The insurance industry is old and often lacking in innovation and has become a space where legacy companies struggle to adjust to the increasingly mobile and diverse population of world travelers. According to Accenture, 80 percent of consumers say they would switch to insurers that gave them more personalized and integrated services.
Andrew Jernigan believes he has this solution packaged in his company Insured Nomads, the first insurtech in global benefits, offering a full portfolio of insurance solutions for the globally mobile including international health, travel insurance, group employee benefits. Uniquely positioned with innovative technology to empower an easy and efficient customer experience they are establishing partnerships and distribution networks around the globe.
Here are some areas Andrew believes Insured Nomads is changing the game and setting a stage for constant innovation.
Digital Nomads Benefits
The world has caught wind of a new type of travel, one that accommodates work on a laptop while sipping coconuts in Bali. This population affectionately referred to as digital nomads is top of mind for Andrew Jernigan and his team. Andrew believes that this group may opt for cheaper insurance, there is still room for them along with longer term residents like expats who tend to retire or live in a foreign country for long periods of time.
“Nomads have been marketed travel insurance too much so they go with a less expensive, less comprehensive option while those living a long term international lifestyle know to purchase global health insurance as it’s true medical insurance rather than a policy geared for a trip.”
Andrew believes this new lifestyle that is allowing many to retire early or leave to work remotely semi-retired is bringing tremendous benefits that the general population still does not understand.
“Some of those who have planned on retiring in ten years in their dream country can now go ahead and relocate and keep working so that it’s not a future possibility but a present day reality. The modern day nomad is a cultural blend of immigrant, pioneer, expat, entrepreneur, international assignee for a multinational company, free-spirited wanderer, etc”
A comprehensive solution for travel and work is not widely available and it is another problem that the team at Insured Nomads provides a robust solution. They believe that benefits don’t just stop at one type of plan but a wide spectrum offering that can cover a myriad of possible issues Allen Koski, President and Chief Innovation Officer at Insured Nomads, who is a thought leader in global benefits, says
“International health insurance for these nomads, expats, and modern-day immigrants can provide more than health care and medical benefits, but personal safety, security and cyber security, and comfort features in the plans from Insured Nomads.”
Business to Business Benefits
Finally Andrew sees the opportunity to provide mutual benefit on a business to business level as many leading insurance brokers turn to them for a viable option for the clients they represent. The trajectory for growth of the remote workforce is projected to continue to climb, and businesses and the brokers that serve them are adapting with disruptive innovations such as with payroll solutions like Remote.com and global insurance from Insured Nomads.com. Rather they form an integral part of providing diverse options, especially for remote companies and HR companies around the world as their team members become location independent.
“Leading brokerage firms around the world are turning to Insured Nomads to provide a turnkey solution for HR directors to provide an easy online enrollment experience unique for each team member.”
Andrew believes the benefits are monetary and can not be ignored. Insured Nomads benefits companies by reducing their costs and giving more diverse options to those that matter most, their employees.
“Insurance for the “Work from Anywhere” movement on a case-by-case basis rather than a group global employee benefits plan is a cost-savings for employers and puts the choice back into hands of the employee rather than the employer.”
Andrew and Allen have a big vision for Insured Nomads, one centered around constant innovation that keeps up with continuous improvements in technology, and that is becoming increasingly popular.
“Benefit managers are contacting their brokers asking for a solution for their team members that will be working from anywhere.”
It’s clear, Insured Nomads is ready and willing to provide such a solution.