Qorus Innovation in Insurance Awards 2024

SWINZ, the first All-In-One Spotify insurance for the new generations of consumers

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03/04/2024 Insurance Innovation


SWINZ is more than an insurtech: it enables the broker in the realm of the new generations with a new insurance model operated by an innovative blockchain-based insurance platfrom.

Innovation presentation

SWINZ is a single all-in-one multi-line policy which, in addition to tenant cover (third-party liability and contents), covers the essential day-to-day risks of the policyholder and members of his or her family: Personal Life Liability, Legal Protection, Travel and Assistance, Soft Mobility and BOB.

Accidents of Life cover can be added at the click of a button.

The single contract works like a subscription to a digital service (Spotify, Netflix, etc.): quick and easy to take out, monthly premium, easy renunciation and no constraints.

SWINZ is a phygital product that can be taken out either

- By the customer, completely autonomously. The offer is available instantly, and no personal information is required (no address, no age, no name). If the customer accepts the offer, only the personal information required to create the policy is requested.

- Via a partner broker, in a simplified workflow that takes less than 3 minutes, ends on the customer's smartphone and is paperless.

Customers can digitally manage their policy independently (viewing their policy, history and documents, making changes to the policy, renouncing, declaring a claim, changing their preferences, etc.) in simple, end-to-end flows via the mobile application.

A broker is always attached to a SWINZ policy: he or she is always at the customer's disposal if he or she wants or needs one, and is visibly present in the customer application and in all communication with the customer, regardless of the channel through which he or she has taken out the policy. Because the new generations wants to do everything digitally, but is not at ease with insurance, we offer them an expert person to support them.

Uniqueness of the project

SWINZ was created on the basis of a single conviction: insurance can be different: SWINZ is all-in-one rather than multiple, digital rather than paper, obvious rather than obscure, a simple insurance product rather than a complex one. It is the result of the synergy of an experienced multidisciplinary team from a variety of sectors (insurance, finance, retail).

After more than a year studying the behaviour of young people in general and insurance in particular, we have designed a unique product and consumer flow that meets their expectations at every stage of the underwriting and life of the insurance policy.

- No unnecessary complexity: a turnkey, all-in-one, multi-lines solution based on the lifestyle of its target group, including the insurance cover needed to enjoy life without worrying about tomorrow. A truly different solution that is not constrained by the technical capabilities of legacy platforms.

- No long questionnaire or need for personal information to obtain an offer, available in 2 simple steps :

- The first to check that SWINZ meets the consumer's needs

- The second to check the composition of the insured family

The pricing for each individual cover is then clearly proposed, and the amount of the monthly premium immediately available.

- Immediate availability: the underwriting process is entirely digital and takes less than 3 minutes. The personal details required to create the policy are filled in by the customer or their broker, and once the first premium has been paid, the contract is immediately active.

- Digital policy management: policyholders can manage the entire life cycle of their policy online, with the support of a broker if and when they wish (change of address, change of family composition, opening and following up a claim, contacting assistance, etc.). From consulting to declaring a claim, from changing family composition to changing address... everything is available at any time, via a single app "in the palm of your hand, on a smartphone".

- The support of a broker in a digital solution: young people are used to doing everything digitally, but are uncomfortable with insurance. They want an independent third party to turn to when they have questions or are unsure, and not just a phone line.

SWINZ is powered by blockchain: SWINZ relies on the InsurNode platform from its sister company MGAaS SA, which has developed a product factory and insurance policy management platform based on Hyperledger blockchain technology. This innovative platform offers unrivalled flexibility in the construction of multi-branch, cross-platform products, with no constraints on the branches integrated.

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