Protect your home with smart technology. Get amazing perks and discounts when you do.
- Expert team already built & sold a multi-award-winning insurtech
- Reduces claims, increases lifetime value AND benefits customers
- Backed by VC and veteran angels from within the industry
- Partnerships with over 30 leading smart device manufacturers
We're Hiro, and we're everything your old insurer isn't.
At $6.9 trillion, insurance is the single largest industry in the world. The UK alone is worth £175bn - but the majority of customers are dissatisfied. Only 1 person in 10 trusts their insurer, and 7 in 10 think their insurer actively tries to cheat them. Customers are crying out for fresh, innovative providers like Hiro.
Old home insurance is passive: it does nothing until the damage is already done.
Hiro is always a step ahead, working with you to actively prevent that damage in the first place. It gives you access to smart technology to protect your property and rewards you for taking care of your home.
Old insurance locks you into lengthy contracts written in baffling legal jargon.
Hiro insurance is on-demand - start and end whenever you like; no cancellation fees, no admin fees, no nonsense. It's tech-first, more like Netflix or Uber than home insurance. It lives in your mobile and speaks your language.
Ready for better?
Substantial accomplishments to date
This isn't our first insurtech venture - we previously built multi-award-winning start-up Neos, which was snapped up by the UK's largest home insurer in 2018.
Since starting Hiro in 2020, we've built out our whole technology stack from scratch, in-house - backend, pricing models, APIs, mobile apps. Owning the whole tech stack means we can innovate at lightspeed compared to old insurers.
We've achieved Appointed Representative status, registered with the FCA and secured underwriting capacity from a leading European insurer - meaning we've cleared most of the difficult regulatory and operational hurdles to bring an insurance product to market.
Before even building the product, we signed up close to 5,000 potential customers to our waiting list.
We have partnerships with 30+ leading device manufacturers, which are in varying states of development. In most cases we've already secured discounted products and the right to use their marketing collateral. In a few cases they've even agreed to help us co-market to their audience.
Our platform, mobile apps, feature sets and designs have been validated through an intensive insiders programme.
We're backed by a VC and several veteran angels.
We've been featured in dozens of publications including tier-one outlets like Forbes, the Guardian and the Evening Standard.
And we've only been building Hiro for nine months - imagine where we could be in 5 or 10 years.
We will primarily earn revenue through the sale of insurance products. As an insurance intermediary (currently an Appointed Representative and working towards MGA status) we earn a percentage commission of every policy we sell. This is recurring revenue as well - the average retention in UK home insurance lines is 62% (2.6 years), although we do expect that with a differentiated, personalised, reward-focussed model we can exceed this quite considerably.
The members-only marketplace will represent a second revenue stream - equipping homeowners with the best tech to protect their homes at extremely aggressive prices, while still earning a small commission on every sale. In the future, we plan to offer add-ons and professional services like home emergency, repair, maintenance and "home health check" service subscriptions.
Further detail is provided in the main investment deck materials.
Use of proceeds
These funds represent what is required to bring Hiro to market in early 2021.
Research & Development. As a tech-first company, our ambition is to be the most technologically-advanced insurer in the world. We will continue to invest extensively in developing our tech stack, pricing algorithms, apps, bots, ML and other intellectual property. This means software developers, product managers, QA, DevOps, data scientists.
Legal & Compliance. Financial products come with compliance overheads that need to be administered. We will also incur costs related to filing for protection of our intellectual property. Compliance officers, Legal Counsel.
Marketing. We need talented creatives, copywriters, search and display ad experts to help us explain what Hiro is and why it's better than old insurance.
Operations. Insurance products are complex and a host of roles need to be taken care of - Ops managers, customer service, claims, HR, bookkeeping, office admin.
Further detail is given in the pack.
£10 - £999
- Limited-edition RFID blocking card
- Collectable “It’s not 1999” T-shirt
- Invitation to exclusive investor events
£1,000 - £4,999
- All of the above, PLUS
- An invitation to the Hiro Insiders programme - be the first to experience new features and have your say on the next generation of insurance!
£5,000 - £19,999
- All of the above, PLUS
- Special investor pricing on the first year of your Hiro insurance (*eligibility criteria apply)
AMA with the team (virtual session)
- All of the above, PLUS
- Special investor pricing on your Hiro insurance for as long as you remain an investor (*eligibility criteria apply)
- Lunch or dinner with the team (COVID-permitting)
Frequently Asked Questions & Live Chat
By popular request, we've created a page where you can find answers to some of the most frequent questions from investors like you. You can also chat live with the team if there's anything you'd like to discuss. Head to https://gethiro.com and check it out! You'll need the password to access the page: ItsNot1999!
The business has two share classes. Ordinary and Series Seed Shares. Series Seed shares have a 1x non-participating preference and anti-dilution rights.
Seedrs investors will be receiving Ordinary shares as part of this raise.
It's Not 1999 Ltd has two 100% owned subsidiaries:
It's Not 1998 Ltd is the FCA-registered (non-VAT registered) entity that will be selling the insurance policies
It's Not 1997 Ltd is VAT-registered and is responsible for the technology development
Krystian Zajac is obligated to spend 20hrs a week working on the business. This makes up 25% of an average working week.
Dan Knight is the Company Secretary and spends circa 1 hr every 2 months on the business.
Hero Labs' main product is Sonic (www.hero-labs.com). It is a leak stopping solution that Hiro wants to use to bring down the loss ratio (the biggest peril being water escape - constituting circa 30% of all claims paid out).
The founders regard the relationship with the Sonic project as being of significant benefit to the business.
This is a creative marketing studio of which Krystian Zajac owns 65% of the shareholding. No time is spent by Krystian on the running of the business. The company is run by a seasoned management team. Krystian attends the occasional board meeting.
Kei Studios helps Hiro on an arms-length-basis with marketing when it comes to creative content. Kei charges their real costs + 20% for all of their services making it the most cost-effective resource possible.
Andrew Lucas International:
Krystian Zajac is a shareholder in the company but no time is spent on the running of the business. The company is run by a seasoned management team. Krystian attends the occasional board meeting.
This is Krystian Zajac's 'professional services' company. This is a family business (a limited company) that is used to bill for his management services, including his services as the board member of Hiro.
Please note, of the two founders of the business Krystian Zajac and Dan Knight are both full time on Hiro.
The business has applied to HMRC and is working with them to secure Advanced Assurance. The firm belief is this investment should be EIS-compliant based on securing Advanced Assurance for previous, highly similar ventures, but investors should be aware it is not yet secured and at the discretion of HMRC.
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