Consumer engagement with insurance is incredibly low and hardly anyone bothers to read policy documents which are dense and difficult.

It can pay to read the documents, however, as an American woman found when she won $10,000 for the simple act of bothering to read her new travel policy. 

Insurance carrier Tin Leg secretly inserted a contest into their policy wording that offered  $10,000 to the first person who read far enough into the terms and conditions and sent then an email to collect their prize.

Many start-ups are trying to redesign insurance products to make them more transparent and customer-centric. Given less than 1% of consumers read their travel policy, there is an opportunity to condense and simplify the key terms in a way that is of practical use to consumers.