Presenting INSight Insurance Platform, a new digital platform that is modernizing the car insurance industry in Curaçao.This platform partners with insurers, insurance tech companies, and the government on a range of information and market development services to help them accelerate their own digital transformation.
How did it get started?
This endeavor was launched by three entrepreneurs in the insurance industry — Lisa van Haaren, Rolando Alberto, and Renato Ignacio — who were all brought together by a mutual friend who was aware of their thinking on what the world of car insurance needed in Curaçao: digitization. And one of the important components most in need of a digital process was the proof of insurance. There was a demand for some innovation on the market because the trajectory for customers to receive this proof on paper was very cumbersome.
And these three bright minds came together to hash out a business plan to solve this problem in January of 2020, right before the COVID crisis became acute in Curaçao and around the world. But the ensuing crisis notwithstanding, they continued to meet to brainstorm on ideas for this process and built a prototype and eventually presented this prototype to insurance providers. The providers were ecstatic about the product.
INSight Insurance also received tremendous cooperation from stakeholders such as the Police Department, the Tax Office, Forensys, and Wegenwacht 24-7. These are all institutions that have something to do with the process of issuing proofs of insurance because they all need this document at one point or another from the driver.
And through many virtual meetings, the entrepreneurs behind the platform were able to onboard several key insurance providers, which include Guardian Group Fatum, BSure, Seguros Brouwer, Citizens Insurance, and Ennia. With this move, they have given 60% of the market of motor vehicle drivers on the island the option of having a digital proof of insurance that can be scanned by code scanners at several institutions.
The road to smart nations in the Caribbean
INSight Insurance contains all the data of car drivers who are insured by the insurance providers that work with the platform. And these data can be accessed by stakeholders, making this a very valuable benchmark for the digitization of other processes in the car insurance environment and beyond. This could even digitize the entire motor vehicle insurance chain in Curaçao, from inspection to the issuance of driver’s licenses. And this all with the end goal of greatly aiding the island in its quest to becoming a smart nation.
So what’s the secret behind their success?
While the concept of introducing a digital solution to the car insurance chain is not entirely new in Curaçao, the drive and perseverance of the people behind Insight Insurance Platform made this attempt a break from history — despite the lockdown, they had countless Zoom meetings with several partners and company representatives for months on end to make arrangements to bring this process into being.
Another very crucial ingredient for their success was the unprecedented level of cooperation between key institutions — such as the aforementioned Tax Office and the Police Department, along with insurance providers that are usually fierce competitors — to make this critical step for modernization in Curaçao a reality.
At the moment they are in advanced stages to bring this concept to Aruba as well, after which they plan on tackling Bonaire and Sint Maarten too.
Visit their website www.insight-portal.com to find out more about their inspiring entrepreneurial journey.