Start-up life insurance provider reviti has joined Insurtech UK, the alliance of insurtechs and brands.
The firms hopes to transform the insurance industry through the use of technology. In addition, they want to make the UK the best place for innovating insurance in the world.
Furthermore, they share a conviction that the UK is paralleled for setting up an insurance business. They refer to the UK as the “Hollywood” of insurance due to the depth and diversity of talent available.
reviti is a firm that believes customers who improve their lifestyle deserve discounts on insurance premiums. Primarily, its focus is on getting people to stop smoking. For this, it is drawing on the experience of its owner, tobacco company Philip Morris International (PMI).
PMI is currently attempting to create a “smoke-free” future and ultimately replace cigarettes.
Also an Insurtech Board Member, reviti’s CEO, Dan Pender, said: “I’m proud to have played an active role at the beating heart of the UK’s dynamic insurtech industry. The reviti team are all innovators in insurance, passionate about developing propositions and businesses that make a real difference to the customer. Rethinking life insurance is no mean feat, so it is great to be collaborating with other forward thinking organisations keen to ensure that policymakers and regulators hear our voice and our sector thrives into the future.”
Matt Hodges-Long, Insurtech UK Operations Chair, added: “Traditional insurance companies set premiums based on how ‘risky’ a customer is to insure when they buy a policy – what reviti brings to the market is different. They recognise that people’s lives change over time and want to help them on this journey of positive change, so if customers make better choices through improving their lifestyle reviti will reward them. This is the kind of innovating force we’re keen to attract to our organisation as we put the UK on the map as a place to innovate and invest.”