A trailblazing Insurtech firm that allows consumers to create a digital inventory of their belongings when they are moving house and use it to purchase home and household contents insurance has completed a $6m “super-seed” round led by White Mountains Insurance Group, who trade on the New York Stock Exchange.
BUZZMOVE, founded in 2014, began life as “a leading UK-based online price comparison and booking platform for the moving industry”, but say they will spend a portion of the funds on the continuing development of their new platform, aimed at making it easy to switch insurance providers at the same time as switching homes.
The beauty of this business model lies in the fact that, as a company press release points out, “moving is a critical juncture in consumers’ lives that often changes their relationships with key financial and homes service providers.”
In other words, there is never a better time to consider arranging a new insurance policy than when you are moving home, as you literally have no choice but to go through all your belongings one by one before leaving them to the removal men.
Why not take a photo of each item to prove to insurers they really do exist, inventorise them, and take the opportunity to finally switch your provider – something you have most likely been meaning to do for years?
BUZZMOVE say they are “leveraging this access point to gather accurate home and household contents data and to empower consumers to obtain tailored coverage at the right price”, and that their “intuitive” app makes this a simple task for any user.
Rick Huckstep, MD of online publication Digital Insurer has described BUZZMOVE as “a ‘pickaxe’ for the removals business who have become a ‘miner’ for the insurance industry.”
The company also provides professional surveying software to removal companies in the form of a “next-gen SaaS platform”.
Says Rebecca Downing, CEO; “BUZZMOVE aspires to be to home and household contents insurance, what telematics is to motor insurance, enabling truly personalised home and household contents-based insurance policies.”
BUZZMOVE only recently participated in the Startupbootcamp Insurtech program; based in London it is the world’s first Insurtech-focused accelerator.
Sabine VanderLinden, the accelerator’s MD, commented; “insurance customers want more personalised and transparent products and services that they trust, and BUZZMOVE aims to do just that; straddling the e-Commerce, home and insurance environments. We foresee huge potential for BUZZMOVE’s solution within an insurance sector that is seeking improved customer engagement via digitization.”
BUZZMOVE has also been named as a Disrupt100 company, “with the potential to influence change or create new global markets”, and named one of 100 companies to watch by Tech City Insider, whilst CEO Downing recently grabbed the Emerging Entrepreneur Award at the Sixth WCIT Enterprise Awards.
Investors White Mountains Insurance Group are a Bermuda domiciled financial services holding company traded on the New York Stock Exchange.
Startupbootcamp runs 15 programs in cities ranging from Amsterdam to Berlin, Copenhagen, Istanbul and Miami, with a mentor and alumni network that spreads across more than 30 countries. Of the 300 startups to have been “accelerated” by the company, 80% remain active.
Applications for the next InsurTech accelerator close in 68 days. The program is run from the City of London and partners with the likes of SwissRe, Admiral, Allianz, PwC and The Innovation Group. VanderLinden has more than 18 years experience working with insurers and tech companies in market positioning roles.
Other participants in the accelerator include Domotz, creators of an IoT remote controlled device, through which users can control all of the electronics in their home, from setting the alarm to changing the television channel.
With the world of insurance beginning to wake up to the world of tech disruption, it seems BUZZMOVE, in particular, have got their timing bang on – in more ways than one. The best solution yet to beat those house-moving blues?