What is Digital Insurance Concierge

Digital insurance concierge is a technology tool that handles all policies of the insured party on a single 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

Digital insurance concierges allow the insurance industry to adapt 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 policyholders 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 company and a health insurance with a different 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.

Uses of a digital insurance concierge

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 that 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 that analyzes a user's 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 about the need to buy more coverage or to get rid of an unnecessary money-gobbling coverage. For instance, a homeowner in New Orleans who has a basic home insurance coverage for only theft will be notified by the digital concierge to include flood insurance as he or she will be deemed currently underinsured. Likewise, an auto coverage that 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 in order to price the coverage appropriately. Trov is an on-demand insurance concierge that provides its users with a feature that allows them to activate, reactivate and deactivate insurance as needed.