Found – a start-up that aims to reunite people with their lost items – has the potential to reduce the number of gadget and contents insurance claims by creating an ecosystem of partners on its app. The success of insurtech Found hinges on its ability to attract enough users, and insurers should consider partnering with the startup to achieve this goal.
Found allows users to register their personal belongings on the app. Found utilises computer vision to automatically detect the brand, model, and colour of devices like smartphones and fitness trackers.
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If users lose their items, they can then report them as missing via the app. If a lost item is found, people can drop it off at Found business partners such as restaurants and retailers. The app will then scan its database of reported lost items to find matches and notify owners.
This system has the potential to greatly benefit insurance companies. If people are able to easily find their lost items, the number of claims for lost devices will undoubtedly decrease. Currently, only 15% of people have insurance for a one-off high value item like a phone or laptop, while 28% of home insurance policies are contents only. However, GlobalData expects these proportions to rise with the increasing proliferation of Generation Rent raising the demand for contents only home insurance products.
The English Housing Survey revealed that in 2016–17 a fifth of the UK population lived in privately rented accommodation – a 100% increase over a 20-year period. As more people rent, the need for combined buildings and contents insurance will decrease. Buildings only insurance will be purchased by landlords, while contents only insurance is more suited to tenants.
Insurers should work with companies like Found to raise awareness about the benefits these apps can bring. By helping Found increase its customer base, insurers will decrease the prevalence of claims for lost items like smartphones while also improving their customers’ experience and state of mind. Insurtechs like Urban Jungle, which are geared towards providing cover for renters, are well suited to foster a working relationship with Found.
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