New products for Insurance Business

Hi!

I am not expert, and maybe some of my contributions are not new, but just wanted to contribute. In addition to suggestions of others, I would think of two different buckets:

1. Businesses to leverage the capabilities of an insurance company:

• Data analysis: insurance companies record a lot of data (e.g. for a car insurance, car model, driver age, location, driven miles per year, frequency of accidents) that could be sell to third companies.
• Private investment fund: insurance companies have expertise on investing.

2. Businesses to reduce weaknesses of the insurance company (basically to reduce claims/costs):

• Private security
• Maintenance services
• Repair services

Hi,

Think of the digital and emerging businesses:

1. Insurance for AirBnb hosts
2. Insurance for Uber drivers / passengers
3. Insurance for Tech / cybersecurity issues

Also, think of the new ways to provide insurance:

1. Shared insurance
2. Usage-based insurance
3. Insurance for niche segments (frequent travelers, extreme sports, etc)

Best!

(edited)

Thanks mate! very creative / good ideas

If the interviewer was looking for businesses outside insurance though, does anything come to mind? I suppose credit card tie ups would be one..