Leading European fintech 11Onze has entered the vehicle insurance sector by partnering with Mussap, a mutual insurance company which serves the Catalan community in Spain.
The demand for the product came from the community. The community fintech which launched its home insurance product earlier this year saw its members’ need for a fair and cost-effective option for vehicle insurance.
James Sène, Chairman, 11Onze, explained “We launched a survey asking which insurance products our customers would be interested in and vehicle insurance was the most voted. So, we worked on looking at options to offer vehicle insurance which is credible, fair and cost-effective. We reached an agreement with the Catalan mutual company Mussap as, unlike other entities, a mutual insurance company such as Mussap is not for profit. In addition, the mutual members are co-owners and the profits are reinvested in the same entity to improve the services and the contributions of its members. Furthermore, 11Onze has obtained an additional 5% discount for its members.”
11Onze offers three types of third-party insurance (third-party, third-party with windscreen cover and extended third-party), but unlike other insurers, they include medical assistance, appeals against fines and travel assistance from the most basic option.
“Although we provide an insurance simulator so that you can simply and swiftly obtain a quote, 11Onze agents are available 24 hours a day to answer any questions or resolve any doubts you may have. Also, you still have the option of having an agent do the simulation for you,” Sene added.
11Onze is confident that the product will be popular given the demand for their home insurance product has been intense.
“Our home insurance product is highly competitive and it offers between 15 and 20% cheaper rate than other insurances. In addition, it uses a fully online platform process which the user can use to contract the service with the possibility of annual or monthly payment that can be cancelled online anytime. Our partner offers a response time of 3 hours for emergencies and a maximum of 24 hours for non-emergencies and again with a fully digitized self-service process.”
11Onze believes it will see similar uptake and interest in its vehicle insurance product.
