Insurtech startup Urban Jungle has announced the launch of its new Building and Contents insurance product – targeted at younger homeowners, who it says have been “ignored by the big insurance companies”.
The firm said its new combined home insurance policy, underwritten by digital insurance creator Wakam, will allow customers who are moving from the rental market to home ownership to remain with them, as well as being available for anyone buying a home and looking for home insurance.
The launch follows customer feedback, as around 15% of customers who move on from Urban Jungle said it was because they had bought their first home and were looking to move on from renters to home insurance.
The new product is pure subscription insurance, which is said means customers can easily change or cancel any time without any hidden fees or “sky high interest” rates to pay monthly.
It also comes with Urban Jungle’s price promise that when the price is reviewed each year, it will always match the same price offered to new customers.
Jimmy Williams, CEO of Urban Jungle, said: “Despite our rapidly growing share in the renters insurance market, we’ve seen little sign of the big insurers waking up and matching some of the customer friendly innovations we’ve made over the last couple of years. I think it’s because young customers are ignored by the big insurers – whether they rent or own.
“Traditional insurers don’t try to understand the different risks they face, or try to help with them, and it’s great to be working closely with Wakam on this new product to help upend that. It will be interesting to see if they will respond as we increasingly close in on their patch.”
He added: “A lot of younger buyers buy on the edges of cities rather than the suburbs or countryside, and this carries all sorts of different risks, which the big insurers don’t understand very well. We’ve learnt a huge amount about insuring the renters who live in similar areas, and think we can have a massive impact by applying those learnings into a new market.”