Peak3, a global leader in InsurTech, is redefining the insurance landscape through the launch of its accumulator insurance propositions for personalised coverage.
The accumulator model allows insurance coverage to build dynamically over time, according to FF News.
Customers accumulate micro-policies based on lifestyle events such as card transactions or fitness milestones. This approach fosters continuous engagement, offering a personalised and evolving protection model.
Traditional insurance models often struggle with low engagement, particularly among younger consumers and small business owners (SMEs).
These products are typically rigid, complex, and lack personalisation, making them less attractive in a digital-first world. Peak3’s accumulator model aims to address this gap by enabling insurers to issue multiple micro-policies over time, triggered by everyday customer activities.
By integrating with digital platforms and ecosystem partners, the model enhances customer acquisition and engagement, ensuring that insurers remain top-of-mind throughout the policy lifecycle. Additionally, event-triggered micro-policies generate real-time customer data, providing insurers with deeper insights into customer behaviour and improving risk assessment for future cross-selling opportunities.
Peak3’s accumulator model has already demonstrated success in the market. Notable implementations include:
- SNACK by Income Insurance (Singapore): A financial lifestyle app where customers accumulate micro-policies through daily activities. This gamified approach has driven significant customer acquisition and engagement.
- Grab’s critical illness pay-per-trip (Southeast Asia): A programme for gig workers that issues micro-policies per completed ride-hailing trip. This flexible model provides affordable, stackable coverage, with millions of policies issued annually.
Peak3’s CEO of EMEA, Adrien Lebègue, highlighted the importance of adapting insurance offerings to digital-savvy consumers. “Insurers face increasing pressure to offer more personalised, flexible products that meet the expectations of digital-savvy consumers. Accumulator propositions, uniquely enabled by our SaaS solutions, transform insurance into a seamless, daily experience – enhancing customer loyalty and enabling insurers to unlock new growth opportunities.”
Esben Seyffart Sørensen, chief sales officer, Europe, at Peak3, emphasised the role of technology in making accumulator propositions viable. “As customer expectations evolve, insurers need agile and data-driven solutions. Accumulator propositions help deepen engagement but require a step change in digital and technology capabilities to manage up to thousands of stackable micro-policies per customer.”
To support its accumulator insurance model, Peak3 leverages its Graphene cloud platform and Fusion orchestration platform.
These platforms enable multi-tiered policy structures with automated workflows, managing endorsements and claims seamlessly. By integrating with insurer ecosystems, they empower companies to innovate beyond the constraints of legacy systems.
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