Interesting chat on Insurepal Telegram
https://t.me/InsurePalDrew, [05.03.18 19:17]
@matjazsircelj do we know if insurepal is going to create their own MGA or will they be partnering with an existing mga? I assume a partnership would make more sense since the regulations and licensing is already approved.
Max Streltses, [05.03.18 19:21]
Most probably partnership. This is indeed the faster route to achieve what we want.
Max Streltses, [05.03.18 19:23]
But the deal needs to have the right economics and the right partner to ensure insurepal gets the benefit
Paulekas Asa, [05.03.18 19:24]
When you think first policies might start?
Max Streltses, [05.03.18 19:25]
Don’t know. And don’t want to say what I am not sure of - too many variables
CryptoBigDawg, [05.03.18 19:32]
[In reply to Digibyte King]
What's the current workflow you have and how will ipl disrupt your specific business? As insurepal is creating a platform is this something your business can utilize and benefit from?
Digibyte King, [05.03.18 19:48]
[In reply to Paulekas Asa]
Your just speculating. I'm really an insurance professional 😉
Digibyte King, [05.03.18 19:50]
[In reply to CryptoBigDawg]
Difficult to say how it would affect me directly.
But it will definitely influence or at least disrupt and capture market share, for sure
Digibyte King, [05.03.18 19:53]
The typical IPL client will probably be the younger generation. The concept would be too weird or controversial for the older/traditional insurance client
CryptoBigDawg, [05.03.18 19:55]
this is true, however the younger generation might have parents for example back them
CryptoBigDawg, [05.03.18 19:55]
parents can then see how the idea is good and extend the idea within their circles
Digibyte King, [05.03.18 20:01]
[In reply to CryptoBigDawg]
Older people don't like change. They like to stick with what they know. It is a mindset that is difficult to change. It is just the nature of the beast
CryptoBigDawg, [05.03.18 20:02]
yes can't change human nature
CryptoYoda, [05.03.18 20:20]
finally interesting debate
Cryptopiece .com, [05.03.18 20:26]
There are no bubbles. Just mysteriously floating candles.
Digibyte King, [05.03.18 20:40]
Realisticly thinking, IPL is a total new concept.
Yes it is a concept. It is not a proven success...... yet.
Time will tell. With more than 20 years experience in the industry, I do however feel confident about IPL. The industry need a shake-up and a new way of thinking
It is time...
Max Streltses, [05.03.18 20:51]
Re old people .. let’s not write them off .. the reason older people are less likely to be early adopters is obvious - because they have a long track record and therefore a very low premium and because they are not typically happy to use their social network and finally because they for them the hastily of learning a new tech and switching to a new provider tends to put weight the benefit ...
Max Streltses, [05.03.18 20:52]
However - it’s not always the case because many “older”people have had enough time to have made an honest mistake.. a mistake that has put a mark against their name for insurance purposes ..
Max Streltses, [05.03.18 20:53]
But most such people have learned their lesson the hard way and will be the best drivers to insure ...
Max Streltses, [05.03.18 20:53]
For classical insurance providers however is very difficult to identify these - and here our concept brings a lot of value
Max Streltses, [05.03.18 20:54]
But yes - early adopters are likely to be younger - or shall I say medium to high risk classification whereby the risk is not justified and is a function mainly of lack of data
Max Streltses, [05.03.18 20:55]
But that’s just one side to the argument
Digibyte King, [05.03.18 20:57]
Older people are loyal to insurers, especially if they've been treated well for many years and are very unlikely to easily change.
Younger insurance consumers come into the market with no existing "baggage" and are free thinkers and would easier adapt /convert to new concept like IPL.
Never forget that insurance is a grudge buy. Nobody is in love with their insurance product........ especially younger people with smaller cash flow
Max Streltses, [05.03.18 20:59]
[In reply to Digibyte King]
100% .. the barriers to switching are much higher for older - loyal population .. but it’s only the case for as long as their premiums are low
... once they lose their no claims and their track record - they get upset with prices as their loyalty is no longer rewarded
Max Streltses, [05.03.18 20:59]
100% agree that is
Digibyte King, [05.03.18 21:03]
[In reply to Max Streltses]
Remember that traditional insurers are more forgiving to older long standing clients with a vehicle accident once every eg. 7 years.
An older person with regular claims eg. 3 claims in 3 years is a bad client....
Digibyte King, [05.03.18 21:03]
You want to get rid of him.
Digibyte King, [05.03.18 21:06]
Social insurance will make such a person a risk for his friends also.
If they stop to vote./sponsor him he will become isolated and start to pay even more than ever before to get cover.
With social insurance the real good guys are going to win/score big.
Digibyte King, [05.03.18 21:08]
[In reply to Max Streltses]
I agree
Max Streltses, [05.03.18 21:11]
[In reply to Digibyte King]
Fair point .
