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Community fintech enters the insurance market with 11Onze Segurs

Community fintech enters the insurance market with 11Onze Segurs | Fintech Finance

Barcelona-based community fintech 11Onze has teamed up with insurance company Tuio, to offer a unique market proposal – 11Onze Segurs. It’s a tech-driven, agile, transparent, affordable home insurance service for its members.

The home insurance policy is between 15 and 20% cheaper than the average policy on the market. It offers a monthly subscription of as little as 5 euros per month.

In line with the founding objectives of 11Onze, it consistently seeks products and services that are community and environmentally friendly. With creeping inflation in Europe, people are seeking better and more affordable deals.

“We offer tools that make it easier for our community to manage their money by reducing essential expenses. That’s why we are launching 11Onze Segurs, where our agents will help you get the best home insurance at the best price and with benefits for society,” said James Séne, Chairman, 11Onze.

“Our home insurance proposal is simple” he explained, “We eliminate unnecessary paperwork and hidden clauses and we are transparent. We don’t want our customers to overpay for cover they don’t need, and we detail what is and isn’t covered. We also have a monthly subscription, so they only pay for what they need, when they need it.”

“In addition, as we are committed to society, we make sure that most of the profits are not distributed to shareholders and managers, but the NGOs of our customers’ choice. The 11Onze partner in this product is a certified B Corp, a global movement of people and companies that want to have a positive impact on society, trying to be part of the solution and not part of the problem.”

11Onze Segurs’ approach subverts the traditional insurance model. Normally, companies try to save on claims to maintain their profits. In the new model promoted by 11Onze Segurs, 25% of what is paid for the insurance is the insurance company’s income. The remaining 75% goes to cover claims and NGOs.

Raul Casado, Head of Marketing and Sales at 11Onze (CMSO) explained, “The new insurance product brings together everything we need to offer the best product to our community, with an affordable price and very competitive coverage. This is an advantage that we can offer to our customers who are part of the 11Onze community”.

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