Hello world and welcome to our first Anapi blogpost! We’ve been extremely busy over the last two years and all of a sudden woken up to hundreds of business customers across three different markets and many more joining us every month!
We ❤️ our customers and we live at the very unique intersection of insurance and businesses realities every single day. The question that keeps on coming up in many of our catch-ups with both startups and businesses are… why is insurance so damn painful. We totally hear you by the way, it is an industry and a product that is fundamentally grounded in year 1994, before the internet took over our world. I would say it’s a confluence of a few factors that has shielded it away from progress for the past 25 years, and it shows.
We are not here to dwell on the current shortcomings of insurance but to figure out does it ALWAYS have to be so PAINFUL? The short answer to that is of course a big NO, and we are part of that progress that is sweeping across the insurance industry. Why should it matter to you, our customer, well it’s simple: insurance is getting less painful and dare I say heading into a territory where you one day might find it delightful?!
What will it take for insurance to be delightful? The following three components:
#1 Easy to claim – let’s be honest, we buy insurance not as a nice piece of paper that gives us so-called peace of mind, and rather a tool that will be there when sh*t really hits the fan. Simplifying the claims process increasingly using data is one of the key ways that insurance is becoming less painful. A parametric insurance is leading the way, with claims payouts auto-paid out based predefined triggers. While it’s not yet happening across the board, we anticipate that this trend is accelerating and will make claims both simpler and faster.
#2 Simple to understand – business insurance lives at the intersection of a legalese and tangle brain streets. The world cries for a simple insurance, and we are partnering with insurers to design a plain English insurance (and plain Chinese in some cases) that is not only easier to understand but have coverages that fit more accurately to the unique needs of businesses.
#3 Easy to use – from 25 page insurance applications to months of back and forth to get a simple adjustments, the pains of insurance are many. We are working tirelessly to remove the frictions one by one by applying technology.
Insurance is now in a v0.5 and we are working to ship the next versions to you soon!
If you have any questions and suggestions, please ping us and we’d love to talk to you about it.
Cheers from all of us at Anapi!
