buzzvault, the world’s first truly personalised home insurance policy based on digitised home contents data has opened for business, backed by one of the world’s largest investment groups and in partnership with Munich Re Digital Partners.
buzzvault is an app-based home insurance proposition that leverages customer data and mobile video survey technology to provide a seamless, frictionless customer journey – from application through to claim. Tackling much of the dysfunction that exists in the home insurance market, buzzvault has already gained plaudits from insurtech communities worldwide.
Becky Downing, CEO said: “Unlike any other home insurance provider, we will know up front what our customers want to insure and exactly what needs to be covered by the policy, both at inception and as this changes over time for renewal quotes and MTAs. Customers with many possessions get the right level of cover, while those with few possessions don’t pay over the odds.
“buzzvault makes protecting physical assets just as simple as protecting digital assets – essentially giving customers a way to “back up” the contents of their homes as easily as they can back up the contents of their laptops. ”
Mark Dennis, Chief Operating Officer of Digital Partners adds: “This corner of the insurance market is ripe for disruption. buzzvault will succeed because it responds to our changing lifestyles, ensuring householders can access insurance exactly matched to their needs. It’s a great example of how insurtechs are empowering consumers through their data and we are delighted to be partnering with buzzvault on its journey to transform the home insurance market.”
How it works
Using the free buzzvault app, house-holders can survey each room in their home via a direct link to one of buzzvault’s certified surveyors. At the end of this process all the home contents recorded is converted into a digital inventory of everything the customer owns with a value assigned to each item. This is the customer’s secure buzzvault.
The customer can then view, update and amend their buzzvault from the app and get an instant value of all their possessions. Customers simply need to confirm their name, address and the number of bedrooms in their home to secure a quote for home contents and buildings insurance cover.
Every home contents item in their buzzvault is automatically protected both in and outside the home, with the option of accidental damage cover. Customers can choose to remove items, amend values and add new purchases such as Christmas presents with receipts to keep their insurance up to date. This is the first time house-holders will be offered this level of control and transparency over their home insurance.
Becky Downing continues: “In the future, blockchain will give us the necessary framework – in terms of data integrity and security – to ensure that all parties in the value chain (our home customers, insurance backers and removals partners) trust in the process, which creates a virtuous circle to the benefit of everyone.
“This is a completely new concept in home insurance from a completely new insurtech that is free from the frictional costs and fraud risks that have blighted the customer experience and hindered business performance in this market. Ultimately, access to this unprecedented level of contents data will lower the costs to our business which equates to lower insurance costs for buzzvault customers. We are changing the game for home insurance for good.”