20 February 2018Insurance

Munich Re backs new blockchain-based home insurer

Munich Re’s Digital Partners has entered into a long-term strategic partnership with insurtech home insurer Buzzvault, according to a Feb. 20 press release.

London-based Buzzvault, which describes itself as the world’s first asset vault to be built on the blockchain will launch in the third quarter of 2018 as the only truly personalised home insurance policy available to consumers based on a digital inventory of their home contents, according to the press release.

The firm’s new home insurance proposition will address the problem of underinsurance in the home insurance market by leveraging customer data and video survey technology to provide a seamless, frictionless customer journey – from application through to claim.

Buzzvault claims to make it easier for customers to digitally catalogue and securely store details of their possessions. The process starts with the buzzvault app, enabling customers to build a digital inventory of their home contents and obtain a valuation of what they own. This information can be updated with receipts and warranties as new items are acquired ensuring the total value of the contents data remains truly reflective of current market worth.

“This strategic partnership with Digital Partners is the first and most important step on our journey to completely revolutionise the very basis of home insurance,” said buzzvault CEO Becky Downing.

“We’re on a mission to fix the broken home insurance market and Munich Re via its Digital Partners unit will give us the capacity to achieve our vision. Home insurance has been dysfunctional for too long, insurers have not known what they are insuring and this leads to a poor, painful experience when it comes to a claim. Through the buzzvault contents data we collect, we will know exactly what we are insuring, eliminating the risk of underinsurance whilst promising customers a transparent, speedy claims service should they need to make a claim.

Charmaine Eggberry, chairperson and non-exec director of buzzvault added: “The support of Digital Partners says much about the enormous market potential of this highly innovative data driven solution to tackle the age old problems in home insurance. The beauty of buzzvault insurance is that it solves the chief pain-points for customers. Only those insurtech solutions that put the customer front and centre have a hope of success in this highly commoditized market.”

Andrew Rear, chief executive of Digital Partners concludes: “Buzzvault insurance is an exciting and innovative proposition, using home contents data to deliver a more personalised home insurance service. We are delighted to play a part in innovating in the home insurance market for the good of the sector and the good of its customers.”

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

Hamilton Lloyd’s managing agency revamps underwriting team 

Lockton on hiring spree 

CBL told to cease writing European business

The Hartford seals Foremost renewal rights deal

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
10 December 2018   Insurtech home insurer Buzzvault, which is backed by White Mountains Insurance Group and reinsurer Munich Re, has opened for business in London.
Insurance
14 May 2018   California-based cyber insurance start-up At-Bay has secured a $13 million Series A funding.
Insurance
18 April 2018   Munich Re has appointed Angela Homm as global CFO of its subsidiary Digital Partners, which was established by the German reinsurer in 2016 to explore insurtech opportunities and partner with the industry disruptors.