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Brokers beware: Another app-based insurance hits the market

Brokers beware: Another app-based insurance hits the market | Insurance Business UK

Brokers beware: Another app-based insurance hits the market
Last month we told you about a fintech which has entered the insurance market and promises a 30-second process to get mobile phone cover through its app. Now another app-based offering skips the broker and goes straight to prospective policyholders.

Newly launched insurer Homelyfe allows users to get covered via an app available for both Apple and Android phones, according to a report by Mortgage Introducer. Only homebuyer’s insurance is offered at this point, with other products said to be in the pipeline. 

“The insurance industry is notoriously complex and archaic in its approach,” said Homelyfe founder and chief executive Peter Goodman, as quoted by the report. “The unfortunate result is that a lot of British consumers spend a long time answering outdated questions and are not getting the adequate protection or cover they need and want.”

Goodman said it’s time the cover sector caught up with today’s consumer expectations, adding that Homelyfe makes insurance simple, intuitive, and cost-effective.   

Homelyfe, an appointed representative of Lloyd’s managing agent Vibe MGA Management Limited, sells homebuyer’s cover for £35.

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