As part of the growing trend for personalisation in the digital economy, requirements for insurance have expanded beyond the traditionally dominant areas – life, motor, and property – as customers express the need to insure specific products and scenarios, such as smartphones and laptops, and accident coverage for pets. But due to a smaller pool of customers and the analysis required to strike a balance on tariff price and profitability, these new specialised insurances have proven difficult and even unprofitable for brokers and insurers.
In addition, European insurance firms are lagging behind in digital development. No insurance comparison platforms address the EU market as a whole. The European insurance industry is poised to lose large amounts of business to international competition; safeguarding Europe’s insurers and brokers in the digital shift is of paramount importance.
Covomo is a specialised insurance platform that will allow customers to define exactly what they want to insure, with over 40 EU multi-national insurers and 275 participating insurer brokers providing more than 800 objective insurance plans. Instant online comparison saves users’ time, and purchasing directly from Covomo’s platform is uncomplicated, requiring standard online form-filling. Meticulous deep learning algorithms that peg pricing according to real-time database information will ensure profitability for European brokers and insurers.
Covomo will ensure digitization needs are met for all stakeholders, act as an enabler for European insurance as a whole, and play its part to shift a traditional industry into full digitization.