SafetyWing enables health insurance for remote workers
Capturing the zeitgeist of an era where digital technology is enabling people all over the world to work remotely, the company’s original demographic (“digital nomads”) has grown substantially because of the COVID-19 pandemic.
“We’re here to remove the role of geographical borders as a barrier to equal opportunities and freedom for everyone,” says the SafetyWing’s website. It accomplishes this with three products:
- : travel medical cover for those outside of their home country
- : full health cover in the policyholder’s home country, as well as remote workers abroad
- : a global health insurance product for a company’s employees, no matter where they are in the world
Policies can be bought prior to or during a visit to a foreign country. Using a monthly subscription-style payment structure, the company states that claims/reimbursements can be processed within seven days and a 24/7 support team is available to handle enquiries across every timezone.
Remote working: The future of insurance
"As we're approaching this product, we're essentially just taking each [part] of this social safety net, starting with health and then we're doing the rest. The next on our to-do list is remote retirement.
"The biggest part of making our product is to deal with the fact that it's a highly regulated product across many jurisdictions and we have to make something that's legal everywhere and at the same time that it doesn't become so complicated that it's hard to understand."
While the regulatory hurdles that need to be overcome will be a challenge, there’s no denying that current workplace trends make further research into the issue essential. McKinsey’s of the situation in the US found that, “More than 20% of the workforce could work remotely three to five days a week as effectively as they could if working from an office.”
Now that attitudes to working-from-home among business leaders have changed favourably, it seems the only major impediments to its continued adoption will be comparable worker benefits and levelling-up internet infrastructure. With SafetyWing pioneering a new method of insurance specifically targeting this market, at least the former issue could soon be resolved.
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8