We won't lie to you - at Reposit, we love insurance and what it can do to help you live more carefree and not worry about moving costs, all while having a peace of mind.
We also know that traditional insurance companies don't really have a strong reputation and can sometimes give a bad name to the rest of us. However, our relationship with insurance is (thankfully!) changing and we want to share with you all the ways we believe insurance allows people to live their lives.
Our CEO, Jude Greer, recently teamed up with the InsurTech Insider podcast team to demystify all things rental insurance and introduce you to the fun side of insurance: the InsurTech world!
InsurTech is the FinTech's new nerdy offspring
Now that FinTech has unsettled pretty much every corner of the finance world it is time to move on to one of its offspring: InsurTech.
Although insurance is vital in life, traditional insurance companies often cause us frustration and involve ludicrous amounts of paperwork. The arrival and success of InsurTech is proving that people want to protect things they care about but they also value transparency and efficiency offered by emerging startups.
At Reposit, we completely revamped tenancy deposits in the lettings industry with the help of insurance. We got rid of the security deposit so tenants can save on upfront costs whilst their landlord's property remains covered by....you guessed it - our insurer Canopius. You can see how insurance isn't simply getting better and more accessible but it is used creatively to solve problems in a variety of industries.
With cool InsurTechs like Wrisk, buying contents insurance for your gadgets or jewellery has never been easier - you can choose the right excess for you and add or cancel your policy anytime.
InsurTech gives back the power to consumers
Ironically, insurance companies often make us feel like we have little control over what we're buying and how much protection we're receiving in return. As Nick Willis, Wrisk explained:
Every touchpoint you have with traditional insurance tends to be quite painful.
But with InsurTech, the power really is in your hands: you decide if and how you want to engage with the product and for how long.
Renters' financial freedom is vital to Reposit. When you rent with a lettings agency that offers our product, you have the choice between purchasing a Reposit (allowing us to add the landlord as a beneficiary to our insurance policy*) or, if you prefer, paying the traditional 5 weeks' security deposit.
InsurTech removes the grunt work of insurance
Technology-backed insurance means there's no flicking through a 40-page insurance policy or trying to get hold of your provider for 3 consecutive days.
There's no need to fear insurance products anymore: we encourage you to go out and find the best cover for things that matter to you the most.
The podcast is available to download or listen on all podcast providers including Spotify and Apple Podcast.
About the teams
Reposit is a tenancy deposit alternative. Tenants pay a 1 week non-refundable service charge which provides their landlord with 8 weeks' worth of end-of-tenancy protection.
Wrisk makes getting insurance as easy as possible, for as many as possible with flexible contents insurance. GloveBox takes all of the mobile apps of your favourite insurance carriers and wraps them into one single portal.