Backed by Munich Re’s Digital Partners, insurtech buzzvault insurance has its eyes set on shaking up the industry with its blockchain-based offering – beginning with home insurance.
Insurance Business spoke to Charlotte Halkett, joint MD at buzzvault, about the “traumatic burglary” that led to the start-up’s founding, the potential for change under blockchain, and business plans for the future.
It all starts with the buzzvault app. This enables customers to build a secure, digital inventory of their home contents with one of buzzvault’s certified surveyors. They can then view an accurate, verified record of all their belongings and obtain a valuation of what they own. This information can be updated with receipts and warranties as new items are acquired ensuring the total value of the contents data remains truly reflective of current market worth.
When we launch buzzvault insurance mid-year, customers can choose to receive a tailored home insurance quote based on their secure contents data, removing the need for lengthy form filling or guesswork. As such it will vastly reduce the risk of underinsurance while promising a smooth and swift claims experience.
It’s a genius idea with a ready-made distribution channel through our buzzmove partner removal firms.
We are building buzzvault on the blockchain. This is vital to give our customers assurances over data security and privacy. We know this is a prime concern for consumers but also know that they are becoming more willing to trade their information for more personalised cover.
You can’t really top saving someone’s life can you? At insurethebox, we had a number of instances in which the crash alert service enabled us to speed support to a young motorist. That’s the power of using real time data in insurance.
Then of course, being appointed MD at buzzvault has been a significant career move for me. People were really surprised I was leaving motor telematics insurance given my experience, but there are so many insurtech parallels in what we are doing, and I am relishing the challenge of bringing revolutionary ideas to another line of business.
Becky has given me an amazing opportunity to help fix the broken home insurance process, leveraging digitised home contents data using buzzmove’s proprietary video surveying technology. I am delighted to be part of a highly diverse and hugely talented team that will make this work and take the home insurance market to a whole new level. It’s also gratifying to find myself working at a senior level with a whole bunch of very able and inspirational women.
Insurance, at its heart, is a noble profession that supports people to live the life they want to, safe in the knowledge that they have a safety net. Somehow it has lost its way in some parts, but I’m pleased that technology is helping to bring those back on course.
