DEFINITION of 'Digital Insurance Concierge'

An insurance technology tool that manages all the policies of the insured on one mobile platform. A Digital Insurance Concierge seeks to provide convenience and much needed transparency for policyholders who have multiple insurance policies that they would prefer to access easily and manage hands-on.

BREAKING DOWN 'Digital Insurance Concierge'

The insurance industry is adapting to disruptive technology that is transforming traditional practices and creating new ways for customers to access insurance coverage at little cost. Cloud computing, telematics, software applications, and chatbots are being utilized by insurtech companies to create innovative products in the insurance marketplace. Peer-to-peer insurance platforms have lowered the cost of insurance by bringing a pool of friends and acquaintances together who take responsibility for each other’s claims. Telematics tools like the black box have made it possible for policyholder to pay for only the miles that they cover. Insurance dashboards have provided a transparent means by which the insured can access their coverage and file claims only using the mobile tool. Another innovative insurtech product gaining traction in the insurance sector is the digital insurance concierge.

Traditionally, a policyholder with various forms of insurance coverage only deals with the insurer providing that coverage. An insured with an auto coverage with one insurance company and a health insurance coverage with a different insurance company will have to deal with both companies separately. The digital insurance concierge, however, converges both coverages under one dashboard for the insured to access and manage. This provides convenience for the user, which is one of the drives for technologically disruptive products.

With a digital insurance concierge, a policyholder with multiple coverages under different insurers not only can manage his policies under one umbrella, but can also see where he has duplicate or missing coverage. An auto insurance policy which includes coverage for when a home fire destroys the car when parked in the home garage can be flagged as a duplicate provision if the policyholder’s home insurance policy also provides coverage for all assets damaged in a home fire. The concierge app which analyzes a users’ policies in-depth, is therefore able to save the user unnecessary premium costs paid to insurers annually.

A digital insurance concierge is able to determine whether a user is appropriately covered. By analyzing the different policies on the dashboard, the concierge can alert the user on the need to buy more coverage provided by an insurer or to get rid of an unnecessary money gobbling coverage. For instance, a home owner in New Orleans who has a basic home insurance coverage that covers only theft will be notified by the digital concierge to include flood insurance as he or she will be deemed to be currently under-insured. Likewise, an auto coverage which includes a natural disaster like a volcano eruption for a policyholder who lives in Maryland will be flagged as over-insurance. Brolly, an insurance concierge app, uses artificial intelligence to evaluate whether a user is under- or over-insured and whether there is a better-priced coverage in the market.

Some digital concierge platforms give the users the ability to include information about their acquired assets such as a car, cabin, boat, jewelry, antique furniture, artworks, etc. A digital concierge app called Trov allows its users to organize all this information in the cloud. Using Trov, users can scout which insurance coverage is available for each of their assets based on the current market value of these assets. This way, an insured can select the right insurance for his needs and the insurer has better information on the value of assets to be able to price the coverage appropriately. Trov is an on-demand insurance concierge that provides its users with a unique feature that allows them to activate, re-activate, and deactivate insurance as needed.

RELATED TERMS
  1. Insurance Premium

    The amount of money that an individual or business must pay for ...
  2. Assigned Risk

    A risk that an insurance company is required to provide coverage ...
  3. Cover Note

    A temporary document issued by an insurance company that provides ...
  4. Assessable Policy

    A type of insurance policy that may require the policyholder ...
  5. Coordination Of Coverage

    A review or modification of an individual's or business’ insurance ...
  6. Insurance Dashboard

    An interactive digital tool that combines and manages all aspects ...
Related Articles
  1. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  2. Insurance

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  3. Managing Wealth

    6 Insurance Policies That Protect the Wealthy

    Here are six types of insurance that the wealthy use to protect their assets.
  4. Insurance

    4 Reasons Why Waiting To Buy Life Insurance Is a Bad Idea

    Understand the benefits of applying for and securing life insurance coverage while you are young and healthy, and learn the cost of waiting to get coverage.
  5. Insurance

    4 Types Of Insurance Everyone Needs

    Here are four forms of insurance that are vital to have.
  6. Insurance

    The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  7. Insurance

    What Is and Isn't Covered by Homeowners Insurance

    Understanding what your insurance covers can be confusing. Learn what almost all insurance policies have in common so you're prepared if disaster strikes.
RELATED FAQS
  1. What are some examples of when insurance bundling is a bad idea?

    Learn about situations where insurance bundling may not be a favorable option. Bundling insurance is often a good idea, but ... Read Answer >>
  2. What caused the European / Eurozone debt crisis?

    Understand how insurance companies price insurance premiums, and learn the importance of data and statistics in the insurance ... Read Answer >>
Hot Definitions
  1. Return on Market Value of Equity - ROME

    Return on market value of equity (ROME) is a comparative measure typically used by analysts to identify companies that generate ...
  2. Majority Shareholder

    A person or entity that owns more than 50% of a company's outstanding shares. The majority shareholder is often the founder ...
  3. Competitive Advantage

    An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers ...
  4. Mutual Fund

    An investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities ...
  5. Wash-Sale Rule

    An Internal Revenue Service (IRS) rule that prohibits a taxpayer from claiming a loss on the sale or trade of a security ...
  6. Porter Diamond

    A model that attempts to explain the competitive advantage some nations or groups have due to certain factors available to ...
Trading Center