buzzvault is the world’s first digital asset vault built on the blockchain which makes it effortless for customers to digitally catalogue and securely store details of their possessions. The unprecedented level of data they gather through the buzzvault unlocks their own uniquely designed intelligent household insurance product, tailored to customer needs. This results in the first ever truly personalized home insurance policy. Buzzvault has partnered with Munich Re Digital Partners.
It all starts with the buzzvault app. This enables customers to build a secure, digital inventory of their home contents with one of buzzvault’s certified video surveyors. They can then view an accurate, verified record of all their belongings 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.
Customers can choose to receive a tailored home insurance quote based on their secure contents data, removing the need for lengthy form filling or guesswork. As such it will vastly reduce the risk of underinsurance whilst promising a smooth and swift claims experience.
buzzvault has secured the backing of Munich Re Digital Partners for launch mid-year with UK household insurance. Their current distribution channel Buzzmove has been up and running since 2013. They work with over 350 removal company partners and helped an average of 1,900 customers move home in 2017.
Over a quarter of households have no contents insurance
ABI research suggests over a quarter of households in the UK, 7.5 million, have no contents insurance, leaving possessions worth over £266 billion unprotected and at risk. Unlike perhaps any other area of insurance, home insurers do not know exactly what they are insuring.
buzzvault insurance tackles this problem by using digitized contents data so that they know upfront exactly what the customer wants to insure. This is the customers’ data which they can choose to share with them to secure home insurance with the promise of a fairer premium and a really slick claims service. Access to this unprecedented level of contents data will lower loss costs to their business which translates to lower insurance costs for customers.
Want to continue reading?
Sign up for our newsletter to read the full article and receive the latest news about innovation in insurance and Insurtech straight to your mailbox every week. Already signed up before?
- Join over 20,000 other insurance executives to receive the latest innovations in insurance
- Be the first to read our Insurtech editorials
- Stay tuned for the latest community news
- Get access to exclusive offers!