Good news for Cuvva who have seen a great reponse to their Seedrs pitch. There’s no doubt that in the future people in urban areas will occasionally use a car, but not own one. You know what else that means apart from the rise of flexible insurance at the point of hire? It means individual, data based risk profiles. So, your multi-point smartphone app data on speed, routes, time of day, goods or passengers carried, points on licence, credit reference score, lifestyle habits, postcode etc. will eventually become a sort of insurance passport.
And that passport can be utilised for Life, home, contents, travel and other insurance products, because the data can be overlaid with fresh input at point of quote for new coverage.
Well, all this magic can happen, if the insurtech sector can build the tools to make that data as shareable as a hybrid city car.
Here’s the word from Cuvva;
Millions of Brits hold a driving licence but don’t have access to a car. The rigid nature and upfront cost of annual car insurance combined with continuously rising costs of running a car prompted leading flexible car insurance provider, Cuvva to break down major car sharing barriers. It has already enabled nearly five million shared drives across Britain and is raising £2 million through its first-ever crowdfund campaign to help give more people affordable access to cars through its community of car owners and car sharers.
You might think cash is tight right now for many investors, but in less than a week the Cuvva crowdfunding campaign has raised over £28 million in initial interest and has had the highest number of pre-registrations at Seedrs in the last four years. Capital raised will be used to fuel Cuvva’s growth activities across engineering, product and marketing as it takes car sharing to the next level.
BIGGEST SEEDRS INSURTECH FUNDING IN EUROPE? COULD BE
According to Seedrs, Cuvva is gearing up to be the largest insurtech crowdfund ever in Europe.
Freddy Macnamara, CEO at Cuvva says: “We’re overturning the outdated insurance industry, which makes it near impossible to get insured on someone else’s car easily. The way we drive and want to use cars is changing. It requires a new approach to car insurance. Cars should be multiplayer and we’re using insurance to make it a reality.
“For the first time, we’re giving our biggest fans the chance to buy a piece of Cuvva. It’s really important to give our long-standing community an opportunity to be part of our growth and journey.”
The Cuvva app makes it just as easy to get insured on someone else’s car as it is your own with policies starting from one hour to commitment-free, monthly subscription cover for car owners. Anyone can now share cars through Cuvva. Over 650,000 lenders and borrowers have already used the app in Britain.
MOBILITY IS NOT NECESSARILY CAR OWNERSHIP
Cuvva is taking a slightly different approach to help drivers access cars more affordably. Using car insurance as the conduit, the mobility app is building a community of car owners and car sharers that can drive other cars effortlessly.
Macnamara says: “With car insurance being a legal requirement in the UK, The Cuvva community is creating a new way of movement better suited to a modern generation. Flexible cover enables car sharing. While everything is going up in price, we’re bringing down the cost for drivers through car sharing, and it’s kinder on our planet too.
“This is just the starting point. We’re so excited about all the stuff we can build on-top of this state-of-the-art insurance platform to make cars multiplayer.”
Cuvva has surpassed over £100 million in gross written premiums, and one in five 21-year-old drivers in Great Britain have downloaded the app. Taking on the UK’s £16 billion motor insurance market, Cuvva has attracted the attention of world-leading investors, including LocalGlobe, RTP Global and Breega. Cuvva originally pioneered car insurance through an app in the UK in 2016 and was the first to offer flexible cover from an hour through an app.
At the backend of 2019, Cuvva raised £15 million in its Series A fundraise and this time around opted for crowdfunding, seeking £2 million from its community as it scales and heads towards profitability.