Zurich backs travel insurance startup Pluto
Zurich has backed travel insurance start-up Pluto which aims to challenge the market by offering “travel insurance for people who don’t like insurance”.
The insurer will provide the underwriting and claims capacity for the InsurTech firm which claims its mobile-focused offering provides customers with a quote in around 60 seconds or three minutes when a customer is building their own policy.
The start-up was set up in order to decrease the number of millennials who travel without insurance.
Pluto customers can manage their policy via Facebook Messenger, which Zurich said will give them instant responses when they make a claim and enables them to easily edit the policy in the future.
The start-up launched in mid-December 2018 and is a trading style of Pluto Services Limited which is registered as an insurance broker.
It is supported by the Financial Conduct Authority’s (FCA) Innovation Sandbox. Alex Rainey, Pluto co-founder and chief executive, said: “Travel insurance is often far too complex and the result is that people don’t know what they’re buying and therefore don’t buy.
“This means young people are taking on huge unnecessary risk and is exactly why we started Pluto - to make it easier to understand.”
Mark Budd, head of innovation at Zurich, added: “How our customers want to buy insurance is constantly changing, precipitated by the increased reliance on technology and, specifically, smart devices.
“Millennials are a particularly interesting demographic as they grew up keeping up with the latest technological advances and its only right that we keep up with them, too.”