Skin in the Game

The reality of technological disruption means that if you don’t have skin in the game, you will be obsolete no matter where you find yourself.

Technology is changing the dynamics of all industries. Anyone with a smart phone and a data connection, is a customer, a service provider or a competitor. Your brand, your offices and even your balance sheet may not protect you from this wave of change.

The pace and depth at which start-ups are innovating around the world is unprecedented, the insurance industry, even with its moats, will not be left unscathed.

Switchboard operators, typists, word processers, mail sorters are amongst the careers that have all but disappeared, soon it may be the turn of the accountant, the lawyer and the doctor.

Insurance started as a social good, communities taking care of each other during tough times. As communities (books) became bigger and the social connections between policyholder and insurers were lost, the objectives of a social good, has given way to a profit motive.

The drive for profit (bonuses) on one side, with the perceived lack of value on the other, has resulted in this conflicting relationship between insured and insurer, often with the customer getting the short end of the stick.

Now, customers are demanding choice and better value for money. Insurtech companies are changing the rules, relying on transparent systems, rich data is changing the manner in which customers and insurers are engaging with each other.

Call centre agents give way to chatbots, brokers to algorithms and loss assessors to image recognition and machine learning. In exchange for their data, customers want tailored solutions and pricing.

At FoSho we believe that the customer is the centre of our business model of creating a better insurance product and experience.

A system were the insured and the insurer are partners, each with skin in the game. To enable us to partner with our customers, we have used game theory and behavioural economics in product design, and algorithms, artificial intelligence and data to change the distribution model, risk assessments and improving pricing and assessments.

We are using technology to make buying insurance easy, convenient and affordable by reducing customer acquisition costs and instances of fraud.

A better experience for everyone. This, we believe, is the next evolution of the insurance product. At Fosho, we are pioneering social underwriting, the first of its kind within insurance, allowing individuals to insure together, allowing everyone in the group to benefit from lower premiums and the ability to become self insured.

By having skin in the game, the policyholder is self-regulating, as there is no incentive to inflate their claims or take on greater risk.

By putting customers at the heart of our product development and technology , we have created an insurance product that customers want and need – all else is secondary