Disrupting the car insurance industry

The London-based start-up Cuvva competes with incumbents by making it easy for drivers to buy pay-as-you-go insurance.

Disruptive ventures arise from mobile device ubiquity, data-powered AI and digital platforms that connect buyers and suppliers in new ways.  They are reshaping industries such as transportation (e.g. Uber, Lyft, Didi Chuxing), hospitality (e.g. Airbnb, FlipKey), payment services (e.g. PayPal, TransferWise) and many more.

Conservative by nature, the insurance industry has been slow to embrace new digital business models and take on disrupters. But it won’t be able to dodge the challenge much longer. Consider ZhongAn, the Chinese online insurer created in 2013 by e-commerce giant Alibaba, social network Tencent and insurer PingAn. ZhongAn has already sold more than 7 billion policies – mostly shipping return and flight delay insurance – to half a billion customers, creating massive waves in the industry with fast, innovative and customised products sold only online.

Read the full article by INSEAD Knowledge.

Visit Cuvva's website.

About the authors

Brian Rogers is Senior Business Development Manager at the Swiss Re Institute.

Christophe Angoulvant is Senior Partner and Global Head of Insurance at Roland Berger.

Karel Cool is the BP Chaired Professor of European Competitiveness at INSEAD.