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Today we’re taking a look into Locket – a brand new insurtech that’s reshaping a $7 trillion global industry. They have already raised over £1m in their current crowdfunding round after just 5 days – check out their campaign page, or read on to find out more…
We all have that one, irreplaceable item that is too precious to be quantifiable through an insurance claim; a model figurine, a family heirloom, fan memorabilia etc. They speak volumes about who we are, where we come from, our hopes and dreams, and no amount of compensation can change that narrative. So why is it that insurance providers wait until something goes wrong before stepping in?
The insurance industry dates back to 3000 BC, but fast-forward to the twenty-first century, and the sector remains as dusty as ever. Despite being at our most evolved point in history, we have yet to find out how to restructure the concept of insurance in a way that benefits people over profit – that is – until now.
Locket is a new breed of insurance that rewards customers (they call them members) for utilising smart technology to better protect their homes. Additionally, they provide access to a Smart Store where you can purchase affordable smart devices from respected brands like Ring, Philips Hue, and Yale. Locket’s purpose is to eliminate the cause of insurance claims by empowering its members to make their homes safer using smart tech devices.
Locket’s emphasis on prevention and protection means they are taking a wider view than just financial security when it comes to insurance; it’s also about the psychological benefits of having peace of mind, knowing that you’re as protected as possible. Currently, just 6% of Brits intend to stay with their current insurer and 68% believe that carriers will do anything to avoid paying out a legitimate claim, but Locket is here to change that. With a monthly rolling contract, no cancellation fees, a readily-accessible team of humans to reach out to (no robots) and the ability to make adjustments to your policy in-app, in real-time, for free – Locket is revolutionising how we view the world of insurance.
The Association of British Insurers estimates that the UK has the largest insurance industry in Europe and the fourth largest in the world, with insurers contributing £35 billion to the economy. Locket plans to capitalise on this, having developed an advanced system using their own in-house technology, including: automated quote and buy journeys, ML-based pricing models, and smart device connections. The organisation is even collaborating with a reformed burglar to educate homeowners on the best ways to defend their houses and minimise danger. Insurance companies pay out £8 million per day in home insurance claims, but this figure can be drastically lowered if Locket’s technological approach is widely utilised and brought to the masses. This results in reduced premiums and fewer claims, benefiting everyone.
Locket achieved tremendous success with their first crowdfunding campaign on Seedrs, hitting their target in just 14 minutes, setting the record for the fastest insurtech crowdfunding raise ever. Now they’re back, and unsurprisingly, they’ve already exceeded their £750,000 target, beating their own record in the process. While the insurtech provider is now overfunded, you still have the opportunity to be a part of their mission to revolutionise insurance.
View the campaign here.
Meet the founder of Locket, Krystian Zajac, here.