Faster Than the Speed of Insurance: Two Firms Are Redefining Convenience in the P&C Industry

by on Nov 29, 2017

Voice-assistance, face-scanning capabilities and artificial intelligence are just a few of the technological advancements P&C firms are embracing to improve the user experience. A common goal behind these various technologies is to make different aspects of the insurance process as quick and convenient as possible. Two new players in the P&C insurance industry have made a splash, undercutting tradition and throwing out convention to offer arguably the most convenient quoting and coverage processes yet. Jetty, an insurance startup launched in April, allows users to get a renters Insurance quote almost instantly, with its one-question quoting tool, Quick Quote. Slice, an insurtech firm, offers on-demand homeshare insurance that provides coverage only when hosts are operating as a business.

Jetty, expected to be available in 30 states by 2018, requires only an address and email address from users in the quoting process. After providing their address, users can adjust various protections and add cohabitants to the plan. Users can also add “plan power-ups,” which are extended custom protection packages, and receive discounts from companies such as Airbnb, Blue Apron or Casper for being a Jetty member. The quick quoting process and simple user interface make jetty a competitive alternative to the typically longer multi-step quoting processes of larger, more established P&C firms.

Jetty Renters Insurance Quoting Process

Jetty Final Quote

Slice Labs Inc. is reinventing rideshare and homeshare coverage with its unique on-demand platform. The firm offers pay-per-use coverage, allowing individuals who share their home to turn the coverage on and off as needed. For homesharing, users only need to select the dates of their guests’ stay and apply coverage for that period, providing a convenient alternative to the less-flexible traditional insurance products offered by larger firms. Currently in beta testing, the firm’s ridesharing coverage will allow drivers to turn on coverage for the time they are operating as a ride-hailing business. This style of coverage comes as a much-needed solution to the emerging shared economy market, benefitting the potential liabilities of Airbnb hosts, Uber drivers and other shared economy business. Larger P&C firms, such as Allstate or State Farm, have recently introduced rideshare insurance, however Slice’s on-demand capability sets it apart. Expect Slice to pave the way for a more convenient form of coverage.

 

Slice Homeshare Coverage Selector

Both Jetty and Slice bring a new level of convenience to the quoting and coverage areas of the P&C industry. With their unorthodox approaches, these companies demonstrate that a user can obtain a renters insurance quote with minimal personal info, or that homesharing coverage can be turned on and off with the switch of a toggle. Look to the industry’s smaller players to continue to make big innovations.