Covomo: Europe’s user-generated insurance platform

Informazioni relative al progetto

Covomo

ID dell’accordo di sovvenzione: 773939

DOI

10.3030/773939

Progetto chiuso

Data della firma CE 6 Maggio 2017

Data di avvio 1 Giugno 2017

Data di completamento 30 Settembre 2017

Finanziato da

• INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)

Costo totale

€ 71 429,00

Contributo UE

€ 50 000,00

Coordinato da

COVOMO VERSICHERUNGSVERGLEICH GMBH
Germany

Periodic Reporting for period 1 - Covomo (Covomo: Europe’s user-generated insurance platform)

Periodo di rendicontazione: 2017-06-01 al 2017-09-30

Sintesi del contesto e degli obiettivi generali del progetto

Current requirements for insurance have expanded beyond the traditional Life, Motor, and Property insurances that have dominated for decades. These new specialised insurances have proven difficult and even unprofitable for brokerage organisations and insurers (Figure 2). This is because of the smaller pool of customers, and mathematical analysis required to strike a balance on tariff price and profitability. End-users have explicitly expressed the need to insure products and scenarios specific to them; such as insurance on smart-phones, laptops, and potential accident coverage for pets etc. This is part of larger growth trends for personalisation in the digital economy, however, there is a clear lack of technology in Europe to meet this fast growing demand.

The ultimate goal of the Covomo specialised insurance platform innovation project, is to derive the product to its stage of allowing user-defined input, of the objects or scenario they care most about.

Lavoro eseguito dall’inizio del progetto fino alla fine del periodo coperto dalla relazione e principali risultati finora ottenuti

The Phase 1 Feasibility Study was instrumental to investigating the market landscape, strengths, as well as lacking requirements, in order to ensure successful first revenues, and eventual commercialisation of a product derived from Covomo’s specialised insurance proprietary technology. The Feasibility Study showed that specialised insurance as a separate category away from existing core ‘money-making’ insurance products, is viable technically and commercially to execute in an on-demand manner, and the determination of the business plan shown that it is also a profitable investment.

Progressi oltre lo stato dell’arte e potenziale impatto previsto (incluso l’impatto socioeconomico e le implicazioni sociali più ampie del progetto fino ad ora)

Covomo importantly allows an end-user to compare and insure specialised objects or scenarios according to their wants and requirements. This could be as diverse as insuring a pet’s livelihood, a specific skiing trip, or an Iphone for the course of a year; all through a singular platform. The capacity to accommodate user-definition allows a patronage from a larger demographic base, loosely termed as the specialised or niche category of insurance by insurers. As a result, the key market application will be targeted on end-user purchasers of all categories of specialised insurance, including pet coverage, smart phone coverage, travel coverage, body part coverage, electronics coverage, event coverage etc.

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