UK-based insurtech startup, Cuvva today launches flexible, single trip travel insurance via its mobile app. The startup has simplified outdated insurance offerings and processes, making insurance more accessible and front-of-mind amongst Gen Z and Millennials.
Technology and digitisation are transforming the financial sector, with the likes of Monzo challenging large incumbents. The slow adoption of technology in the insurance sector has created opportunities for startups to enter the market and drive improvements.
To better understand Gen Z and Millennials views around travel insurance, an independent survey was conducted by OnePoll on behalf of Cuvva. 2,000 UK-based respondents aged between 18 – 34, that have previously travelled abroad, participated in the survey. Only 18% of respondents said they always read their travel insurance policy. Furthermore, a staggeringly low 14% of respondents fully understand all the wording in their travel insurance policy document.
“Insurers make travel insurance unnecessarily complicated, which deters consumers, especially Gen Z and Millennials.”
When asked what would encourage them to buy travel insurance, above not being sure, the key drivers were if travel insurance was cheaper; if one could better understand the policy document wording and how they are covered; and if they didn’t have to fill out lengthy forms online.
Cuvva founder, Freddy Macnamara, said:
“Selling a product to a customer who doesn’t fully understand what they are purchasing is completely counter-intuitive. Insurers make travel insurance unnecessarily complicated, which deters consumers, especially Gen Z and Millennials. This results in so many unprotected holidaymakers travelling abroad. Insurance fit for the 21st century is insurance that is simple to understand and simple to purchase.
Cuvva is thrilled to be expanding its offering with the launch of travel insurance. We’re modernising insurance by building flexible products that can be bought in a few minutes on mobile and that are solving actual customers’ needs.”