How do you build a profitable portfolio as a 100% online insurer?
InShared was put on the market as a new initiative. The concept has generated a lot of attention, which resulted in a significant increase of new customers, gained via the relative anonymity of the internet. These are mostly customers attracted to the concept (“we are not here for the reckless people”). However, there are also people who do not have such good intentions. At first, bad risks had a major impact on the combined ratio of small portfolios and on the validity of the concept. In short: How to build a profitable portfolio setting up a 100% online insurer?
‘’With the help of FRISS we managed to retain 6% premium, so we were able to return to the basic principles of insurance. Money remaining at the end of a year is refunded to the customers who have not submitted claims. That’s how it used to be done”