VouchForMe is an attractive alternative to existing underwriting methods. The concept of social proof works as a risk assessment tool in which individuals express their trust in the behaviour of a friend and offer a financial guarantee to back it up.
VouchForMe allows for selection of quality clients who will less likely be involved in an insurance claim. Even in segments that are traditionally considered as high risk.
By leveraging the social proof concept, risk assessment is simplified and more effective when compared to traditional methods.
By establishing a chain of trust, small claims will be avoided and the probability of fraudulent claims will be lower, leading to a lower loss ratio.
With favorable pricing for the end customer, the insurance company can effectively have the edge over the competition. Especially by focusing on price-sensitive millennials and youth.
VouchForMe is social proof and peer-to-peer solution that can be used as a prospecting tool for attracting new clients who search for affordable new insurance products.
By using VouchForMe insurance companies avoid gathering of sensitive data about their clients. The solution uses a reliable and straightforward concept of trust evaluation by the insurance client’s closest social network.
No more invasion in private life, no additional IT integrations, and data that is reliable.
Simply social proof.
VouchForMe is a standalone solution that requires no additional integration with existing IT systems. The workflow is simple:
The insurance company selects new or existing products that will include VouchForMe.
Insurance rates are determined along with discounts for VouchForMe users.
VouchForMe is offered to clients. The insurance company benefits from an additional underwriting tool for better customer segmentation and a lower loss ratio.
VouchForMe becomes an integral part of the insurance company’s workflow with seamless and efficient operation. VouchForMe can also operate on blockchain for additional transparency and traceability with guarantees and insurance claim information stored on a distributed ledger. Also, all financial transactions can be processed and paid for with IPL token.
Distributed ledger technology enables immutable data and traceability, even in case of IT failure. Data that is stored on the blockchain is permanent, secure, transparent, and signed by the user.
Get in touch with us. Together, we will find a tailored solution that will best suit your product portfolio and help you achieve your business objectives.