Home insurance insurtech buzzvault, part of tech firm buzz, has launched in the UK.
Calling itself the “world’s first truly personalised home insurance policy”, it utilises digitised home contents data. Furthermore, the home insurance insurtech is in partnership with Munich Re Digital Partners.
buzzvault is app-based and uses customer data, as well as mobile video survey technology, for its customer journey. This applies from home insurance application through to claim.
How the home insurance insurtech works
With the free app, householders survey each room in the home via a direct link to a buzzvault certified surveyor. Afterwards, the recorded footage is converted into a digital inventory with a value assigned.
Customers can then view, update, and amend their buzzvault from the app and get an instant value of all their possessions. In addition, only a small number of questions need to be answered before a quote.
Furthermore, customers can choose to remove items, amend values, and add new purchases with receipts to keep their insurance up to date.
How is this home insurance insurtech different?
Becky Downing, CEO, said: “We started out disrupting the home moving market with buzzmove, one of the first online comparison sites for removals. After the trauma of a burglary I realised the contents data we were gathering from home surveys could be used to give our customers hyper personalised home insurance. This would help to address the huge underinsurance and un-insurance problem we have in the UK.
“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. Customers with many possessions get the right level of cover, while those with few possessions don’t pay over the odds.
“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. ”
Mark Dennis, COO of Digital Partners, adds: “The home 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 buzzvault on its journey to transform the home insurance market.”
Downing continued: “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.”