# Digital insurance and the remote working and studying boom Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-04-22 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Location-Based Insurance: Supporting Remote Working Trend Meta Description: Learn how location based insurance on-the-go is revolutionising the insurance industry to support the growing trend of remote working and digital nomads. URL: https://financedigest.com/digital-insurance-and-the-remote-working-and-studying-boomhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd270718-1-1736815850683-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/3-450x448-1736815850646-compressed.jpg) _By_ **_Franz-Xaver Burner,_** _Chief Growth Officer & Co-Founder_ _at_ [_bsurance_](https://www.bsurance.com/en/) _discusses why location based insurance on the go supports the new trend of remote working_ Several years ago I remember reading an article introducing the concept of the ‘digital nomad’. At that time the idea of a life of [remote working](https://www.financedigest.com/7-tips-for-building-a-positive-remote-work-culture.html "7 tips for building a positive remote work culture") and constant travel seemed like a luxury afforded to a select wealthy or lucky few within the tech industry. It was, in mine and many other people’s opinion, nothing more than a curiosity. One of those odd futurist trends that bubbles up and quickly disappears. How wrong we all were. Thanks to a confluence of behavioural trends and new [technology all supercharged by the pandemic we now live](https://www.financedigest.com/how-technology-has-changed-our-lives.html "How Technology has Changed Our Lives") in the world where remote working, studying and even living is fast becoming the norm. In fact, 15.5 million Amercians describe themselves as digital nomads. Such rapid change is not without its challenges. There are still many [parts of our everyday life](https://www.financedigest.com/what-is-id-and-verification-and-why-is-it-such-an-integral-part-of-digital-life.html "What Is ID and Verification and Why is it Such an Integral Part of Digital Life?") that can be difficult to adapt to this lifestyle. [Insurance and finance are two industries](https://www.financedigest.com/how-can-the-insurance-industry-avoid-having-a-kodak-moment.html "How can the insurance industry avoid having a ‘Kodak Moment?’") that are struggling to keep up. However, recent advances in insurtech have come at just the right time and could play a key role in making this transition so much easier. I am of course [talking about location based insurance](https://www.financedigest.com/japan-insurers-in-talks-with-reinsurers-to-resume-coverage-in-russian-waters.html "Japan insurers in talks with reinsurers to resume coverage in Russian waters") or ‘insurance on-the-go’. To understand why this may be the case, let’s first look at what insurance on-the-go involves. A simple example is travel insurance. Travelling to an individual country for work, a holiday or both isn’t too taxing, however, if you’re constantly making trips or going through multiple countries the process can get tedious. It is easy to make mistakes or simply forget to get cover. The result, if something does go wrong, can [lead to financial](https://www.financedigest.com/how-a-trail-of-breadcrumbs-is-leading-straight-to-financial-infrastructure.html "How a trail of breadcrumbs is leading straight to financial infrastructure") disaster. The risk, therefore, is very real. Imagine instead that your phone did all the heavy lifting. Using location based data, your insurance could be automatically updated depending on where you are or what you are doing. This saves the customer a lot of time and money and provides [insurance companies with a way](https://www.financedigest.com/predictive-analytics-a-new-way-of-insuring-success.html "Predictive analytics: a new way of insuring success") to automatically provide wide ranging cover directly at the point of need.. The same principle applies to [health and personal goods insurance](https://www.financedigest.com/are-there-tax-breaks-for-business-health-insurance.html "Are there tax breaks for business health insurance?"). In fact, it’s easy to see how you can bundle every [type of coverage](https://www.financedigest.com/types-of-insurance-coverage.html "Types of insurance coverage") a digital nomad would need into one simple offering. All they will need to do is [share some personal and location data](https://www.financedigest.com/european-shares-edge-higher-on-healthcare-lift-weak-china-data-stokes-worries.html "European shares edge higher on healthcare lift, weak China data stokes worries"). Consumers have consistently shown that if they are provided with something that is convenient, cost-effective or simply better they will happily part with some private data. For financial organisations [insurance on-the-go is an intuitive value add to their customer](https://www.financedigest.com/should-insurers-buy-data-direct-from-their-customers.html "Should insurers buy data direct from their customers?") proposition. It can be easily integrated into existing [banking apps to enable customers](https://www.financedigest.com/christmas-debt-hangovers-how-banks-can-help-customers.html "CHRISTMAS DEBT HANGOVERS: HOW BANKS CAN HELP CUSTOMERS") to quickly opt in as they are managing their financial affairs ahead of travelling or studying. We actually worked with Raiffeisen, one of