Digital Insurance Agenda

Dynamo: The new way to insure 

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 27, 2022

Today’s average customer has 5-10 different financial services products with 5-10 different companies. That also means they need to pay commission to 5-10 players. Typically, customers would buy from a broker, the broker would earn a commission from the sale, and then every change a customer makes gets charged. Of course, there are self-service concepts, yet mainly for simple products. In the investment industry, trading apps like 212 and eToro give the general public the option to invest yourself without paying a commission. Why is that not possible in insurance?  

This is exactly what Dynamo aims to do. The company provides a solution to centrally buy insurance products, using central stored consumer data to provide accurate quotes. Giving customers the ability to update all of their policies without having to pay 5-10 different admin fees. 

“Imagine an Online Insurance Broker that doesn’t just sell and auto-renew your policy, but one that also finds you a better deal year after year? Here at Dynamo Cover, as well as providing our own fantastic cover at an affordable price, when it comes to renewal we don’t just auto-renew your policy – Instead; we search the market and if we can find you a better deal, we’ll offer that first. We’ll check Price Product Star Rating Customer Reviews Insurer Rating and Solvency Meaning you’ll always get the best cover at the best price, year after year.” 

Dynamo is best described as a consumer-facing platform that allows users to purchase insurance with 0% Commission. The company gives users the ability to set up, purchase and administer their policies all by themselves, eliminating the need for a broker thus giving the user a saving due to No commission. The system actively uses data on its platform to learn more about the users’ risk and provides accurate quotes for additional services. Users are able to combine insurance policies into a single payment and (soon) regular monthly payments. 

How does it work? 

Dynamo is the 0% Commission platform for you to buy and manage insurance needs. Dynamo has a growing number of insurers on its platform, however, it primarily acts in the same capacity as a broker, so customers are Dynamo’s customers. 

Why did we select Dynamo to present at DIA Munich 2022? 

Dynamo is an Insuretech platform that allows users to make arrangements for their insurance needs without the need of a broker and so it’s solution is Commission Free. An alternative to using a broker; the platform gives the customer all of the ability to purchase, arrange and set up a policy as well as administer it, making a saving in the process.  

At DIA Munich 2022, Dynamo will share how the platform works and present ‘Indiana Mills and the quest for the Holy Grail’.   

Who is Dynamo Cover?  

Dynamo is a UK Based company and trades in the UK. The company was founded by Alex Mills in 2017 in Barry, South Wales. It now has near 600,000 users of our platform. Bootstrapped and Self-funded the business is now beginning fundraising rounds to accelerate it’s pace of expansion. 

It has built the business from scratch with no funding.   

Dynamo also sells cool t-shirts at www.dynamoclobber.com  

“The insurance equivalent of Stock/Share investment platforms. The platform user is able to make their own decisions using the platform framework and regulatory authorisation it provides. Customer’s are able to make a great saving and most of all, have ultimate control of their insurance solutions”

Alex Mill, Founder Dynamo Cover 

Barcelona 27 - 29 June 2023

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