Buzzmove’s innovative new product will target unengaged young consumers and help reduce underinsurance.
Buzzmove doubles as a removals company and an insurance broker of sorts. Customers log every product they want moved into their personal vault on Buzzmove’s BuzzVault app. Its smart inventory tool values the products and matches the user with a certified removal firm.
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The customer is then offered home contents insurance quotes based on their personal inventory. It is an interesting example of a non-insurance company realizing it has a wealth of data that is extremely valuable to insurers.
Reducing the time it takes for customers to receive quotes is a key trend in the home insurance market, with automation often used in the application process. Similarly, insurers have focused on making the process easier to understand by taking out harder questions – as highlighted in Aviva’s TV advert featuring a man being interrogated about the locks in his house.
Buzzmove’s product is the logical next step. Customers will automatically receive an accurate quote after they have booked a removal service, and the product removes the potential issue of being over or underinsured.
As per Insurance Business Magazine, the Association of British Insurers found that 28% of UK households had no contents insurance in 2018, so simplifying the process is essential. With it becoming harder and harder for younger generations – known as Generation Rent – to get on the property ladder, contents-only policies will continue to grow in popularity. Buzzmove’s approach will appeal to younger consumers, who are both more likely to move home and to arrange removals and insurance on smartphone apps.
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By GlobalDataIt is essential that policies are created with this digital-savvy generation in mind. Buzzmove’s new product appears to be a great way to reach them while also combating underinsurance.
However, with the features that Buzzmove has, it wouldn’t be surprising if its target market was larger than the digital-savvy.
