Definition - What does On-Demand Insurance mean?
On-demand insurance refers to policies that can be bought online without directly interacting with a broker or a company representative.
Its features, such as faster application and pricing, have industry pundits positing that it will bring significant change to insurance industry practices.
Insuranceopedia explains On-Demand Insurance
With on-demand insurance, a person can automatically buy insurance using their smart phone. All they have to do is download an app or go to an on-demand insurance provider's web site and fill in the relevant information.
Applying for this type of insurance is less cumbersome than traditional methods and applications are approved more quickly. However, as of May 2017, coverage is still limited to smart phones, tablets, computers, and photography equipment.
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