Most people know of insurance only in terms of buying and selling "product", not much about making contract for insuring and claiming, but that's actually what insurance really is and all about!
The current old traditional "Insurance Business Model", including its parallel Industrial Organization, with all its functions, agencies, institutions, establishments, and networks, just simply coordinates, allows and promotes, and in fact even approves and almost encourages playing games and other abnormalities, and abrupt inconsistencies also, in doing insurance business, with a sense of impunity, on top of shadenfreude and other natural human nature weaknesses!
We can trace its root to the very theory of the said "business model" in which it had wrongly and purposely turned all difficulties and disadvantages into "advantages", by NOT fulfilling the fundamentals of insurance contract making in its practice of insurance business, and thereby unavoidably had to make wrong become right, and as a corollary, make right become wrong also! Since risks and insurance touches on EVERYTHING in this world, directly or indirectly, and even on insurance business itself, so therefore as a consequence, we see all the unreasonings that are happening in the world today, and everyday! As people just copied and learnt, and do the same! Perpetually and continuously!
Many professions are involved in the insurance business processes and methods, especially from the legal and accounting fields, and many consultants too, in respect of insurance "product" formation and development, and also in business management, financials and investments! Naturally, insurance business is exposed to non-insurance considerations, particularly in the terms of making profits. To practice the proper Theory of Insurance Business easily becomes secondary, if not just ignored, and disappeared!. And even worse, those who support and provide their services to the insurance industry compoundingly justify themselves the same! Yet, insurance business is to make money by providing insurance as needed! Where? That explains!
However, despite that most terms and conditions bound at the time insurance is taken out are changeable and renegotiable anytime, if you bring it up and if situation requires, before anything happens, yet people and policyholders are commonly "driven and manipulated"................and usually just forget about their insurance and purpose of insurance, until something happens, which is always too late!
How could that happen, afterall? It is because of people's general ignorance and inability about insurance matters, and also their misconceptions about insurance, in being used and taken advantage of! With helps from lots of assistance and services!
There is not much real insurance education around for insurance buyers and consumers, and on top, in respect of professional Insurance Education nowadays for practitioners, or even their continued education, it is more just about how to do it and not about what is supposed to do! Please also note: people easily choose to forget that providing financial protection and security through insurance and insurance business is their job, in what they profess to do, and what they are supposed to do! Customer care! That's how it is! Just that may be they don't like to do it, don't know how to do it, don't want to do it, and simply not allowed to do it!
Our Strategy and Theory are simple. And right to the point! By simply adhering straightly and closely to the very fundamental Elements and Theory of Insurance Business! Best, do it at the time of buying where everything begins! Insurtech can help.
Insurtech, particularly what we preach in our www:Insurtech.com website, can disrupt the entire old traditional set up as described in the above, by doing insurance busincess the way it is supposed to be done and should be done. Together with "A Mechanism To Drive Cultural Change"! Anything less is empty tech talk only, not Insurtech! And not even insurance! Transformation, frankly, has never promised or can guarantee it will transform into something better! Merely digital transformation will not transform or better insurance business, and in fact can only add more misunderstandings and conflicts, and make insurance business become worse! Just imagine, what if your automatic toilet facilities just stop working? Including cleansing water! Risks and Insurance business is very much everyday business too!
In fact, the insurance market will be so big, when we can truly sell and fulfill what clients need and want. The annual market will be even bigger than the US$5 Trillions as it is currently now. We and our www:Insurtech.com cannot do it alone. It takes the will of the entire Insurance and Insurtech Industry, starting by individuals and entities like you and us who understand, and see the same. When people know what they buy and can buy true insurance, they will buy more! Our website is for such purpose, to do what insurance is supposed to do and what we say we do - to provide insurance, as agreed! Always based on Utmost Good Faith and True Agreement of Minds! Anything other than that is just camouflage for hidden agenda!
The worst that could happen is, when Insurtech is made to become just a tool, to practice the same old current traditonal insurance business model the way as it is! Therefore, disruption actually without disruption, not even transformation, but only the same old status quo, same old everything! And nothing will change! Based on proofs and evidence we collected, actually situation will become even worse, because people usually do not understand insurance and the nature of insurance business, but now they have to understand computers in addition, and also paperless? So more chances for playing games, exercising authority, justifications, and unreasonings, therefore more conflicts and arguments will result! And cost more too! Adding even more unknown risks! And make buying insurance itself become the biggest risk of all!
Risks exist only with human existence. From womb to grave. And everything and all activities in between. In the physical external nature they exist in and also their human nature, including human weaknesses, from within. To many, risks and insurance might be too remote a matter and not something immediate that they can see and feel, but if you can take reference from the medical and pharmaceutical industries which are heavily covered by insurance, especially for people who need them, and better even if you also have experience with them personally, you will have a good understanding of what we want to describe, preach and teach!
Insurance is a matter of life and death, which should not be treated lightly! We like life, but we don't like and are afraid of death. Would doing our best save us from the final reality? Would people do what they are supposed to do and profess to do? Yes, business is about making money, but how and doing what to make money? Just doing that, or not doing that, or doing something else instead, with justifications! If you can google words like 'expensive drugs', 'medical overcharge', 'medical murder', 'mercy killing', 'medical irresponsibility', you will get a more than better understanding about life and death, about reality, and about insurance! Disappointment might just come too late when you found your trust and money are not met with reciprocation you are promised of, but totally to the contrary instead, and even worse!
As of now, since insurance business is not really about insurance, and people simply learn and copy.............., how long can we keep on doing it the same old way, that means, just think: if police is not for protection of citizens, if army is not for defense of countries, if education is not about moulding the right people, if banking is not about security of your money, if laws are more for justifications than justice, if investments are just herd like speculations, if medicine is not about saving lives, if politicians are not really working for your interests, if goods and services you bought actually try to control and manipulate you instead, if and if..............., if insurance is not insurance, and not really insuring you............... It happens everyday! All just ended up in news, but perhaps further manufactured or additionally faked! Where did all these come from, while computer skills also suddenly transformed, like right now, and worse, into cyber bullyings and hacking abilities instead? Tech Utopia? How did people learn and copy these all? And justify themselves? What a waste of all resources and efforts! It proves the very importance of insurance business, and how we do it! At the end, everybody will have to die anyway.............., so just let it continue on, the same old wrong way?
Medical care and death is the eventuality of life. In fact, risks and insurance are even more so. Should we just turn a blind eye and let our ignorance and inability be in the hands of someone else's mercy, and unfortunately also being taken advantage of? Is life just temporary and transient? Of no importance, and not real? Only like movies in cinema?
We hope to see a reinvention and rejuvenation of the Insurance Industry. With positive help from Insurtech. It is the self-cannibalization of an industry that is urgently needed! Trust, relationship, sense of security, and peace of minds,............. etc. are just melting icings on the cake!