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When it comes to insurance, Millennials tend to be hesitant, shying away from complex policies and terms. A handful of tech-focused insurance companies are tackling this issue by offering easy, intuitive ways to get insurance.
Check out a few innovative insurance companies who specifically target Millennials.
Undo: There’s An App For That
“Young people have given up on insurance because it is too complicated,” said Undo CEO and Co-Founder Sophie Grønbæk.
Undo, a Danish home insurance app, makes getting a policy easy for Millennial consumers who may be overwhelmed by policy terms and prices. Undo policyholders answer a handful of questions, and then Undo’s artificial intelligence (AI) offers plans tailored to their needs. Plus, Undo’s insurance products cost 20-30% less than market average, according to Business Insider.
“We are making it easy and transparent to get your insurance. As it should be,” said Grønbæk. Launched in May 2018, the Undo app saw more than 1,400 downloads in 48 hours and 120 new policyholders.
Lemonade: An Insurance App Driven By Social Good
With only 41% of Millennial renters holding renters’ insurance policies, Lemonade swooped in to offer insurance that’s “powered by AI and driven by social good.”
Their AI chatbot, named Maya, helps interested consumers through the process of registering. Making their entity completely tech-focused, Lemonade allows policyholders to file claims from their smartphones and send videos to file claims. When a consumer signs up for a policy with Lemonade, the insurance company takes a flat fee and the rest of the payment is distributed toward covering the consumer’s belongings. Any money left over is donated to nonprofits of the consumer’s choosing.
Lemonade reported selling $10 million in policies in the two years after its inception. “It’s not a company that is just about making money,” said actor and Lemonade investor Ashton Kutcher. “I think people are going to want to align themselves with companies like that.” Lemonade seeks to work with its consumers, funding organizations they’re passionate about.
Fabric: An Easy Site For Millennial Families
Fabric, a life insurance company, also wants to simplify the insurance process, asking consumers to make a few taps on their smartphones for great policies.
This company doesn’t have an app. Instead, their website acts as a speedy alternative. In just five minutes, consumers can receive offers for life insurance coverage that starts immediately.
Earlier this month, Fabric launched Fabric Vault, a digital space for families to create a map of their family finances. According to a Fabric study, more than four in ten couples are likely to have trouble locating financial information, so Fabric Vault offers an immediate solution. Because Vault is digital, numbers will be updated in real time, offering a concise, easy way for families to stay on top of their money management.
Insurance companies are working quickly to adapt to the digital age, offering consumers lighting fast sites and handy apps to apply for coverage and contact representatives.
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