On-demand Insurance Products Designed for Millennials and the Gig Economy Workers
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Business Challenge
Recognizing the insurance demand for millennials and gig economy workers, our client wanted to roll out insurance products in a short timeframe. The insurance products had to address unique work arrangements of these gig workers. It is a mandatory requirement to purchase three separate insurance policies-general liability, professional liability, and workers' compensation. These gig workers often face a substantial insurance gap. Their employers' insurance policies typically fall short in providing the coverage they require, leaving them
Coforge Solution
Coforge partnered with SWINZ to develop InsurNode, a proprietary cloud-based blockchain insurance policy administration system designed to support the gig economy. InsurNode offers an accessible insurance solution to facilitate short-term policy purchases with monthly renewals.
InsurNode enabled various stakeholders to operate securely. Its design was centered around "pay-per-use" or "on-demand" insurance, eliminating complex underwriting with an option to swap selected risks, and product selection before KYC.
Results
- Streamlined the insurance buying experience leading to high customer satisfaction.
- Comprehensive range of insurance coverage under a single, user-friendly platform.
- Blockchain technology enabled smart contracts reducing the risk of fraudulent claims while automating claims and payout processes.
Key Highlights
InsurNode was developed by Coforge and SWINZ on a Hyperledger fabric as blockchain platform for managing covers, validating product template and policy purchase. It delivered a seamless experience and focused on simple, on-demand non-life insurance products required for the gig economy.