London-based fintech start-up Pluto has secured support from Swiss insurance firm Zurich to disrupt the travel insurance market by attracting young customers who do not wish to avail travel insurance.
As part of the collaboration, Zurich has agreed to provide underwriting expertise and claims management capacity to Pluto.
The new service is expected to offer customers with a quote in around 60 seconds or around three minutes when a customer is building their own policy.
Leveraging Facebook Messenger, customers can manage their policy by receiving instant responses when they require filing a claim, searching their policy and editing their policy in the future.
Pluto co-founder and CEO Alex Rainey said: “Travel insurance is often far too complex and the result is that people don’t know what they’re buying and therefore don’t buy.
“This means young people are taking on huge unnecessary risk and is exactly why we started Pluto – to make it easier to understand.
Zurich head of innovation Mark Budd said: “How our customers want to buy insurance is constantly changing, precipitated by the increased reliance on technology and, specifically, smart devices.
“Millennials are a particularly interesting demographic as they grew up keeping up with the latest technological advances and its only right that we keep up with them, too.”
Since its launch in mid-December 2018, Pluto has been trading as an insurance broker, regulated by the Financial Conduct Authority (FCA).