Locket, a leading Insurtech startup from London, has announced it will begin licensing its award-winning safety technology to existing UK insurance providers to help them slash claims costs.
In a recent 12-month study involving hundreds of UK homes, Locket’s suite of safety technologies prevented 18% of claims outright. Even where claims did still occur, they were 84% lower in value than among customers not using the technology. As a result, the company says it will generate hundreds of millions in savings for insurers on an annual basis – all while delivering massively improved outcomes for customers in the form of avoided damage, expenses, time and trauma.
Locket’s approach also gives insurers a chance to interact positively with their customers almost daily, in an industry where 2-3 touchpoints a year are the norm (sales, renewals, and sometimes, claims). The system is designed to foster regular engagement, drawing on behavioural science to help deliver learning outcomes and build and maintain safer habits.
“Historically, it’s been very hard to win hearts and minds in insurance”, says CEO Krystian Zajac. “Survey data shows only around 6% of people in the UK are loyal to their provider”. But Locket’s technology, Zajac says, allows insurers to offer insurance customers more of what they truly want – protection for the people and things that they love – while generating enormous return on investment for insurers.
The move comes after Locket’s safety technology earned the company first place in the home insurance category of the National Insurance awards, as well as a slew of nominations and industry coverage. Locket is in talks with a number of leading UK insurers and expects to start offering its disruptive risk-reduction technology as a service already in Q2 2023. More information about the service can be found at https://www.locketconnect.com/.
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