Multinational insurer
Ageas has launched a new smart phone app in the UK that allows millennials to insure their travels and valued possessions.
The “Back Me Up” app enables users to insure three items for £15 per month by simply uploading their photos to the app and choosing their descriptions.
Users can anytime switch the items they want to insure by simply swiping the photos, in a similar way to some popular dating apps, the insurer said.
Back Me Up insures a range of items – from laptops and phones, to jewellery, tennis rackets and designer handbags.
With a claims limit of up to £3,000 in total each month, the app insures the items against accidental and malicious damage as well as loss and theft.
The product also provides worldwide and UK travel insurance for lost items, cancellations and medical emergencies. It also provides cover for mobile phone screen repair and up to £1,500 for replacement car or house keys and locks.
Ageas said the app-based insurance product has no annual contract and penalty fees.
“Back Me Up provides flexible, relevant cover that’s designed by the very people who will use it. It’s an ‘all-in-one’ lifestyle product that puts people in control by letting them decide to insure what’s important to them, not the other way around,” said Back Me Up managing director Paul Lynes.
According to Ageas, five million people aged 18 to 34 have no home contents cover while 2.3 million go abroad without travel insurance. This highlights the market potential for flexible, affordable and relevant cover, the insurer said.
“There’s a huge gap in the market for an entirely new type of insurance, to meet the needs of young, independently-minded people. Until now, Millennials have had to engage with the insurance industry on its terms – but all that is now set to change,” Lynes said.
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