The UK-based pay-as-you-go travel and motor insurance tech company has been optimising AI and machine learning in its tech stacks, enabling the brand to offer hyper-personalised policies.
Since 2016, Cuvva has sold over 500,000 policies and 4 to 5% of monthly sales of motor insurance policies in the UK are now sold through the Cuvva app, according to Motor Insurers’ Bureau.
The company began by offering car insurance by the hour, and last year expanded with the launch of monthly subscriptions. Cuvva’s Marketing Director Loren Gould said: “This represents a big step for our brand. We’ve been in the challenger space since launch, and we’ve spent this time developing a flexible product that resonates with the way people drive today, giving customers a great experience.”
With Cuvva, you no longer have the hassle and cost of installing a black box in your car. It is now all managed from a sophisticated app on your phone with far superior data analytics. This will drive even more uptake in 2022, especially as drivers with this type of car insurance see cheaper and fairer premiums.
Venture capitalists invested €2.7bn into European insurance technology companies so there is tremendous growth ahead for the brands in this sector.