buzzvault app mixes mobile video technology and contents data for a smarter way to protect our stuff

Soho based technology firm buzz has launched buzzvault, the world’s first truly personalised home insurance policy based on digitised home contents data.  buzzvault is backed by one of the world’s largest investment groups and has been launched in partnership with Munich Re Digital Partners. 

buzzvault is an app-based home insurance proposition that leverages customer data and proprietary mobile video survey technology to provide a seamless, frictionless customer journey – from home insurance application through to claim.  Tackling much of the dysfunction that exists in the home insurance market^[i], buzzvault has already gained plaudits^[ii] from insurtech communities worldwide.

Becky Downing, CEO said: “We started out disrupting the home moving market with buzzmove, one of the first online comparison sites for removals.  After the trauma of a burglary I realised the contents data we were gathering from home surveys could be used to give our customers hyper personalised home insurance.  This would help to address the huge underinsurance and un-insurance problem we have in the UK.

“Unlike any other home insurance provider, we will know up front what our customers want to insure and exactly what needs to be covered by the policy, both at inception and as this changes over time.  Customers with many possessions get the right level of cover, while those with few possessions don’t pay over the odds.  

“buzzvault makes protecting physical assets just as simple as protecting digital assets – essentially giving customers a way to “back up” the contents of their homes as easily as they can back up the contents of their laptops. ”

Mark Dennis, Chief Operating Officer of Digital Partners adds: “The home insurance market is ripe for disruption.  buzzvault will succeed because it responds to our changing lifestyles, ensuring householders can access insurance exactly matched to their needs.  It’s a great example of how insurtechs are empowering consumers through their data and we are delighted to be partnering buzzvault on its journey to transform the home insurance market.”

How it works

Using the free buzzvault app, householders can survey each room in their home via a direct link to one of buzzvault’s certified surveyors.  At the end of this process all the home contents recorded is converted into a digital inventory of everything the customer owns with a value assigned to each item.  This is the customer’s secure buzzvault.

The customer can then view, update and amend their buzzvault from the app and get an instant value of all their possessions.  Customers simply need to answer a short number of questions to secure a quote for home contents and buildings insurance cover.

Items in the buzzvault are automatically protected both in and outside the home, with the option of accidental damage cover.  Customers can choose to remove items, amend values and add new purchases such as Christmas presents with receipts to keep their insurance up to date.

Becky Downing continues: “In the future, blockchain will give us the necessary framework – in terms of data integrity and security – to ensure that all parties in the value chain (our home customers, insurance backers and removals partners) trust in the process, which creates a virtuous circle to the benefit of everyone.

“This is a completely new concept in home insurance from a completely new insurtech that is free from the frictional costs and fraud risks that have blighted the customer experience and hindered business performance in this market.  Ultimately, access to this unprecedented level of contents data will lower the costs to our business which equates to lower insurance costs for buzzvault customers.  We are changing the game for home insurance for good.”

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