The rise of devices like smart fridges, TVs, cheap tablets, web-enabled security cameras, plus personal assistant gadgets like Amazon Echo and Google Home is bringing the Internet of Things to many homes across the UK. That is having an inevitable effect on home insurance. Once you locked your windows and doors and hoped for the best, now you can use a variety of devices and apps to monitor what is going on 24/7.
That process of change has opened up the market to disruptive players and the big names in the insurance market are rushing to partner up with smaller, more cutting edge companies.
New start-up buzzvault, the world’s first asset vault to be built on blockchain has secured a long term strategic deal with Digital Partners, a Munich Re business unit to support the launch of buzzvault insurance.
buzzvault insurance will launch in Q3 2018 as the only truly personalised home insurance policy available to consumers based on a digital inventory of their home contents. This new home insurance proposition will address the well known problem of under-insurance in the home market by leveraging customer data and video survey technology to provide a seamless, frictionless customer journey – from application through to claim.
buzzvault is being created to make it effortless for customers to digitally catalogue and securely store details of their possessions. The process will start with the buzzvault app, enabling customers to build a secure, digital inventory of their home contents with one of buzzvault’s certified surveyors. The customer can then view an accurate, verified record of all their belongings and obtain a valuation on what they own. This information can be updated with receipts and warranties as new items are acquired ensuring the total value of the contents data remains truly reflective of current market worth.
At the launch of buzzvault insurance the customer can choose to receive a tailored home insurance quote based on their secure contents data, held in their buzzvault. Therefore rather than needing to complete a lengthy and complicated application for insurance, the key data on their home and contents will be prefilled. This will vastly reduce the risk of underinsurance whilst promising a smooth and swift claims experience.
Becky Downing, CEO buzzvault said: “This strategic partnership with Digital Partners is the first and most important step on our journey to completely revolutionise the very basis of home insurance.
“We’re on a mission to fix the broken home insurance market and Munich Re via its Digital Partners unit will give us the capacity to achieve our vision. Home insurance has been dysfunctional for too long, insurers have not known what they are insuring and this leads to a poor, painful experience when it comes to a claim. Through the buzzvault contents data we collect, we will know exactly what we are insuring, eliminating the risk of underinsurance whilst promising customers a transparent, speedy claims service should they need to make a claim.
“Buzzvault is the world’s first truly intelligent and hyper personalised home insurance policy. Blanket home insurance will now be a thing of the past.”
Charmaine Eggberry, Chairperson and non-exec director of buzzvault adds: “The support of Digital Partners says much about the enormous market potential of this highly innovative data driven solution to tackle the age old problems in home insurance. The beauty of buzzvault insurance is that it solves the chief pain-points for customers. Only those insurtech solutions that put the customer front and centre have a hope of success in this highly commoditised market.”
Andrew Rear, Chief Executive of Digital Partners concludes: “buzzvault insurance is an exciting and innovative proposition, using home contents data to deliver a more personalised home insurance service. We are delighted to play a part in innovating in the home insurance market.”
Aviva recently partnered up with Neos, a smartphone based home insurance service, backed by investors including BBC pundit Gary Lineker. Expect to see more new products enter the home cover market as the old days of taking a guess at whether you own 5K or 20K worth of contents come to an end.