Monzo launches HRM insurance for left-for-account

The British neobank Monzo signs a new remarkable incursion into the British insurance market. It will offer new home insurance coverage specifically for the most vulnerable households who sometimes struggle to find contracts tailored to their needs. This new offer is thus simpler and more inclusive.

FACTS

• Monzo highlights its new HRM coverage as a housing protection solution for both landlords and tenants. They can benefit from a subscription route presented as simplified and fast (in 5 questions only), via the mobile application of the neo-bank.

• Several options are also offered, but to best meet the needs of each insured person, Monzo also offers customizable guarantees.

• Subscriber customers can then use Monzo's application to manage their coverage (e.g. by adding valuables to cover or adjusting the amount of their deductible) but also to report and track their claims at all times.

• Monzo relies on a partnership signed with the insurer Chubb to offer this new service to its customers.

• The deployment of this new offer is ongoing.

ISSUES

• Simplifying home insurance : Monzo offers its new offer only to its approximately 11 million current customers in order to guarantee its simplified subscription model. Customers are invited to answer 5 questions in order to set up their contract, the rest of the necessary information being recovered directly by Monzo from the data already available on its customers.

• Propose a more inclusive model A Monzo study found that 50% of British tenants would not have a home insurance contract or were not aware of the conditions. Monzo also reports that some of the population is not aware of this issue, as about 21% of British tenants would not consider themselves in need of home insurance; 42% believe that owners have HRM insurance to cover their own property.

PERSPECTIVE

• By offering its new MRH Monzo insurance service, it has a new role as an insurance distributor for its partner Chubb. This strategy allows him to complement his offer by keeping his customers captive on his platform.

• The neo-bank emphasizes its status as an alternative actor by offering a service presented as ultra-simplified and, above all, adapted to the needs of policyholders who are sometimes excluded from the coverage offered by traditional actors.

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