LTP recently had the pleasure of interviewing Talal Bayaa, the Co-founder of Bayzat. Talal Bayaa is a graduate of the University of California, Los Angeles. He is a CFA Charterholder as well as a finance, investment and banking expert. We spoke to Talal about a few things and here is an excerpt from that interview:
LTP: What are the advantages of the insurance you provide over institutional providers?
Talal Bayaa: Basically, Bayzat offers two services:
Our point of differentiation is the technology. Firstly, our online platform enables everyone to compare hundreds of policies in real-time. Once agreed on a policy, our clients will get free access to our unique software, Bayzat Benefits™.
With Bayzat Benefits™, individual and B2B clients (including employees) will have a mobile access to all their medical benefits. Clients will be able to:
- Know exactly what’s covered in medical plan in seconds (to avoid out-of-pocket fees)
- Find the closest hospitals/clinics within network and contact them directly with one touch
- Instantly be notified when insurance network changes (which happens once a month on average)
- Search symptoms and find the right specialist to save money & time
- Access all policy documents and claim forms.
Bayzat Benefits™ also help companies automate all their HR admin work from data entry to managing employee records.
With our smart technology, HR specialists can extract every relevant information from excel sheets or offline documents and create a digital directory of all employees (so that any paper documentation will no longer be needed). Once established, Bayzat Benefits™ will also ensure the accuracy of employee records by notifying HR and employees instantly in case of an outdated document.
LTP: What do you think of the role of blockchain, wearables, IoT, connected devices, mobile technology, etc., for the insurance industry?
TB: The reason we chose the insurance industry is that we saw a huge room for improvement in terms of technology; i.e., offline processes, 50+ pages policies, lack of transparency, etc. We (as every young company) also knew the mobile technology could easily solve most of the issues mentioned. This is how we started working on our platform, Bayzat Benefits™.
Going back to the question, we believe the technology – whichever form it takes – can cure the insurance industry, as long as it is adapted meaningfully. However, the deciding factor for the industry will be the demand; whether people would like to shift from old habits. This is the main challenge we see in insurance and the root cause comes from limited knowledge on the matter.
This is where tech companies’ job becomes really important. We need to be able to educate people so that they would wonder if there is a better and simpler way than the ordinary. By creating this awareness, the next step will be to adapt the necessary form (mobile, wearables, etc.) to address the pain points.
LTP: What are main trends shaping/disrupting the insurance industry in 2016 and beyond?
TB: Globally, the insurance sector is changing across the spectrum including the proliferation of online distribution channels, the use of mobile as part of the customer experience, data & analytics as a risk management tool, and new business models. The common theme across these is technology and mobility.