Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

INSURANCE

  • Customisable, app-based insurance covering possessions and experiences
  • Simple to use, with no annual contract, no penalty fees, and the choice to switch possessions in and out to protect what matters most;
  • Designed in partnership with Millennials whose insurance needs are not being met by traditional insurance products;
  • Research finds five million of 18 – 34 year olds are currently without home contents cover, and 2.3 million travel abroad without insurance;
  • Phones are this age group’s most precious item, yet 7.1 million don’t insure them, highlighting a combined cost to replace of £3.1 billion1.

A brand new app-based insurance cover launches today to revolutionise the way Millennials protect their possessions and experiences.

Back Me Up2, powered by insurance giant Ageas, allows users to customise their own policies by covering the items they value most, creating ‘all-in-one’ cover online and in one place. Designed and built in partnership with the very people who’ll use it, Back Me Up will specifically target young, independently minded people who find insurance ‘a reluctant purchase’ and ‘overpriced’.

With no annual contract, Back Me Up enables customised, all-in-one cover when simply uploading a photo and choosing the description of an item, with users able to switch possessions in and out whenever they want, as well as leave whenever they want, with no penalty fees and charges to pay.

For a flat fee of £15 per month, Back Me Up’s Core Cover protects:

Three items or ‘Stuff’ against accidental and malicious damage, loss and theft, with a claims limit of up to £3,000 in total each month – switchable at any time by uploading a photo;

  1. Annual mobile phone screen repair, regardless of whether the phone is one of the three items or not;
  1. Worldwide and UK travel cover for lost items, cancellations and medical emergencies.
  1. Up to £1,500 for replacement car or house keys and locks, if keys are lost or users are locked out.

Users can also build their own cover, adding modular style Bolt Ons from £3 per month, which range from landlord conflict cover to adventure sports. Back Me Up insures a range of items – from laptops and phones, to jewellery, tennis rackets and designer handbags – and is supported by an online Community.

Currently five million3 (35 per cent) 18 – 34s have no home contents cover and 2.3 million (18 per cent of those travelling overseas) go abroad without travel insurance, highlighting the massive market potential for flexible, affordable and relevant cover.

The latest insight from Back Me Up reveals that mobile phones are the most valued possession by young people, yet almost half (48 per cent) admit their phone isn’t insured. With an average replacement cost of £445, this equates to a combined cost of £3.1 billion. And with over one quarter (28 per cent4) of 18 – 34s who have phone insurance confirming they have claimed in the last 12 months, the protection Back Me Up gives is invaluable.

Laptops and computers are the second most valued belonging but, again, almost half (44 per cent) are uninsured. A specific item of clothing completes the top three, 63 per cent of which are uninsured.

Table One: Most valued possessions and ownership amongst 18 – 34s.

Most valued possession % of 18-34s who are uninsured
1.      Phone 48%
2.      Laptop/Computer 44%
3.      Item of Clothing 63%
4.      Piece of jewellery 43%
5.      Wallet 58%
6.      TV 42%
7.      Tablet 37%
8.      Watch 45%
9.      Camera 42%
10.  Bike 30%

                                                                                               Source: Back Me Up, 2016

Back Me Up was conceived and developed in partnership with a Millennial panel – young people that worked alongside the team to bring it to market, and who will continue to shape Back Me Up as it evolves.

Paul Lynes, Managing Director at Back Me Up, commented: “People want to protect the things they value and the lifestyle they enjoy, and Back Me Up provides flexible, relevant cover that’s designed by the very people who will use it. It’s an ‘all-in-one’ lifestyle product that puts people in control by letting them decide to insure what’s important to them, not the other way around.

“There’s a huge gap in the market for an entirely new type of insurance, to meet the needs of young, independently-minded people. Until now, Millennials have had to engage with the insurance industry on its terms – but  all that is now set to change.”

Further analysis5 by MoneyComms compared the price of Back Me Up insurance to other products on the market.  Whilst there is no directly comparable competitor product in the UK market at the moment, a similar corresponding level of cover from the nearest similar competitors available would cost over £24 per month

Andrew Haggerof Moneycomms said: “Back Me Up will undoubtedly appeal to the Millennial market – it’s cost effective, flexible, simple to manage on your smartphone or online and protects the most important things in your life without tying you down to long term or annual contracts.”

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts