Selling insurance to millennials is notoriously difficult, as many of them believe the actual risk of their classic VW Camper being hit by a rogue unicorn is minimal – but hey, what do those crazy bearded hipsters know?
To fill this gap in the market new start-up Pluto, based in London, is offering mobile-focused travel insurance in a bid to challenge the trend amongst under 30s to travel without insurance. The firm is being supported by global insurance company Zurich, which is providing Pluto with claims management expertise and underwriting assistance.
Pluto aims to provide an insurance quote in just 60 seconds – which increases to three minutes (still impressively rapid) when a consumer builds their own policy. It also allows insureds to manage their policies using Facebook Messenger, which enables them to get instant responses regarding their claim.
Pluto Co-Founder and CEO Alex Rainey provided an insight into the background of the new cover: “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,” he said. “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.”
Mark Budd, Head of Innovation at Zurich, agreed that insurance needs to keep pace with a generation that has grown up immersed in technology. “Zurich’s partnership with Pluto is extremely exciting and hugely promising as it’s the passion and genuine commitment to challenging the status quo that makes this offering stand out,” he said. “We look forward to working with Pluto to see how we can develop this solution as our customers’ needs continue to evolve.”