Ripe Insurance, the InsurTech specialist, has launched a new product for amateur, semi-professional and professional photographers: Ripe Insurance for Photography.
Niche insurance within the business sector is growing rapidly, as the gig economy changes work patterns for everyone. Flock recently partnered with Allianz on pro/semi pro drone cover, whilst historic specialist Ecclesiastical now have an index which pulls together data from restoration companies and materials suppliers, so that listed buildings can be insured properly.
This is the third new commercial product in just nine months to be launched by the Cheshire based Ripe brand, taking their total number of products to twelve.
Ripe Insurance for Photography distinguishes itself from the competition as it’s a build-your-own model where customers only pay for the cover they need, unlike most insurers in this sector who offer pre-bundled packages. Using the Ripe technology, customers can build their policy cover exactly as they need it including cover for equipment in the studio as well as out on a shoot. Professionals can also cover their work portfolios and even the cost of reshooting in the event of negligence.
Having identified a gap in the market, the new product is also the only specialist photography insurer to offer stand-alone Public Liability cover, something Ripe is confident will appeal to amateur and semi-professional photographers. The cover can be selected online and emailed to the policyholder in a matter of minutes, ideal for last-minute shoots.
Ripe is offering a 10% discount for members of photography associations or trade bodies which is on top of a 10% introductory discount given to all new customers. Cover for theft or damage to equipment is up to a value of £60,000 in total and Ripe Insurance for Photography offers a lowest price guarantee.
John Woosey, Manging Director of Ripe Insurance, said: “Our products have always been about insuring people’s passions – cycling, golf, boats – and we already cover photographers through our specialist drone insurance, so cameras are a natural progression. Photography insurance is not a new proposition but how we do it is very different. We offer a slicker online experience, personalised pricing and award-winning customer service. We’ve seen the Ripe brand model disrupt other sectors and we know it can offer the 50,000 serious photographers in the UK a product that is tailored to their specific needs.”
The news comes shortly after Ripe announced its support from the Government’s innovation agency, Innovate UK, for a new knowledge sharing partnership with the University of Salford as part of its strategy of using data, Artificial Intelligence (AI) and machine learning to drive rapid growth.
Through the partnership, Ripe will work with researchers at the university’s School of Computing, Science and Engineering to investigate the use of AI and machine learning capabilities to improve customer experience. The funding will contribute to the recruitment of a data scientist who will work full-time at Ripe under the supervision of the university.
Insurance Edge Comment:
Ripe’s partnership with Salford Uni on the customer-centric side of AI is exactly the way the industry needs to go. If consumers can see the benefits of Artificial Intelligence in sorting claims quicker, the convenience of pre-filled forms online and flexible, on-demand PAYG cover, then the take up on new products will improve, and so will customer retention.