BGL Group has reported “significant” growth for its short-term insurance brand, Jaunt, which has seen customer numbers surge by 60% since January this year.
The brand, which launched in May 2019, has “gone from strength to strength”, following a spike in demand for “flexible, cost-effective” insurance policies that have reportedly coincided with the pandemic and changing consumer needs.
According to the group, many drivers used Jaunt before the pandemic to provide cover for leisure activities and social events.
However, the crisis reportedly highlighted an “increasing need” for a more flexible alternative to annual car insurance cover, with motorists using short-term insurance in recent months for essential journeys to work, as well as trips to help others collect food and medicine.
Jessica Cordery, Associate Director for Marketing at Jaunt, said: “The dynamics between customers and their financial services providers has been shifting for some time, with people demanding more of a personalised experience.
“After recognising a gap in the market, smart and targeted marketing, coupled with competitive pricing, has delivered a strong performance in the first year.”
She added: “However, the Covid-19 outbreak catapulted demand from motorists for a more flexible product structure to their insurance. We are now experiencing a cultural shift, with many drivers choosing to borrow vehicles, rather than own them.
“While there will always be an important place for annual cover, the way people utilise insurance is changing and may well change forever after this period. Therefore, Jaunt is well-placed to capitalise on this and we have exciting plans in place to accelerate our growth even further.”