InsuredMine is a cloud-based insurance management tool that provides users the convenience of having all their insurance information in one easy to use dashboard with the power to leverage several features including payment reminders, insurance document storage and organization, and most importantly — Analytics to understand policies better and make informed choices.
Insuredmine Beta 1.0 was released on March 21, 2017 with core features. We are continuing to build on a strong pipeline of easy-to-use innovative tools and features for seamless import of your insurance information to the dashboard and make it a paperless event. Combined with these features and our built-in data analytics, we are positively disrupting the traditional insurance management methodologies and enhancing customer experience and learning.
Insuredmine provides users the ability to categorically analyze data at both micro and macro level to know and understand the distribution of their premium amounts, coverage, and how that compares to other users in the same zipcode, city or state, thereby helping them to renegotiate their rates with their insurance providers.
Several goals for this product including helping users find cheaper insurance by using analytics, getting free insurance quotes, and policy switching to a frictionless process of choosing the right type of policy based on your individual needs.
Jaiswal also talked about three critical problem areas his user’s face — during his presentation at DNT (Dallas):
- Difficulty managing multiple insurance providers and losing track of the policy information including coverage details, due dates, agent information to name a few.
- Missing payments and not knowing when coverage has ended (50% of the insured miss their payment at some point)
- Multiple websites and policies to manage (95% of people don’t know their insurance coverage during emergencies)
Digitization in the insurance industry has penetrated well but integration is still in the early stages. There has been a huge shift in consumer behavior from bundled products from larger players to unbundled products from insurtech companies including Lemonade, Oscar, and Trov. The acceptance of insurtech companies in the insurance space talks about the shift in consumer behavior, and this fits into Insuredmine’s narratives because, more the products are unbundled, there will be a large need to aggregate them and need to leverage the power of analytics to support purchase decisions.
With the uptick in the growth and penetration of insurtech companies, Jaiswal believes that InsuredMine will be an enabler to inform, engage and enhance insurance management behavior by benefitting insurance providers, brokers and most importantly, the consumers.
This journey started out of his personal frustration with insurance management and has catapulted and resonated well with the general population that shared a similar struggle with no solution in sight until the emergence of InsuredMine. With this insight into the magnitude of the problem and the zeal to find a solution, product development started in July 2016 with Beta 1.0 being launched in March 2017 with the expected Open Beta 2.0 set to release in May 2017. We anticipate to GO LIVE by June 2017.
We will continue to keep you posted!
The team, InsuredMine!