When investing, your capital is at risk.
Here are a few things you need to know about insurance.
It’s the single largest industry in the world, valued at $6.9 trillion. But if you ask anyone who has insurance, or needs insurance, most of them will tell you they’re not happy about it. So how could such a crucial industry that generates so much value fail to meet the needs of the very people it seeks to serve?
Insurtech startup Hiro recognised very early on that traditional home insurance profited by locking you into lengthy contracts and doing absolutely nothing for you until the damage is already done – and even when there are fires to put out, you can’t always count on the support you need. So, in the spirit of creating a product that made the interests of its customers a priority rather than an afterthought, Hiro works with its users to actively mitigate the kind of damage that results in costly claims and arduous admin.
Hiro insurance can be started and cancelled at any time, with no cancellation fees, no admin fees and no nonsense. It’s built on robust tech infrastructure, bringing an Uber-esque simplicity to home insurance. The platform leverages smart technology to protect your property, while rewarding you for taking care of the things that matter. After all, you can book a taxi or order food to your doorstep in a matter of seconds, so why can’t insurance be that easy?
This isn’t the Hiro founding team’s first rodeo either. Their first venture, the multi award-winning start-up Neos, was sold to the UK’s largest home insurer in 2018. Upon starting Hiro, they focused on building their entire technology stack from scratch – including an enterprise-grade backend, pricing models, APIs and mobile apps. This permitted them to innovate much quicker than old insurers. They’ve also successfully overcome the majority of the regulatory challenges involved with bringing a complex financial product to market, including securing underwriting capacity from a leading European insurer.
Before their product was even built, Hiro had received requests from nearly 5,000 potential customers, demonstrating the tangible demand for a simpler, better, smarter home insurance offering. With the backing of a VC and several veteran angels, Hiro is gearing up to launch in 2021 – and this crowdfunding round will help them do it. The campaign had raised over £1.6 million from over 500 investors before it even opened publicly on Seedrs.
Hiro’s ambition is to be the most technologically-advanced insurer in the world, and with only 9 months under their belt they’re well on their way. 2021 will see significant investment in development of their tech stack, pricing algorithms, apps, bots, ML and other intellectual property, as well as marketing firepower.
To find out more about Hiro and unlock exclusive investor perks, visit the pitch now.