Start-up launches new product for young customers 'ignored' by big insurers
Insurtech start-up Urban Jungle has launched a new product targeted at younger homeowners, who it says have been ‘ignored’ by the big insurance companies.
The company's new combined building and contents home insurance policy, underwritten by digital insurance creator Wakam, will target young and first time home buyers who are looking to move on from renters to home insurance.
Urban Jungle said its non-discriminatory approach will enable them to access simple, jargon free and fairly priced insurance, regardless of their age, marital status or how long they have been living in the UK.
The subscription-based insurance can be changed or cancelled any time, and also comes with a "price promise" that it says big players will soon be forced to follow after recent law changes announced by the FCA.
“Despite our rapidly growing share in the renters insurance market, we’ve seen little sign of the big insurers waking up and matching some of the customer friendly innovations we’ve made over the last couple of years," said Jimmy Williams, CEO of Urban Jungle. "I think it’s because young customers are ignored by the big insurers - whether they rent or own."
He added: "Traditional insurers don’t try to understand the different risks they face, or try to help with them, and it’s great to be working closely with Wakam on this new product to help upend that. It will be interesting to see if they will respond as we increasingly close in on their patch.”
Wakam Franck Pivert, vice president revenue of Wakam, stated: “Our mission is to make insurance more transparent and impactful, and it’s great to be working with an innovative partner like Urban Jungle who shares these values, and have already proven they can make big inroads when they enter a market.”
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