mileage data to determine how much a person should pay for their car insurance policy. Micro-insurance is an insurance product targeted for the population at the bottom of the pyramid, i.e., the extremely poor who live on less than two dollars a day.