Austria’s banks, to do exactly this with ski-accident insurance. Short-term [insurance could be activated via](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") smartphone instantly just before getting on the ski lift. A simple concept but one that opens the door to making [consumers think about insurance](https://www.financedigest.com/uk-consumers-conflicted-when-purchasing-insurance.html "UK Consumers Conflicted when Purchasing Insurance") in a whole new light and consequently opening the industry up to a whole new wave of innovation. For example, by combining location [data with other open data sources we can start to embark on creating fully personalised and dynamic insurance](https://www.financedigest.com/how-data-is-revolutionising-car-insurance.html "How data is revolutionising car insurance"). A great example of that is our Usage Based [Insurance for the automotive industry](https://www.financedigest.com/nine-predictions-for-the-insurance-industry-in-2022.html "Nine predictions for the insurance industry in 2022"), which we launched in partnership with Amodo.Insurance products which can modified based on the risks associated with certain behaviours or to be instantly [insured on a car](https://www.financedigest.com/5-tips-for-selecting-the-best-car-insurance-coverage.html "5 Tips for Selecting the Best Car Insurance Coverage") that’s not one’s own, is already a game-changer for all sides- drivers, insurance carriers and automotive companies. Eventually, managing every [type of insurance](https://www.financedigest.com/types-of-insurance-for-yourself-and-your-family.html "Types Of Insurance For Yourself And Your Family") may not even need any input from the consumer or the insurer. Everything will automatically [update via their phone or other personal device to match what is happening](https://www.financedigest.com/you-cant-get-faster-than-that-spring-statement-update-delivered-digitally-as-it-happens-with-app-driven-technology.html "‘You Can’t Get Faster Than That’ – Spring Statement Update Delivered Digitally As It Happens with App-driven technology") in real time. This is not another potential ‘odd futurist trend’ – it is going to happen very soon. After all, we have seen in the past two [years just how quickly embedded insurance](https://www.financedigest.com/2020-the-paradoxical-year-that-has-reshaped-the-future-of-motor-insurance-and-related-sectors.html "2020: The paradoxical year that has reshaped the future of motor insurance and related sectors") has taken off. [Consumers are getting used to insurance being a product](https://www.financedigest.com/two-thirds-of-consumers-would-prefer-to-deal-with-a-single-provider-for-insurance-products.html "Two-thirds of consumers would prefer to deal with a single provider for insurance products") that they can instantly avail themselves of without a lot of research or paper work. The natural progression of the industry is towards [insurance that readily adapts to consumers’ new needs](https://www.financedigest.com/reasons-you-need-a-car-insurance-when-driving-in-thailand.html "Reasons You Need a Car Insurance When Driving in Thailand") and lifestyles. We also know that companies are under a lot of pressure to differentiate their [digital offering and a valuable service such as insurance](https://www.financedigest.com/insurers-beware-fraudsters-love-digital.html "INSURERS BEWARE: FRAUDSTERS LOVE DIGITAL!") is a very straightforward option to add into the consumer experience. As more [companies and people adopt insurance](https://www.financedigest.com/5-digital-marketing-tips-to-keep-insurance-companies-competitive.html "5 digital marketing tips to keep insurance companies competitive") on-the-go the wider insurance industry will benefit from more insight via the large amount of data that will be generated. This will enable more [innovation and bespoke products to be created](https://www.financedigest.com/digitalisation-why-using-the-opportunity-of-fintechs-can-create-an-innovative-digital-client-experience.html "Digitalisation: why using the opportunity of Fintechs can create an innovative digital client experience"). We only need to look at the fintech industry for inspiration. There has been an explosion in startups offering a range of new products and tools – from AI-driven money [management and financial aggregators through to new KYC solutions and buy now pay](https://www.financedigest.com/with-the-right-active-manager-you-really-do-get-what-you-pay-for.html "With the Right Active Manager, You Really Do Get What You Pay For") later (BNPL) services. The [insurance industry is on the cusp of a similar period of disruption of which insurance on-the-go is going to be an important](https://www.financedigest.com/life-insurance-why-is-it-so-important.html "LIFE INSURANCE: WHY IS IT SO IMPORTANT?") part. It is often said that, ‘no one wakes up [thinking they want to buy](https://www.financedigest.com/think-big-make-your-new-years-resolutions-to-buy-a-holiday-home-in-2017.html "Think big – make your New Year’s resolutions to buy a holiday home in 2017!") insurance’. Well – when [insurance becomes embedded in everyone’s lives](https://www.financedigest.com/as-the-cost-of-living-bites-tackling-insurance-quote-manipulation-is-key.html "As the cost of living bites, tackling insurance quote manipulation is key"), they won’t have to think about it again – it’ll just be there. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---