The chief executive of home insurance disruptor buzzvault has offered assurances that its policyholders “will remain in good hands” following the announcement that new policies will no longer be sold in the UK.
In a statement sent to Insurance Business, buzzvault CEO Becky Downing noted: “The policy they purchased remains active until their policy end date and our amazing partner and capacity provider, Great Lakes Insurance SE, remains committed to ensuring that our customers suffer no detriment during the transition and will continue to provide cover until the expiry of their policies.”
We’ve also been told that it was the pandemic-induced collapse of buzzvault’s funding round that pushed Downing’s camp to close the managing general agent business. However, “productive discussions” are said to be ongoing with third parties in relation to the acquisition of the challenger brand and/or its technology or intellectual property.
Looking back, Downing said: “At buzzault, we set out to provide customers with a better home insurance experience, with more accurate cover at the right price and with a less stressful claims process. We have been overwhelmed by the positive feedback and support we have received since launching and are proud of what we have been able to achieve for our customers.”
