Insurers are by nature risk averse, conservative, highly compliant and slow moving. But once they get moving they will squash many startups that plan to steal markets and customers.
Whilst some frothy startups announce mid-term adjustments as a major innovation ( just one product and restricted geography) here Munich Re announce the same for a range of products.
And China being a hotbed of innovation with digital giants moving into insurance is a great place to launch such initiatives.
More ammo to the thought that 95% of insurtechs will disappear without trace and a small number of insurers ( 4 to 5 in each market) will win lion's share of revenues and profits as they exploit insurtech combined with their strengths.
Munich Re has released a modular all-in-one insurance solution for the Greater China market, leveraging its extensive knowledge of risk and technology. The new modular product, called Flexisafe, is an umbrella primary insurance policy which combines the most common insurance products many customers need – home content, liability, personal account protection, personal accident, and travel. Each Flexisafe policyholder can decide at any time to increase or decrease the sum insured for each product. For example, they can choose to decrease their home content insurance and increase their travel insurance coverage when they’re in a period of frequent travel.