UK-based short-term insurance startup Cuvva has sold over one million policies via its mobile app, and has experienced roughly 750 per cent growth in policy sales in the last two years.
Since selling its first policy in 2016, the startup has sold over 32 million hours of motor insurance alone, providing a solution for the UK’s sharing economy. Challenging the insurance sector, Cuvva was the first to provide both hourly motor insurance and insurance via an app in the UK.
Investment interest in insurtech is accelerating as new players exploit gaps that incumbent insurers are unable or unwilling to address. According to Willis Towers Watson, global investment in insurtech hit $1.42 billion in the first quarter of 2019. Additionally, the firm reported that deal count in the UK increased by 50%, during the same period.
global investment in insurtech hit $1.42 billion in the first quarter of 2019.
New platforms are transforming the customer interaction model, differentiated product offerings are 10x’ing overall customer experience. Further activity will be seen in the sector as insurtechs develop customer-focused offerings, opposed to insurer led product-focused offerings, as seen in the past.
Commenting on Cuvva’s recent growth, founder, Freddy Macnamara said:
“Cuvva is building a full-service insurance marketplace for the 21st century. Historically, lengthy, repeated sign up processes and complicated jargon-filled insurance policy documents don’t support customer needs. We are on a mission to change this by building insurance the way it should be – flexible, simple and jargon-free.”