InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium. The solution provides on-demand insurance that tailors the insurance plan to the consumer’s lifestyle needs. The flexible pricing model of this insurance plan increases the customer acquisition rate of the insurance firm and generates additional revenue for the firm. The ease of launching new insurance plans through the platform reduces human capital needed to launch and scale the new products, reducing cost. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Pay-as-you-use insurance delivered via mobile
Case study
Context:
An insurer and a second-hand car sales
platform wanted to collaborate to deliver an
on-demand test drive insurance, allowing a
non-named driver to be covered by insurance
at the point of demand. The supplier developed
a mobile solution on the second-hand car sales
platform, offering a one-stop solution for test
drivers from booking a test drive to buying the
insurance.
Value-added:
• Quick access to market solutions
• User-friendly process and interactions
• Increasing cross-sales revenue for the
insurer and platform
• Contextual and relevant value-add for the
end customers
EY’s role and activities:
1. Market landscape of insurtech platforms
2. Benchmarking of vendor platforms and
objective analysis, leading to platform
selection
3. Market testing of proposed solution with
focus groups and interviews
4. Rollout of platform, in “loose integration”
with existing systems
Client impact:
• New customer acquisition
• Innovative wrapper on existing insurance
product
• Increasing customer lifetime value (CLTV)
since the users are reminded when they
need to be covered by insurance and can
buy on demand
• Big data collection can be used and
analyzed to optimize insurance products
Contact us
Challenges faced by insurers
Limitation of human capital to launch and scale new insurance products—
while plenty of innovation still possible with existing products
Impact on IT road map, if solutions cannot be simple bolt-on to existing
platforms
Difficulty to cross-sell insurance products through distributors or partners
Increasing customer satisfaction by delivering more flexible, contextual and
relevant insurance experience
Solutions characteristics
Mobile solution for
high-touch
Representation state
transfer (REST) APIs
In-app Payment
User Experience
Design
Best-in-class customer
journey builder,
allowing for easy A/B
testing
Flexible product and
pricing
Pricing model of
distribution network
implementation charged
on a product-by-product
basis
Policy
management
Cloud-based policy
center for no-touch
integration or various
export or import
functionality
Potential customers and scenarios
Freelancers
Freelancers require an insurance only when they are
working, such as on the way of delivering or driving.
SME of sharing
economy business
Suppliers’ belongings only need to be covered by an
insurance when the belongings are used by other
people.
Business travelers
Business travelers need additional insurance during
business trips.
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
About EY
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