With challenger banks growing in popularity with digitally-savvy customers, other areas of finance are now moving into the digital-first space. Aiming to be the “travel insurance for people who don’t like insurance”, London-based travel startup Pluto has created a mobile-focused solution.
According to Pluto, 60% of millennials travel without insurance, with around 90% of people not understand their insurance policies according to a study by the University of Nottingham and law firm Browne Jacobson. Pluto is aiming to address these two areas.
Designed to be “easy-to-understand and hassle-free” the startup will offer insurance quotes in around 60 seconds. After buying travel cover, customers can manage their policy via Facebook Messenger, giving customers 24 hour-responses if they need to make a claim, search their policy or edit their policy.
Pluto is backed by Swiss insurance company Zurich which is providing underwriting expertise and claims management capacity.
Since launching in December last year, Pluto also offers an incentive for new customers, offering a share giveaway to the first 200 customers who buy annual cover with them.
The company is also supported by the FCA’s Innovation Sandbox, designed to fast-track companies offering innovative finance solutions or fintech products.
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Alex Rainey, Pluto Co-founder and CEO believes that the complexity of some insurance is putting people off buying:
“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.
“Good travel insurance doesn’t have to be expensive either. But you need to make sure you understand what it covers and what it doesn’t. Don’t just compare on price!
“Customers we’ve already spoken to absolutely love building their own policy and understanding it more, they find it hugely empowering.”