Dallas Startup Puts Insurance Coverage in One Place

Last week, InsuredMine released its app that bundles home, auto, life, and health insurance in one platform. In the next few months, it plans to launch a new version incorporating artificial intelligence.

InsuredMine

A new Dallas-based app takes insurance bundling to a new level, putting home, auto, life, and health insurance in one, easy-to-find platform. 

InsuredMine

Raution Jaiswal

InsuredMine launched Jan. 17 for iOS and Android, sparking a revolution in the insurance world that will only get bigger as the company innovates on the original design, CEO and co-founder Raution Jaiswal said. 

For example, if a parent takes their child to the hospital, but forgets their health insurance card, they can find it on the app. Or, if someone gets pulled over while driving, they don’t have to scramble through the glove box to find their insurance card — it’s right on the phone. 

“Right now, it’s scattered,” Jaiswal said. “With this, it’s all in one place. I know all these things are right in front of me. I am customer obsessed. What can be done to complete the journey for a customer that is positive as well as educational.” 

All users have to do is upload a PDF or a policy declaration to the app. Users also can set payment due date reminders for the various policies. 

NEXT APP VERSION WILL INCORPORATE AI

The next version coming out in a few months will incorporate artificial intelligence to comb through someone’s insurance policy and find coverage gaps or areas where they could save money. 

“Now, we are taking it to a more intelligent level so people can understand their policy better,” he said. “We are building on the solution so we can recognize where you can save money. We are in a better position to understand what gap they have in their portfolio.” 

“Now, we are taking it to a more intelligent level so people can understand their policy better.” 

Raution Jaiswal

Beyond that, Jaiswal said he wants to tap into blockchain technology so InsuredMine becomes a distribution channel to conduct microtransactions. For example, buying insurance for a short-term private vehicle rental. 

“We are probing into that,” Jaiswal said. “We won’t create the insurance product. We will become a distribution channel.” 

STARTUP SELECTED FOR GLOBAL INSURANCE ACCELERATOR

Founded in 2017, InsuredMine jumped on a fast track this year after being accepted into the Global Insurance Accelerator in Des Moines, Iowa. Nationwide Insurance, Allstate Insurance, and others will have representatives there to work with startups such as InsuredMine for the next few weeks. 

Jaiswal said it would have taken months or even years to connect with the executives from these insurance companies. 

The accelerator contributed the first outside funding that InsuredMine has received, a $40,000 investment.

“In the span of the next few weeks, I’ll be connecting with most of them,” he said. “With their understanding, I’m starting to understand the opportunities that exist and how our product incorporates with theirs.” 

The accelerator contributed the first outside funding that InsuredMine has received, a $40,000 investment. 

There are others interested in investing as the company gains traction. 

“Interest is pretty solid at this point,” Jaiswal said. 

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