I am a 34 year old innovative Insurance professional, who has worked in the insurance broking arena since I was 16 years old.
Early on in my career, I identified that the best way to make a difference in the insurance industry was to develop a specialism, therefore I have focused mainly on the Fintech world and developed insurance products for the sector.
Throughout my career, I have noticed the same issues in respect of claims always arises. Clients think that insurers take too long to settle claims, or insurers hold reserves for too long on clients claims experience before paying out, thus increasing insurance premiums.
My vision is to streamline the process of paying claims, via a prepaid card.
When a client purchases an Insurance policy, a pre paid card will be sent with their policy documents. In the event of a claim that is verified by the insurers, the claims payment will automatically be made to the prepaid card, meaning the client can spend the claim money immediately.
The prepaid card also gives the insurers control. For example, if a client has a claim for damage to their motor vehicle for £250, the insurers will load £250 onto the prepaid card. We can use a 'MCC Block' (merchant category application block) to ensure that the card will only be accepted in a motor traders garage, hence the money can not be spent elsewhere. Also, any unspent money left on the card can be clawed back by insurers, thus saving them money from the claims payout and reducing overall claims payouts.
The money we are looking to raise will help start the company, funding our Bin Sponsorship and set up fees with Electronic Money Issuers. It will also fund card processing fees in the early days of the project.