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.

 

Week 4: Confessions of an Insurtech Pricing Guy

In the third of our five diary posts covering the buzzvault journey from November to January, we follow Paul, buzzvault’s Head of Pricing. When he’s not ratcheting up a killer spreadsheet, he enjoys watching football and playing cricket in his native Canterbury.

They said it takes a certain type of person to work for a start-up. Well, it’s certainly a very different experience from working for a corporate, I think to myself as I walk up the iron stairwell to Unit 22 of Archer Street Studios, Soho, on Monday morning.

As I boot up my machine, here’s a bit more on me. As buzzvault’s Head of Pricing, much of my role resembles what I’d be doing at an incumbent: setting prices and monitoring them over time. I also do my fair share of reporting, and this is where things start to get different. I’m not just reporting internally but externally too, as we’re entering the home insurance market with the help of several partners.

For now, it’s a weekly pricing update – and that’s what I’m on this morning. As all insurance people well know, data is key here, and in this respect we’re in an interesting place…

We already help thousands of customers with their home moves every year, via our moving platform buzzmove, which gives us unique access to people at precisely that point in life when home and contents insurance is top of mind. And the data we collect is extremely valuable and unlike what incumbents typically have at their disposal; leveraging our buzzsurvey video technology, we’re able to create detailed inventories of customers’ household possessions.

This means we know exactly what we’re insuring in people’s homes, and this unlocks countless opportunities to serve customers better. In particular, buzzvault gives customers superior peace of mind – and insurance is a peace-of-mind product after all – because they know, for a fact, that their things are covered. If it’s in their vault, then they can claim back via their smartphone.

Meanwhile, it’s a data goldmine. I’m looking forward to exploring trends in the composition of customer vaults and how these map to claims experience. But, as we only launched last month, my inner data scientist will have to wait a little longer before climbing on in with the trusty pickaxe of analysis.

When you work for an incumbent, it’s easy to take for granted the immense pre-existing volume you have at your fingertips. You have a platform in place already, so your job is essentially fine-tuning and maintenance. At buzzvault, we are building the platform! Low volume obviously leaves any book susceptible to skews, so we tread carefully – leveraging a range of tools and proxies to understand market rates. And, given our team’s huge drive and passion, I believe we’ll reach scale sooner, not later.

My week of enhancing data reports, testing potential improvements to our pricing mechanisms and dealing with ad-hoc requests for data analysis from the wider company is interrupted on Thursday by a short meeting with one of our video surveyors. These guys are on the frontline of customers using buzzvault – and thus a data source to overlook at your peril.

The best journeys always end back at the beginning – and so, as 4pm Friday chimes in our office happy hour, I find myself returning to my week’s opening thought: what type of person does it take to work for a start-up?

Well, in both worlds you need to be diligent, attentive and keyed into your customers’ needs. But, while you can work in peaks and troughs at an incumbent, it’s all peak at a start-up, with few opportunities to catch your breath. Yet, at the same time, it’s easier to take a start-up down the proverbial rabbit hole than a corporate… We’ll let you know what’s on the other side!

If you want to be one of the first to trial buzzvault insurance, then sign up for our early-adopter bonus below. Or, if you want to read the final instalment in this 5-piece diary series, click through to Week 5, where we follow buzzvault Founder and CEO Becky Downing and reflect on her experiences over the last 12 months getting buzzvault up and running.

 

>>> Click here for Launching an Insurtech Week 5: Base Camp on Mount Insurance

<<< Back to Launching an Insurtech Week 3: Our Insurance Goes Live


Claim Your Buzzvault Early-Adopter Bonus Here

For a limited time only, we're offering a £40 Amazon Voucher to early adopters of buzzvault. Leave your details below, download our app and, once you've activated your policy, you'll receive your voucher.

Not ready to renew your home insurance just yet? Leave your email and, in addition to sending your voucher, we will also pay your cancellation fee.

*Promotion Terms & Conditions apply. See below.




To ensure that we can send you your voucher, please use the same email address here and when setting up your buzzvault account. We look forward to helping you protect your things!

*Buzzvault Early-Adopter Offer – Ts and Cs

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.