Are insurers ready for PokemonGo?
Autor: Piotr Czublun, Magdalena Murach
There is no doubt, the world has gone mad.
The mobile game from the border of the real and the virtual world in just a few days has gained more fans than the best blockbusters. The value of the company, which, objectively speaking, does not produce anything, is also growing faster than light.
Well, before one had to arrange an interesting demonstration or a protest, or invite to have a ride through the city with a highly remarkable guest to encourage people to go out into the street. Even 1st May Day parades in the years of their greatest glory did not have as many participants as millions of people marching bravely in the search of virtual creatures. It seems like these days all you need is a smartphone and a good idea. Pretty soon we will hear about destroyed properties, broken windows, broken ribs, stolen phones and other disasters caused by fans hunting for a rare Pokemon.
But isn’t it a great opportunity for insurers?
As they say, you cannot make an omlette without breaking eggs, so maybe we should think about some interesting offer for PokemonGo fans.
A simple private liability insurance may not be enough in that case, because aside from the still small popularity of such products, the list of liability exclusions can effectively prevent payment of adequate benefits. On the other hand, the purchase of an extensive policy with a very wide range of coverage also may not be a good option.
There should be created an insurance product dedicated to all players, which could be purchased eg. as an additional service package offered by the producer of PokemonGo (at this point this would require reaching the decision-makers at Nintendo). On the other hand, nothing stands in the way of using the popularity of the game in social networks, to reach the multitude of potential clients without the participation of the producer. The question is whether insurers are ready for such a product? Easy to use and easy to sale, with comprehensive scope of coverage, without any unnecessary "additional options".
Mass insurance developed for a specific product?
It could certainly be a chance for some FinTech as for traditional insurers it would take several months to implement such a product, and unfortunately during that time the spell of PokemonGo may break.