A brand new app-based insurance cover launches today to revolutionise the way Millennials protect their possessions and experiences.
Back Me Up, 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;
2. Worldwide and UK travel cover for lost items, cancellations and medical emergencies;
3. 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.
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 Hagger of Moneycomms said: "Back Me Up will undoubtedly appeal to the Millennial market - it's cost effective, flexible, simple to manage on your smartphone oronline and protects the most important things in your life without tying you down to long term or annual contracts."