Toggle, a US-based digital renters insurance brand, has launched operations with the roll out of cost-effective and customisable coverages for consumers. The millennial-focused firm is backed by Farmers Insurance.
The company developed a platform to deliver a variety of insurance-related services, including gamification and multiple options for insurance subscription.
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Renters can also choose add-on features such as tech package with more coverage and Credit Lift designed to improve credit score upon timely rent payments.
The Toggle platform also includes Side Hustle to offer coverage for those who supplement their primary income with an additional business.
When members are travelling or moving, their belongings at home are protected by the Always On Portability feature. Pet Parent covers injuries caused by members’ pet to another person.
Toggle head Stephanie Lloyd said: “We recognise today’s consumers want more from their insurance beyond just coverage – they want options that empower their unique lifestyles.
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By GlobalData“Rather than build a ‘one-size-fits-all’ solution, we are looking to fundamentally change the insurance ecosystem with Toggle, as we focus on flexibility and customisation, without sacrificing the simplicity and ease-of-use consumers demand today.”
Toggle found that almost 60% of renters do not have renters insurance. It offers basic, standard and premium subscription levels. Customers will be able to cancel or modify their subscriptions.
The Identity Protector capability on the new platform delivers instant identity alerts to customers and allows them to take real-time action.
Lloyd added: “The insurance marketplace is changing and our team of inspired disruptors – our Toggle brainiacs – also happen to be experienced insurance professionals, so when we are developing new products and services, we’re able to start much higher on the development curve.”
