The value of home contents typically increases at Christmas, with household spending rising by around £500 and money spent on gifts averaging £400. 

With a 17% increase in burglaries at this time of year buzzvault makes protecting our possessions easy – including gifts bought and received at Christmas. buzzvault is the world’s first hyper personalised home insurance based on a customer’s digital inventory of their home. It allows customers to instantly add or remove items from cover through the buzzvault app on their smartphone.

A survey of 2000 consumers by buzzvault found just 1 in 10 makes a point of updating their home insurance after Christmas to ensure any new acquisitions are covered by their policy and 7% do this at renewal. However, almost half of the respondents (45%) said updating their home insurance to reflect new gifts and possessions simply wouldn’t occur to them.

Over 1 in 4 homes has no contents cover (28%) and around 1 in 5 home insurance claims are not paid.  buzzvault, a simple app-based solution which has the backing of one of the world’s largest insurance groups, tackles this problem head on.  Using video survey technology, buzzvault makes it easy to create a highly secure digital log of every possession and its value.  This virtual inventory is stored in the customer’s secure buzzvault which they can manage from their smartphone or tablet.  

Following a short number of questions about their property and prior claims, the customer can then request a building and contents insurance quote via the app, based on their home contents inventory.

This game-changing home insurance app is the brainchild of Becky Downing, CEO, who, following a burglary when she lost almost everything, saw an opportunity to use a mix of technology and human expertise to offer home insurance that is personal to each customer.  No more guesswork over the value of their possessions, no more disputes over what is and is not covered by their policy.  

This is the first time consumers will be able to buy home insurance with clarity on both sides over what is covered and its value – item by item – with a speedy, no quibbles settlement if they need to claim.  

How it works

Customers simply download the buzzvault app and book a survey.  They can then open a direct link to one of buzzvault’s team of fully vetted and certified surveyors who guide customers as they use buzzvault’s specially developed video technology to survey each room in their home and digitally capture the contents.  This one off process takes on average just 15 minutes.   

The contents data is loaded into their secure buzzvault and each item is assigned a value. Customers can then choose to take building and home contents insurance cover from buzzvault in the knowledge that if they need to make a claim – all the information to support the claim is securely stored in their virtual buzzvault.  

Every home contents item in their buzzvault is automatically protected both in and outside the home, with the option of accidental damage cover.  Customers can choose to remove items, amend values and add new purchases such as Christmas presents with receipts to keep their insurance up to date. 

buzzvault is launching in partnership with Munich Re Digital Partners, part of one of the world’s leading re-insurers. Digital Partners aims to be the fastest and most flexible insurance partner for digital disruptors.

Becky Downing, CEO of buzzvault says: “It is shocking that close to 1 in 5 home insurance claims are not paid.  This is largely down to lack of clarity over what is and isn’t covered and many people automatically renewing without updating their policy based on the current value of what they own.  A big factor in this problem is the current way home insurers expect customers to answer a whole raft of over-complicated questions and come up with a broad estimate of the worth of their possessions. This leaves too many people at risk of a poor claims experience at an already stressful time in their lives.

“Through the buzzvault contents data we collect, we will know exactly what we are insuring, eliminating the risk of underinsurance whilst promising customers a transparent, speedy claims service should they need to make a claim. We will also use external data sources to significantly reduce the number of questions we need to ask about the building itself.”

buzzvault has been recognised as being truly pioneering in its strategy to leverage data and technology to create the world’s first truly personalised home insurance policy based on a digital inventory of a customer’s home contents.   

Becky Downing concludes: “We are moving insurance into the virtual world with a future vision to leverage blockchain in one of its first applications in a consumer environment.  The timing for our launch couldn’t be better as we head rapidly towards Christmas, helping to ensure those gifts are covered by more than wrapping paper.”

Find out more about the buzzvault here.