A new app set to transform the way insurance is underwritten and managed
SINGAPORE, February 14, 2022 /PRNewswire/ — KoverNow, an insurtech start-up based in Singapore, announced the launch today of its new app for iOS, which makes consumer mobile insurance services seamless and easy to use. The app, available only through the Singapore Apple App Store, will enable consumers living in Singapore to buy insurance coverage for watches, jewelry, electronics, handbags and cameras, with more categories, such as Pet, Mobility and Travel, and an app version for Android, at add to the KoverNow ecosystem in the coming months.
The KoverNow app will initially offer insurance coverage from QBE Singapore, delivered in a way that provides consumers with the coverage they want, for the items they value, in an 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 appraised and store the details in the app. The insurance cover can then be activated or deactivated at any time depending on the consumer.
“The KoverNow app has been designed with ease of use in mind and will be especially appealing to millennials,” said Stephane Kaiser, CEO of KoverNow. “It’s accessible, intuitive and offers a level of control that’s simply not available with traditional insurance policies. Most importantly, they can access it through their smartphones in seconds.”
Before launching the app, KoverNow conducted a survey of 500 millennials in Singapore, testing their attitude to risk and purchasing insurance services. The survey revealed that millennials are influenced by price, ease of use, shopping experience and speed of claims processes. Although 80% said they would be distressed if their smartphone or tablet were lost or stolen and were willing to pay to insure their electronics, only 12.2% already had coverage. While fewer respondents said they would be upset if fashion items such as jewelry (40.5%), luxury watches (36.7%) and handbags were lost or stolen luxury goods (32.2%), they would always be willing to take out insurance for their luxury goods.
The KoverNow app aims to fill the void in the market for insurance that can be purchased quickly and simply for individual items without the complexity and paperwork associated with insurance policies. By making KoverNow available as a digital service, it will resonate with younger audiences used to accessing and managing almost every other financial service via their phone 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.
Founded in the UK in 2019, KoverNow is headquartered in Singaporefocused on its main markets in Asia Pacific with their large demographic base of highly educated and affluent millennials. The company’s digital insurance platform dramatically improves the customer journey for purchasing and managing different types of personal insurance by streamlining processes, speeding up renewals, approvals and claims. The KoverNow platform can achieve these efficiencies while delivering transparency, speed, and value to existing ecosystems, distribution partners, and policyholders. KoverNow’s insurance platform provides features and functionality that reflect the changing consumer behavior of a younger demographic mix of policyholders who want control, flexibility and convenience in a truly mobile format.