The new “Back me up” app from Ageas targets the millennial audience, fast becoming the biggest market demographic for insurance.
The app targets the UK’s 5m millennials (aged 18 to 34) who go without without home contents cover, and 2.3m who Ageas said travel abroad without insurance.
With no annual contract or penalty fees, the app gives the option to ‘swipe’ possessions in and out and offers “all in one” cover.
“Millennials…insurance needs are not being met by traditional insurance products”, Ageas said.
The insurer said the app is its first offering from the Ageas Group’s innovation fund, “which set out to create a revolutionary product that attracts and appeals to a young, independently minded audience.
“A UK industry-first, it provides cover for both possessions and travel experiences in one monthly £15 subscription, with no annual contract or penalty fees,” said Ageas.
Insurers' relationship with the technology, media and communications sector, and the need to innovate more, was the focus of an analysis piece in the July/August issue of Reactions, which is also available online, here.