Uses Digital Model to Launch Insurance Products for Members
Having started with the aim of helping members find insurance products tailored to their needs, London-based Bought By Many has launched its own insurance products for dog and cat owners.
(Bought By Many homepage screenshot)
Anthony R. O’Donnell //
Bought By Many, a London-based membership organization launched in 2012 with the aim of making the insurance industry more consumer-focused by making it fairer, has announced that it has launched its insurance products. Bought By Many serves as a broker helping members access insurance from its carrier partners for home, gadget, health, business, sports and leisure insurance. The company’s new line of pet insurance products is underwritten by Great Lakes Resinurance SE, a London-based subsidiary of Munich Re, with whom Bought By Many co-designed the products around its customer experience.
“When we started Bought By Many, we wanted to transform the customer experience of insurance, helping people find the right cover for their unique needs,” says Steven Mendel, co-founder and CEO, Bought By Many. “Our social and digital model allowed us to gather a unique set of insights that led to us creating our own pet insurance product range.”
Search and Social Media Insights
Bought By Many used search and social media insights to build 300 groups for more than 270,000 individuals with niche, insurance needs, according to Mendel. Through the use of data analysis and other technology, the company sought to help members access fairer insurance than they could not have found on their own—defining “fairer” as cheaper, better policy terms, or a combination of both.
Steven Mendel, CEO, Bought By Many.
The company reports that after helping 265,000 members get better deals from existing pet insurance providers it decided to launch its first insurance products, having listened to over 40,000 pieces of customer feedback about the gaps in provision available to pet owners in the U.K.
The customer feedback collected was analyzed and used to design products that address some of the most common frustrations pet insurers suffer, including premiums that jump after the first year of coverage and continue to increase over the life of a pet; customers receiving no benefit from pet insurance if they do not need to claim; and not being able to switch pet insurers and maintain cover for a pre-existing medical condition.
Bought By Many members can now choose one of three proprietary products that the company says include features no other insurers offer:
Fixed For Life: £20,000 of cover over the course of a pet’s life, at a price that is guaranteed never to go up, even if a customer claims
Money Back: Customers will have 20% of their pet insurance premium paid back for every year they do not claim
Pre-existing: The only pet insurance policy that includes cover for a pet’s existing medical conditions straight away, enabling switching in a market that has previously trapped consumers with the same insurer
Customers looking for conventional pet insurance can choose from Bought By Many’s Value, Regular, and Complete products. These products were also tailored in response to member feedback, according to the company, for example, by offering the option of a zero-excess or dental cover on certain policies. Bought By Many has also launched a low-cost Liability Only policy for dog owners that starts at £10 a year.
About Bought By Many
”Everybody’s different. It’s what makes us human. So why should being different make insurance difficult and expensive to get?
Bought By Many is a free, members-only service that helps you find insurance for the things in your life that are out of the ordinary.
It’s easier than using a comparison website or trying insurance companies one at a time. And, because we negotiate discounts and cash back offers for our members, it’s often cheaper too. In fact, our members save an average of 18.6%.
Better still, joining Bought By Many sends a powerful message to the insurance industry about treating people as individuals.”