Bindcover
Award Category
Insurtech
Bindcover is a platform that provides convenient and simplified way dealing with insurance matters. By storing information in one central location, our platform improves claim processing also buying process for the policyholders, intermediary insurance company and other relevant parties.
We have 3 core business
1. Claim Advisory – In Indonesia most of the retail claims outside motor vehicle have dispute. Main causes of the dispute are Liability and quantum. Liability normally disputed when the Insurer reject the claim while the quantum mostly dispute when the expectation of the Insured different with the offering letter from the Insurer above 25% gap. We are here to help the Insured get the fair adjustment from the Insurer. On the claim advisory we divide our service into 3 products. First is consultation question and answer about the claim which is Free, second we have service for writing a letter to the insurer to defend or explain about technical matters (paid but very affordable IDR 500,000 per letter approx. USD 3.50) and Lastly our claim services which is Insured appointed us to help them from very beginning through the claim process until they get paid, this services we charge 2%(from reserve claim) for the process and 10% success fee (amount paid).
2. Buying Insurance – it is different with other aggregators, we don’t aggregate the product, in fact we will “Uberizing” the Marketing/Agent/Broker, we call our product “Marketing anywhere” we do not want to eliminate the intermediaries because we believe this product need the trust, explanation, fill up the form and Human interaction. Therefore when there is a request for the Insurance matters, we have our “Advisor” across the country who is the nearest and the fastest to contact the prospects. We cooperate with Insurance company (marketing team), Agents and Insurance brokers across Indonesia to capture this opportunities. Once the prospects meet of one of our team then when they succeed they will pay us the cut.
3. Crowd Underwriting – this maybe the first in region, our aim to be the “Lloyds market in digital world” this product is B2B, Insurance Brokers or Direct Insured can put their Risks on our platform through our template then the Listed Insurance companies can Underwrite the Risk. All the data information such as Slips, survey report and loss history is a must in order for Insurer to underwrite. In the other hand Insurance can put the filter (underwriting guidelines) on our platform in order to make them easier to underwrite the business. Our Platform will use machine learning and AI for Underwriting guidelines, therefore in the future the Underwriter can underwrite more business Outside their guidelines (the ones follow the guidelines will automatically go through). This methods can be use also for Reinsurance markets, the underwriter still can interact with their clients but most of the paper works are done within this platform.
Our claim services engine is already designed to accommodate approx. 1500 property claim cases per year per user. This services already started from end of March 2019. For data information Indonesia claim cases handle by Loss adjuster during 2018 were less than 9,000 cases.
Our next services Buying insurance through “marketing anywhere” will be launched very soon about September 2019 and we aim to get at least 500-600 Advisors when we start. For the benchmark the country biggest insurance broker only has around 300 employees and one of the biggest Insurance company in Indonesia has about 1,400 employees in total (marketing itself around 400 staff). We will surpass that number from the beginning and more spreading distributions across the country and targeted more than 50 cities.
Last but not least our masterpiece the Crowd Underwriting which nobody have it in the region will be ready before end of 2019, this is the moment we are waiting for, this is the B2B business, we will revolutionize the way Insurance and Reinsurance placement and traffic, we will be the digital marketplace for Insurance industries. We have the prototype on the staging box and will discuss about that in details soon. Now we only can give a brief since this must be keep in silence until it launch.
On the development side we are filling our buying insurance stage to fulfil with many new products which can be connected to B2B online such as marketplace, OTA, fintech and healthtech startups. Once they are connected, will be our daily cashflow.