Insurly Addressing Redundant Insurance Subscriptions

FACTS

• The French start-up Insurly stands out with a hybrid offer to merge InsurTech and TravelTech. They intend to address the issue of redundant travel insurance subscriptions.

• Insurly aims for travellers and upholds an educational approach helping them set lists of insurance contracts they already subscribed as well as the insurance coverage they might need for specific journeys.
• Insurly’s founding principle:
  • Display prices of available guarantees and coverage.
  • Summarise contractual guarantees and compare them with card-linked guarantees (400 cards listed so far).
• User process:
  • Visit the dedicated platform to specify the number of travellers, their age, country of destination and duration of their stay.
  • Click to check offers and be provided a list of available insurance policies among the most relevant and suited to their specific needs.
  • Compare coverage offers with existing card-linked insurance policies.
  • Additional button enabling customers to subscribe featured offers.
• For now, Insurly displays travel-related insurance offers for trips under 90 days. Comparison services for longer stays and for business trips should soon be made available.
• Later on, over 100 travel-related insurance products would be expected to be added for comparison on their platform.

ABOUT INSURLY

• October 2019: Insurly was founded
• November 2019: ORIAS registration as an insurance broker
• 7 partner insurance groups or brokers incl. AXA Partners, Allianz Travel, Chapka (AON)

CHALLENGES

• Addressing a market need. Insurly’s founders deem that their offer meets an expectation disregarded by other comparison websites (such as LeLynx or LesFurets.com).
• Making transparency a promise. As more insurance policies and guarantees keep seeing the day, customers have trouble sorting through and choosing offers. The point would be to stand out as more than just a comparison service through assisting insured parties with optimising their contracts. Other aggregation players aimed at this goal (Max, for instance).

MARKET PERSPECTIVE

• The Confédération de la consommation, du logement et du cadre de vie (CLCV – French association focusing on consumption, lodging and quality of life) recommends that insured parties should verify their insurance contracts and guarantees every other year. The idea would be to avoid that offers should be subscribed twice to cover smaller contracts or means of payment, for instance.
• As a matter of fact, this process is quite off-putting and consumers have a hard time sorting through offers. In the US, Gabi partly tried to address this situation in 2018 with a dynamic comparison service. And in France, Fluo started working on this issue when they integrated with a travel platform. Insurly takes one step further.