It was back in February when Insurance Business first reported on buzzvault, which at the time was slated to be rolled out in the third quarter. After moving its consumer launch a couple of times, the home insurance disruptor has now officially opened its doors.
“Unlike any other home insurance provider, we will know up front what our customers want to insure and exactly what needs to be covered by the policy, both at inception and as this changes over time for renewal quotes and MTAs,” said chief executive Becky Downing. “Customers with many possessions get the right level of cover, while those with few possessions don’t pay over the odds.”
The app-based home insurance proposition leverages customer data and mobile video survey technology. You can read about how the new market player works here.
“buzzvault makes protecting physical assets just as simple as protecting digital assets – essentially giving customers a way to ‘back up’ the contents of their homes as easily as they can back up the contents of their laptops,” added Downing, who learned the lessons of underinsurance the hard way when she herself was burgled prior to founding the business.
Earlier this year the Association of British Insurers said 28% of UK households do not have contents insurance.
“This corner of the insurance market is ripe for disruption,” commented Mark Dennis, chief operating officer of buzzvault ally Munich Re Digital Partners. “buzzvault will succeed because it responds to our changing lifestyles, ensuring householders can access insurance exactly matched to their needs.
“It’s a great example of how insurtechs are empowering consumers through their data and we are delighted to be partnering with buzzvault on its journey to transform the home insurance market.”
