Insurtech home insurer Buzzvault, which is backed by White Mountains Insurance Group and reinsurer Munich Re, has opened for business in London.
The insurer had raised over $15 million in funding from principal VC investor White Mountains, and partnered with Munich Re Digital Partners earlier this year.
Buzzvault describes itself as the world’s first truly personalised home insurance policy based on digitised home contents. The firm's app-based proposition aims to 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.
“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 Becky Downing, CEO of Buzzvault. "Customers with many possessions get the right level of cover, while those with few possessions don’t pay over the odds."
Mark Dennis, chief operating officer of Digital Partners, commented: “This corner of the insurance market is ripe for disruption. 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.”
Downing added: “In the future, blockchain will give us the necessary framework – in terms of data integrity and security - to ensure that all parties in the value chain (our home customers, insurance backers and removals partners) trust in the process, which creates a virtuous circle to the benefit of everyone.
“This is a completely new concept in home insurance from a completely new insurtech that is free from the frictional costs and fraud risks that have blighted the customer experience and hindered business performance in this market. Ultimately, access to this unprecedented level of contents data will lower the costs to our business which equates to lower insurance costs for buzzvault customers. We are changing the game for home insurance for good.”
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Buzzvault, London, Munich Re, Digital Partners, Insurtech, Home insurance, Europe