Hybrid Products
The economy has forged into developing new user scenarios fueled by basic human insights. Firstly, people do not like (and often are not capable of) paying for high-value goods or services in one installment. Secondly, having already made a purchase, many are worried that something wrong might happen. Thirdly, most people want someone else to take responsibility for solving the problem if the purchased item breaks down, gets lost, or is stolen, but no one likes to pay for insurance.
Hybrid Products
The economy has forged into developing new user scenarios fueled by basic human insights. Firstly, people do not like (and often are not capable of) paying for high-value goods or services in one installment. Secondly, having already made a purchase, many are worried that something wrong might happen. Thirdly, most people want someone else to take responsibility for solving the problem if the purchased item breaks down, gets lost, or is stolen, but no one likes to pay for insurance.
These scenarios force us to look differently at traditional financial products: insurance is going in the direction of loans, loans are integrated into areas that were dominated by insurance, and there are also hybrid models that combine credit and insurance components.
This paves the way for subscriptions, installments, short-term insurance, and other solutions that allow users to pay a set fee for guaranteed access to goods/services, an apartment, or a car. Meanwhile, users do not deal with large one-time expenses or risks.
Improvements in the risk assessment service and forecasting models have a positive effect on product distribution. Hybrid solutions are starting to cover segments that were not reliant on such services.
Obligo
Obligo finances security deposits to relieve landlords and long-term renters. The service assesses a tenant’s reliability by analyzing their bank accounts using open banking technologies and data from traditional credit bureaus. Payments are made monthly.
Cowboy
Bicycle manufacturer Cowboy, together with insurance company Qover, offers a subscription service that includes not only insurance but also real-time notifications on theft or damage sent to owners.
Ozon.Invest
Online retailer Ozon added supplier lending to its Ozon.Invest platform. The marketplace shares supplier data with lender partners who use their scoring for borrower evaluation.
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