Suncorp has been revealed as the backer of an insurtech chatbot that provides micro-insurance for peer-to-peer, online transactions.
Called Kevin, the platform insures any online transaction, on sites such as Gumtree, from theft, fraud and scams and was launched earlier this month.
A collaboration between Suncorp and Traity, an online reputation start-up, the idea for Kevin came when founder Juan Cartagena bought a laptop off Gumtree and transferred funds but never received the laptop.
“Kevin is a project in collaboration with Suncorp, the Australian financial services conglomerate with whom we have built a partnership which includes Kevin and another product we will launch in the next few months,” Cartegena wrote in a post on the Traity website.
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Customers using Kevin will be provided with a link that they can send to their online seller, and once that person is approved, the transaction is insured for up to $100 for free.
Cartegena explained that while $100 sounds like a small amount, it covers most online transactions and will help prevent fraud and theft as well as pay claims for affected customers.
“Users who buy and sell through Kevin will be subject to reputation, and scammers will simply try to avoid it, so we are likely to see a low level of scams, just because scammers tend to prefer to be anonymous,” Cartegena explained.
In the future, Cartegena noted that the free service could charge for larger transactions.
The launch of Kevin comes a year after it was revealed that Suncorp would partner with Trōv, a mobile-based instant insurance platform which offers customers instant access to insurance for single items.
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