Female-led insurance start-up Peachii has launched in Australia to meet the needs of lifestyle and luxury item consumers.
Offering coverage for items ranging in value from $200 to $3,000, Peachii aims to be a game-changer for lifestyle retailers and their customers, enabling the latter to insure their high-value purchases effortlessly at the moment of online transaction.
Behind this initiative are Katherine Clayton and Sophie Doyle, who have merged their expertise in cultural change management and e-commerce, respectively, to create a platform that democratises access to insurance for premium investment goods.
The service specifically targets a gap in the traditional insurance market, providing coverage for items like luxury handbags, sophisticated sporting equipment, and bespoke gear, which are not typically protected under standard insurance policies.
Peachii's strategy is aligned with current shifts in consumer behaviour, especially among younger demographics who often do not own their homes and are less likely to invest in traditional insurance products.
“Lifestyle assets not normally covered by traditional insurance can include anything from a high-end handbag, a fishing reel, or a set of custom skis. They are expensive items that enable our Gen Z and Millennial customers to live life on their terms with the backing of insurance,” said Clayton, Peachii CEO and co-founder.
Doyle, Peachii chief brand officer, added: “Our research shows the vast majority of our customers are renters, or still live at home and are delaying traditional milestones in favour of investing and spending their money on items which enable their lifestyle and identity, which is different to their parents and grandparents who commonly put their savings into buying a home as young as possible.”
The introduction of Peachii to the Australian market offers a streamlined, digital-first insurance process. It integrates seamlessly into the online shopping experience, with future plans to expand into in-store offerings. This approach simplifies the process of insuring and claiming, encouraging consumers to make substantial investments in quality items without fear of loss or damage.
Initially partnering with Doyle's Alf the Label for its launch, Peachii plans to broaden its range of covered categories, supporting a wider variety of goods from jewellery to high-end sporting equipment.
A report released last month highlighted that retail executives have a positive outlook for their industry despite the increasingly difficult market landscape.
