Sure is an US-based on-demand insurance app providing micro-duration life insurance coverage during air travel. With Sure, customers can purchase so called “Episodic Insurance”, on-demand flight insurance in this case. This means consumers only pay for insurance when they need protection rather than 24/7 as is still the industry norm. Specifically, life coverage can be purchased on the Sure App for any flight up until the time of flight departure and is available up to one year in advance of travel.
How it works:
Buying a Sure life insurance policy is a simple three step process:
- Find your flight before departure.
- Enter and store your passenger details.
- Securely purchase and receive your policy instantly.
Additionally, Sure also facilitates mobile micro payments for any flight and all policies are completely refundable before take off. However there is a broader theme here, insurance is increasingly becoming “on-demand” and this Sure app venture is one of the first examples of such “on demand” life insurance, i.e only pay for coverage when you are exposed to the underlying risk.
In the age of ubiquitous mobile devices, successful collaboration between insurers and teleco providers in developing countries like India and Africa is increasingly common. Sure’s model is another example of mobility being leveraged by the insurance industry for real-time/mass market distribution of on-demand life insurance as opposed to the legacy distribution channel of life insurance agents selling term life policies with a one year minimum coverage period. Although flight insurance is certainly a niche category, it will be interesting to see how Sure expands upon their on demand insurance hypothesis this year.