InsureTech companies are rewriting the future of FinTech. Know how to develop FinTech app like Sure which has recently raised $12.5 for its on-demand insurance service
With a parcel of investment, the FinTech industry has reached a new level of maturity. After digitalizing banks and payment methods, this global upsurge of the innovation is now digitalizing the insurance industry by letting companies deliver on-demand paper-less insurance. According to CB insight data, InsureTech companies raised more than $1.7 billion in 2016, doubled than in 2014.
InsureTech which is one of the categories of FinTech industry is a global trend. Though US-based companies seize half of the deals, UK, China, Germany, and India are significant markets. Following image clearly depicts that how quickly other markets than the USA are creating possibilities for new InsureTech companies.
InsureTech companies have always been earning good money. However, they are still constantly changing their business models and creating more revenue streams. According to CB insight data, in 2017, around 14 InsureTech companies have tied up with other million and billion dollar companies which is considered as a very smart strategic move of the InsureTech companies.
In this blog, we will study the services and app features of one of the top InsureTech companies, Sure which has recently raised $12.5 million in its series B funding round. We will also discuss the industry-defined way to craft the business model and how much does it cost to develop a FinTech app like Sure?
How Sure is providing on-demand insurance with a tiny mobile app?
Sure is the InsureTech company which was founded in 2014 by Wayne Slavin and it is headquartered in New-York.
Sure is using mobile tech, AI and advanced data analysis techniques which help them to manage the distribution, administration and claiming process like a boss. In one of his interviews, CEO and founder of Sure has stated that they don’t want to run a race with the pre-established insurance industry, but they want to enhance it by using the fusion of advanced FinTech app development techniques and the entrepreneur mindset.
Unlike another top InsureTech company Lemonade, Sure follows the ‘contrarian’ approach and ties up with different insurance firms like Chubb and Nationwide to underwrite the policies. By doing so, they can remain more focused on building technology.
In 2017, Sure has raised $8 million in its series A funding round which was led by IA Capital, Menlo Ventures, FF Ventures Capital, Nationwide Ventures, Assurant and AmTrust. Recently, Sure has closed a yet another funding round with $12.5 million from WR Berkley.
How Sure works and what are the services they are offering?
Sure is providing a robust app which allows users to request the insurance quote, claim the insurance and track the request. The mobile app of the Sure works on the AI and machine learning platform, which means, it is able to enable personalized insurance policy.
According to the need of users, Sure allows them to pick any kind of short term or long term on-demand insurance. Following are the types of insurance and categories of each type Sure is offering.
► Personal Insurance
Under the ‘personal’ insurance type, they are providing insurance for,
Collectibles insurance type of personal insurance covers items like laptop and camera. This insurance policy provides the protection against theft, damage, and international loss of an item.
► Fine Art
This category of personal insurance covers the masterpieces like painting and any valuable hand-crafted object.
Sure provides the medical insurance for the pets!
In 2017, Sure has launched smartphone insurance service. For that, they have developed an AI-enabled module which remotely checks the health of the user’s mobile and then presents the personalized insurance policy.
► Renter’s Insurance
By submitting a few details of their rental properties, the users can be rewarded with rental insurance.
► Business Insurance
The all-in-one policy of Sure covers the critical items of the small, medium or even large scale of business.
► Travel Insurance
Under the travel insurance type, they are providing insurance for,
► Baggage Insurance
Baggage insurance covers users against possible baggage lost while traveling locally.
► Rental car
Users can even bring a rental car under the boundaries of theft and damage protection.
Ride safe is the newly launched service of the Sure. It provides protection for passengers and their families while they use Uber’s and Lyft’s services.
Top features of the Sure app which you can ask FinTech app development company to accommodate into your app.
One of the reasons why people of USA has espoused services of the Sure so widely is because of its robust mobile app. Sure has developed its mobile app by keeping the need of every user in the mind.
Following are the major features they have added in the Sure app.
- People can select their preferred insurance manually or AI feature of the Sure app help them to personalize the insurance. It also suggests the insurance by analyzing the details and needs of the users.
- User can easily add the details of the beneficiary.
- As soon as, insurance request is approved, both user and beneficiary receive a confirmation email, having all details of the insurance.
- User can also see the details of his insurance in the app.
- A history of user’s insurance is well documented in the app.
- User can even claim his insurance from the app by adding a few details.
How much you can earn with the FinTech app like Sure and how?
Earning from FinTech app is highly depends on the business model you follow. So, let’s study the four dimensions of the business model which you need to know before crafting a business model.
The business model is the most overlooked term in startup culture. Even if they craft a profitable business model successfully, their way of crafting a business model has always been wrong. This often results in long-term failure. We, at Coruscate, never let it happen. We recommend you to craft the business model based on our four dimensions business model technique, which contains dimensions such as Who, What, How and Why. Together, these 4 dimensions of the business model are called ‘magic triangle of a business model.’
The first dimension which is Who, answers the question: who will be the target audience for your InsureTech app? This is the most important dimension and because of it, it can be found in the core of the triangle of business model. Without knowing the potential users, you can never able to answer the second dimension which represents the value proposition or What you will offer to the users?
Talking about Sure, their value proposition model contains the following values which they serve to the users.
- Paperless experience
- Policy management
- Mobile access everywhere
- Report a claim
- Bank-grade security
- Available around the world
Once you determine the values you have to serve, the next thing you need to figure out how you can offer that values to users. One way to offer the values in the most possible way is to build a proper IT infrastructure.
Beyond the shadow of doubts, the last dimension is represented by the profit mechanism. It answers the most fundamental question why business model allows you to earn well? It encompasses the cost structure and revenue stream. Here it is worth to mention that Who and What business model dimensions deal with external factors while two remaining dimensions which are How and Why deal with internal factors. Moreover, if you want to achieve ‘business model innovation’, you need to change at least two dimensions.
How much does it cost to develop a FinTech app like Sure?
Coruscate is the top FinTech app development company. Thanks to our skilled designers and developers, we are clever enough to develop any kind of FinTech app. In fact, we have successfully developed a few FinTech apps which are currently helping app owners to satisfy their financial goals. We have even completed API integration for Nordic banks. With our hybrid app development platform, we can develop a FinTech app within 45 to 55 business days and under $10K. To know more about FinTech app features and cost of development, visit our FinTech app development page. We also provide a free consultation. So feel free to ask for it.