Reinventing Insurance > Launching an Insurtech – Week 1

About buzzvault

New for 2019, buzzvault brings you your first ever truly personalised home insurance policy. Instead of the blanket cover that is the industry norm, our coverage reflects what people actually own and how they actually live. At the core of this is your vault, a secure and lasting digital record of your possessions and their value. For more on what makes us interesting, check out our home insurance manifesto.

In this new Launching an Insurtech series, we give you the story of our launch, following 5 different departments from November through to January on their mission to get our unique Insurtech offering out of the door. It’s a tale of the joys – and the tribulations – of being a small start-up, and at the end of it all is a new insurance product – which we’d like to share with you as well.

For a limited time only, we are rewarding early adopters of our product with a £40 Amazon Voucher. Protect your home with buzzvault, and then go and buy something nice for it. Simply leave your email below.

Scroll down for Week 1 in the series, where we’re following buzzvault on the road, or jump to another week of your choice: we have perspectives from marketing, operations, pricing, content and senior leadership.

 

Week 1: Insurtechs on the Conference Trail

Week 2: Into Insurance as an Out-Of-Industry Player

Week 3: At Last — Our Insurance Goes Live

Week 4: Confessions of an Insurtech Pricing Guy

Week 5: Reflections from Base Camp on Mount Insurance

 

Week 1: Insurtechs on the Conference Trail

In the first of our five diary posts covering the buzzvault journey from November to January, we follow Alex Cherry, buzzvault Head of Content, as buzzvault hits the conference stage.

It’s Monday 5th November and three of us from buzzvault are off to the Insurance Innovators Summit. Charlotte Halkett, our MD of Insurance Product, is on stage later, and we’ve place for a stand on the exhibition floor.

Bella, Marketing Executive, meets me at the venue sporting a branded T-shirt and heaving along a large plastic trunk hopefully containing the ingredients for at least one stand.

Several long, long flights of stairs later and we’re in the “Insurtech Zone”. You’d be surprised just how many of the challenges we face getting our name out there are purely physical!

At today’s event we’re showcasing buzzvault, our soon-to-launch horror-free reinvention of home insurance. It’s as simple as: open the app, complete a quick survey using our mobile video tool and get your quote.

Our video tool, buzzsurvey, is meanwhile used by removals companies all around the world, and we were exhibiting it at the International Association of Movers show only last month. Step one is making sure we have in fact brought the right materials.

In a flurry of magnetic sticks and, yes, the right canvas panels, our stand takes shape. A smooth backdrop telling the buzzvault story. A branded podium. And some product flyers, glossy, firm and with that fresh-from-the-printers smell. However much chaos goes in – provided simplicity comes out, we’re happy.

On stage around lunchtime, Charlotte discusses the idea of insurance as a “pull” product. There’s a strong feeling at this year’s event that insurance can be a great enabler for customers, whether they’re driving, travelling or leaving the house. But a lot needs to change with how insurers design their products and how they communicate.

Come Wednesday, I’m back at base making my morning coffee. The events trunk is stowed in a corner. The event blog has been written, published and relevantly hashtagged.

A ray of sunshine passes over our high-end motivational poster “culture eats strategy for breakfast”. But all I’m eating for breakfast is an Estonian wafer snack left out by our CTO John, who’s just returned from a meeting with our one of partners – over in Tallinn. Ironing things out in advance of D-Day.

Meanwhile, we’re not just building a new product but a whole new product team. And we’ve not just got to keep pace ourselves but to get each new member up to speed as well.

Over the next couple of days, we’ll each take turns introducing a new starter to different cogs in the buzz machine. Insurance, removals, video tech – nothing like staff inductions to get you thinking about who you are and what you offer customers.

Until, once again, 4pm on Friday rolls around. 4pm Friday means one thing: we’re officially allowed to dip into the special side of the fridge, home to more than just Coca Cola.

One week more in the journey. One week less until buzzvault launches. And one thing certain: it only gets tougher from here.

Interested to explore buzzvault first hand? Then sign up for our early-adopter bonus below. Or, to continue reading about our journey to launch, jump forwards to Week 2, in which we follow newly appointed Head of buzzvault Operations Charlie Vinall as he gets to grips with the challenges of his new role.

 

>>> Click here for Launching an Insurtech Week 2: Out-Of-Industry Player

 

buzzvault early-adopter bonus

The very fact that you’re reading this to begin with makes you special – you’re someone who’s taken an interest in the state of UK home insurance. And we’d love to make you part of our mission to fix it.

For a limited time only, we’re offering a £40 Amazon Voucher to early adopters of buzzvault. Get yourself quoted in under two minutes and, once you’ve activated your policy, you’ll receive your voucher (promotion Ts & Cs apply).

This diary piece was first published on Insurance Post. For more info on home and contents insurance, check out the buzzvault guide to contents insurance.