(Opinion) One of our staff members had his car insured with online insurtech Onsurance in Brazil some time ago.
He found the business model and prices interesting at the time.
Everything went “well” or seemed to go well until after more than a year, he suffered a first incident, where his car had to be towed, and a replacement car had to be rented.
He then quickly realized that Onsurance was only attractive in theory.
Although he had purchased an additional “towing package” in addition to the basic package, he has heard nothing from Onsurance since he submitted the appropriate receipts from his claim.
Onsurance has not responded since he submitted his initial claim.
Not on e-mails or Whatsapp messages because the latter is the only communication medium Onsurance works with. It can only really be reached this way.
He still has a credit of over R$4,000 with the company, which is probably lost.
WHO AND WHAT IS ONSURANCE
Onsurance is an insurtech based in Delaware, USA, with a branch in Brasilia.
With Onsurance, customers only pay for the time they use their car insurance, claims the firm on its website.
The company calls it on-demand.
Like a prepaid cell phone, the customer buys insurance credits that never expire and are consumed per minute of use when one turns insurance coverage on or off.
The product currently available in Brazil is Onsurance-auto, on-demand car insurance (cars, vans, or motorcycles).
NOT REGULATED IN BRAZIL
The company writes on its website it is in contact with the regulatory authorities of all the markets in which it operates.
However, in Brazil, the company still has no registration with the Superintendency of Private Insurance (SUSEP).
The company claims that it can operate in the Brazilian market, although this registration by the regulator has still not been guaranteed.