Cuvva: 2 Minutes for a Customised Travel Insurance

The British InsurTech Cuvva which specialises in on-demand car insurance, expands to travel insurance. Customers may sign up for early access to the Beta version.

Cuvva is based on a concept similar to the one they applied for their other offers: an on-demand, simple and flexible insurance policy enabling customers to sign up in a matter of minutes for themselves and/or family and friends when traveling abroad.
The offer includes:
- Medical cover up to £2.5 million
- 150 sports and activities covered
- Travel cancellation cover (weather conditions, flight delays, etc.)
- Event cancellation cover (festival, concerts, shows, etc.)
- Adjustable number of insured customers
Prices are assessed based on each contract, the user may:
- Specify assessed cost of luggage and/or sports equipment
- Adjust cancellation cover (flight fare, concert tickets, etc.)
- Adjust the amount of excess to be paid if a claim has to be filed
- Choose a region (Europe or world).

Expanding service offering while upholding similar concepts: simplicity, flexibility and customised prices. Cuvva promises to let their customers sign up for a travel insurance contract in less than 2 minutes: this promise also applies to their car insurance policies. Also, they insist that their customers have access to all required documents transparently and in-app.
Their consumer support service is available 24/7 all year round; the InsurTech claims they achieved 84% satisfaction level.
Business model: Partner insurers are changed a finder’s fee as Cuvva acts as an intermediary. Customers are also charged fees.

Cuvva launched in the UK in 2016. They first introduced short-term on-demand car insurance policies from 1 hour to 28-days. These options are mostly intended for customers who do not have a car, helping them address various kinds of emergencies, via instant subscription and contract activation. This idea has since been expanded to include utility vehicles as well as cabs and ridesharing drivers.
Cuvva also features APIs to make their infrastructure available for vehicle fleet, carpooling platforms and other mobility-focused players.
In the on-demand insurance sector, travel insurance policies have been used as innovation levers by several industry specialists: long-standing players (AXA with fizzy –their parametric insurance for flight delays– for instance, or “last minute” kiosks at airports) and InsurTechs, alike.
also stood out early this year when they unveiled a location-relevant travel insurance from £1 per day: this service is automatically activated when the subscriber crosses his country's border. Cuvva, however, stresses a more customised approach: customers may precisely adjust their insurance policy to match their needs.

Category : Alertes quotidiennes

Source : Cuvva