Among the predictions delivered toward the end of 2019, one long-term forecast stood apart from the rest. “I think insurance will actually start to just disappear into the ether,” an industry executive said.
Executive SummaryCover Genius has a broad vision: To protect all the customers of the world's largest online companies. Here, Mitchell Doust, EVP of the Americas for Cover Genius, reviews the backstory of the InsurTech that set out to provide a global insurance solution to online travel agencies and a frictionless experience for customers booking travel, and now targets eight other industry verticals with a modular insurance distribution platform syncing customer needs and price elasticity with the appetites of multiple insurance carriers.
Mitchell Doust, executive vice president of the Americas at Cover Genius, made the statement during the first session of insurtechweek: NYC in November, after first talking about the history of insurance technology and then making predictions about the future of InsurTech.
A week later, during an interview with Carrier Management, Doust confirmed that he didn’t exactly mean that insurance carriers will close their doors and completely vanish from the business landscape. Instead, their behind-the-scenes work will be invisible to consumers who still need to protect the assets they buy and to guard against negative consequences of activities they undertake.