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 Coverage Area

    The geographic region in which an insurance policy’s benefits ...
  2. Cover Note

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

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

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

    An interactive digital tool that combines and manages all aspects ...
  6. Blanket Additional Insured Endorsement

    An insurance policy endorsement that automatically provides coverage ...
Related Articles
  1. Insurance

    Concierge Healthcare: The Pros and Cons Of Having A Doctor On Call

    Concierge healthcare can mean extra attention from your doctor when you need it, but it isn't the best substitute for health insurance.
  2. Insurance

    Homeowner's Insurance Guide: A Beginner's Overview

    Everything new homeowners need to know about insurance to protect their residence.
  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

    How to Find the Right Car Insurance

    Finding the right car insurance can be difficult. However with these strategies, you can get the most for your money, protect your assets and your health.
  7. Insurance

    When Should You Get Supplemental Life Insurance?

    For individuals with larger families and responsibilities, supplemental life insurance may bridge the shortfall in coverage from term or whole-life policies.
RELATED FAQS
  1. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
  2. 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 >>
  3. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
Hot Definitions
  1. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  2. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  3. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
  4. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  5. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  6. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
Trading Center