QBE Insurance (Singapore) Pte Ltd - Insurer Innovation Award 2022

1. Submission for Insurer Innovation Award 2022
Organised by Digital Insurer
Submission date: 4 May 2022
Proprietary and privileged information for the award nomination only

2. 2
Reinventing Insurance Purchases
Reinventing insurance purchases
with Questionless Underwriting mobile app, which
includes add-on functions like vault inventory & assets
valuation. Easy to use and insure on the go, flexible
insurance protection for your assets.
QBE Singapore partnered with Kovernow, an insurtech to launch a mobile application for consumer insurance services.
The app enables consumers living in Singapore:
- to purchase insurance cover for watches, jewellery, electronics, handbags and cameras
- to see their ‘Vault’ at-a-glance, where they can list all their assets, have them valued & store the details
- to switch the insurance coverage on or off at any time to suit their needs
To facilitate questionless underwriting, the app utilises technology including Singpass integration, image validation, online
assets valuation and integrates the claims process with QBE to deliver ease of use to consumers.

3. 3
Technology Deployed
Image Validation
• Information on the images are read and system validated for insurance, including matching the insured name and asset details.
• And system validated to filter out stock images
• Assets are authenticated if they belong to the consumer, with requirements on instant photo, and photos of warranty cards and
receipts which are digitally validated on the app, without underwriter’s intervention.
Singpass Integration
• App will retrieve updated and accurate customer information via Singpass
Assets Valuation
• The app uses online data sources to provide details on the assets including make & model and updated prices
Premium Accuracy
• Instant calculation based on the current item price, using insurer pricing model
• Premium adjustment based on the price development of the respective item (e.g. electronics are subjected to depreciation, and
luxury goods such as watches are valued based on current market value)
•Rapid InApp claims process
•Online Payment
By de-compartmentalizing existing insurance products, we enable Questionless Underwriting with
Technology. Instead of asking the customer to complete lengthy questionnaires, the following are deployed:

4. 4
Market Opportunity & Customer Benefits
Market opportunity
A survey with 500 millennials in Singapore was carried out, prior to launching the app, to test their
attitudes toward risk and purchasing insurance services. The KoverNow mobile app aims to fill the
gap in the market for insurance that can be bought quickly and simply for individual items without the
complexity and the paperwork associated with insurance policies. By making insurance available via
a digital platform, it will resonate with the younger audience who are accustomed to accessing and
managing financial services via digital devices, thereby disproving the myth that insurance is the
exception to the rule, and too ‘complex’ to sell or manage as a simple online transaction.
Customer benefits
The KoverNow app has been designed with ease of use in mind and will be particularly
attractive to millennials. It is accessible, intuitive and delivers a level of control that is not
available with traditional insurance policies. Most importantly, they can access it through their
smartphones in seconds.

5. KoverNow App – How it works
After downloading
the app and adding
personal details,
you can
immediately start to
add items to your
Vault
For adding an item,
just take a photo. As
the app is
connected to
different databases
assisting the
population of the
most of the fields
The item is
immediately shown
in the vault and the
premium is
automatically
calculated and ready
for execution
If you are happy
with the premium,
just click "insure“,
pay conveniently via
your preferred
payment method
and the item is
covered
In the case of a loss
or damage, start the
claims process with
only one click
Add information
about “What
Happened“ and
the claim will be
filed without any
paperwork
Private & Confidential • 2022 KOVERNOW

6. Thank you
Proprietary and privileged information for the award nomination only