Munich Re backs new blockchain-based home insurer
Munich Re’s Digital Partners has entered into a long-term strategic partnership with insurtech home insurer Buzzvault, according to a Feb. 20 press release.
London-based Buzzvault, which describes itself as the world’s first asset vault to be built on the blockchain will launch in the third quarter of 2018 as the only truly personalised home insurance policy available to consumers based on a digital inventory of their home contents, according to the press release.
The firm’s new home insurance proposition will address the problem of underinsurance in the home insurance market by leveraging customer data and video survey technology to provide a seamless, frictionless customer journey – from application through to claim.
Buzzvault claims to make it easier for customers to digitally catalogue and securely store details of their possessions. The process starts with the buzzvault app, enabling customers to build a digital inventory of their home contents and obtain a valuation of what they own. This information can be updated with receipts and warranties as new items are acquired ensuring the total value of the contents data remains truly reflective of current market worth.
“This strategic partnership with Digital Partners is the first and most important step on our journey to completely revolutionise the very basis of home insurance,” said buzzvault CEO Becky Downing.
“We’re on a mission to fix the broken home insurance market and Munich Re via its Digital Partners unit will give us the capacity to achieve our vision. Home insurance has been dysfunctional for too long, insurers have not known what they are insuring and this leads to a poor, painful experience when it comes to a claim. Through the buzzvault contents data we collect, we will know exactly what we are insuring, eliminating the risk of underinsurance whilst promising customers a transparent, speedy claims service should they need to make a claim.
Charmaine Eggberry, chairperson and non-exec director of buzzvault added: “The support of Digital Partners says much about the enormous market potential of this highly innovative data driven solution to tackle the age old problems in home insurance. The beauty of buzzvault insurance is that it solves the chief pain-points for customers. Only those insurtech solutions that put the customer front and centre have a hope of success in this highly commoditized market.”
Andrew Rear, chief executive of Digital Partners concludes: “Buzzvault insurance is an exciting and innovative proposition, using home contents data to deliver a more personalised home insurance service. We are delighted to play a part in innovating in the home insurance market for the good of the sector and the good of its customers.”
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