New app set to transform the way insurance is purchased and managed
KoverNow, an insurtech start-up company based in Singapore, has announced that its new app for iOS, which makes mobile consumer insurance services seamless and easy to use, is launching today. The app, available only via the Singapore Apple App Store, will enable consumers living in Singapore to purchase insurance cover for watches, jewellery, electronics, handbags and cameras, with more categories, such as Pet, Mobility and Travel, and an app version for Android, to be added to the KoverNow ecosystem in coming months.
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The KoverNow app will initially offer insurance coverage from QBE Singapore, delivered in a way that provides consumers with the cover they want, for the items they value, on one easy to use mobile platform. The app allows customers to see their ‘Vault’ at-a-glance, where they can list all their insured items, have them valued and store the details in the app. The insurance coverage can then be switched on or off at any time to suit the consumer.
“The KoverNow app has been designed with ease of use in mind and will be particularly attractive to millennials,” said Stephan Kaiser, CEO of KoverNow. “It is accessible, intuitive and delivers a level of control that is just not available through traditional insurance policies. Most importantly, they can access it through their smartphones in seconds.”
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Before launching the app, KoverNow carried out a survey with 500 millennials in Singapore, testing their attitudes to risk and purchasing insurance services. The survey found millennials are influenced by price, ease of use, the buying experience and speedy claims processes. Despite 80% saying that they would be distressed if their smartphone or tablet was lost or stolen and being willing to pay to insure their electronic possessions, only 12.2% already had cover. While less respondents said that they would be distressed with the loss or theft of fashion items such as jewellery (40.5%), luxury watches (36.7%) and luxury handbags (32.2%), they would still be willing to buy insurance cover for their luxury goods.
The KoverNow app aims to fill the gap in the market for insurance that can be bought quickly and simply for individual items without the complexity and the paperwork associated with insurance policies. By making KoverNow available as a digital service, it will resonate with a younger audience, accustomed to accessing and managing almost all other financial services via their phones or digitally, truly disproving the myth that insurance is the exception to the rule, and too ‘complex’ to sell and manage as a simple online transaction.
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