Baloise, KASKO and Snapsure Walk Into a Bar
Swiss insurer Baloise, and insurance startups KASKO and Snapsure recently joined forces to launch a watch insurance product that allows customers to purchase coverage by taking a photo of their watch .
This is London-based KASKO.
This is Munich-based Snapsure.
About the collaboration. Baloise provided underwriting and pricing logic. KASKO was in charge of design and customer journey, while Snapsure brought its photo recognition AI technology into the mix. The end result – a watch insurance product that was built, and tested in three weeks – to allow Baloise to showcase the product at their annual general meeting (AGM) and at BaselWorld 2017 (the watch and jewelry show). About the workflow. User accesses Baloise’s site and indicates he-slash-she would like to purchase watch insurance. User is directed to KASKO’s web app to enter the details on the watch manually or by uploading a photo of the watch. If the user selects the ‘upload photo’ route, the image will be passed from KASKO’s platform to Snapsure’s AI, to allow Snapsure to identify the model and make of the watch. Snapsure then sends the data back to KASKO’s platform, where user is asked to confirm the data, enter coverage duration, and provide name, email and payment details. Once coverage is purchased, the policy documents are emailed to the user-now-turned-policyholder.
Bottom Line: a pilot project that can be extended to other products. Also, a collaborative effort.
PS. Speaking of snapping and insuring…recall San Fran-based Go which offers an app to allow drivers to upload their license and obtain a car insurance quote.