YOLO is a white label on demand insurance platform founded in Italy and has now signed an agreement with InterMundial, a company in the tourism sector, to expand its new business model for 100% online insurance in Spain. The vertical that will be developed between the two companies will be travel. This was reported to Cointelegraph in Spanish through a statement.
The agreement aims to accelerate digitalization and innovation in the tourism sector and where more and more users are online and demanding digital experiences. The YOLO model is now focused on travel insurancefrom 2 euros with specific products for families, individuals, students, groups, cruises, etc. In addition, an adjustment (on-off) is offered for coverage such as cancellation and for occasional trips, weekly or even for a whole year.
“”The agreement between InterMundial, a travel and sports insurance specialist with more than 25 years of experience, and YOLO is also a bridge to develop their relationships in other markets such as the Italian one“they stated in the statement.
Luis Domínguez, responsible for YOLO in Spain, said:
“Currently, if possible, accelerating digitalization is one of the priorities of the insurance sector. Thanks to this, we continue to build collaborations with world-class companies such as InterMundial in record time. “
Although the tourism sector is most affected by the expansion of COVID-19 and the introduction of restrictive measures, it is likely to be one of the fastest activated once the current situation is overcome.
In this sense Jorge Garcia, Commercial Director of InterMundial, said:
“Today it is more important than ever to be prepared and well positioned for the end of this health crisis. The short stay trips will be the first to be restored once the current situation is overcome and will gradually return to normal until they reach an appropriate level within the situation. The adjustment of coverage to customer demand and travel characteristics as well as 100% online access enable us to maintain our strategic position in specialty insurance. “
YOLO is introduced as an ally for the insurance and banking sectors, as well as for consumer brands, retail, telecommunications, utilities, etc. “For all of them, the YOLO model promotes the generation of new revenue through a channel like the digital, with very little market penetration in the insurance sector and a very complementary addition to traditional channels,” the statement said.
The platform enables a single integration to cover multiple use cases in sectors such as travel, sports, mobile devices, household appliances, urban mobility, home, cybersecurity etc. hand in hand with local and international insurers and brokers.
Four months after it was founded in Spain, YOLO has entered into agreements with companies such as Chubb Insurance and ERGO for the design of digital and on-demand insurance. With the latter, he has developed a product for skiers and snowboarders that can be contracted for days and supplements the insurance that is taken out together with the ski pass.
About the YOLO Group
It is a white label marketplace for Italian insurance services and a digital insurance broker that offers consumers on-demand and pay-as-you-go insurance solutions. The insurance offer includes products that cover goods, health, travel, people, pets, etc. YOLO’s mission is to innovate the insurance offering and offer new ways to protect the digital consumer. The offer focuses on customer needs and their profile. Products that are to be adapted to current consumer habits thanks to new technologies and the possibilities of the Internet of Things (IoT), artificial intelligence and ChatBots.
Thanks to its Insurtech platform, YOLO is also a technological developer for insurance companies, financial companies, consumer brands and companies in the collaborative economy who have to sell their products via the digital channel or through solutions for the MarTech sector (technology (marketing)).
InterMundial is an insurance broker specializing in sports and tourism in Spain. It has offices in tourist cities in Spain and with seven trade delegations abroad (Great Britain, France, Italy, Portugal, Mexico, Brazil, Colombia and Poland).
Agreement with Chubb
Cointelegraph en Español reported last month that the Yolo platform had signed an agreement with Chubb Spain to expand their 100% online insurance business model in the Iberian country. The first industry to develop between the two companies is that of sports. “From around four euros and over the cell phone, PC or tablet, they can immediately insure themselves against possible injuries during amateur training in a total of 30 sports. These include the most general ones such as tennis, soccer or basketball, and the most curious ones like petanque, table tennis or billiards In other words, both broad segments and niches of users are covered with highly personalized and contextualized offerings, and all with an agile user experience designed for the digital economy, “said a statement. The agreement between Chubb and Yolo is also an expansion of the current relationship between the two companies in the Italian market.
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