Coronavirus continues to spread globally with many industries shutting or slowing down. Most business relies on human interaction, so how can we stop diseases and pandemics without halting enterprise? Is technology the answer to coronavirus?
Getsafe is an insurtech that is no stranger to expansion. Founded iN Germany, it recently expanded to the UK with bigger plans in the pipeline. So how can the insurtech, and other insurtechs, cope?
Christian Wiens, CEO of Getsafe, on the situation of insurtechs during the coronavirus pandemic, says: “The losses and costs resulting from the outbreak of coronavirus are estimated to be in the enormous sum of four trillion US dollars – but we don’t see this as reason to panic. Thanks to a mobile-first approach, technical infrastructure and direct sales, insurtechs are protected against the crisis and, right now, they are one of the most promising business models, in one of the largest markets in the world. The developments surrounding coronavirus could therefore even be described as a catalyst for insurtechs. Crises reveal how strong a digital business model is. And coronavirus in particular demonstrates the extent of the technological lead over traditional insurers.
“Coronavirus also clearly shows how much every social system depends on insurance, which makes it possible for us to lead a self-determined and free life. One look at the USA backs up this assertion. The fatality rate of coronavirus is higher there, and the virus is spreading more rapidly because deficits in insurance coverage and labour law are discouraging people from seeing a doctor, even if they are showing symptoms.
“The coronavirus pandemic transcends borders. So does technology, except technology has an inherently positive effect. More than ever before – and we’ve been saying this for a long time – there is now a realistic opportunity to build a truly global company in the insurance sector where sales are 100% digital. We have built the platform to achieve exactly that. Our platform enables us to run all processes for any type of insurance product in real time and across multiple currencies and languages and to quickly launch new markets.”