LV= introduces Flow
LV= has launched Flow, a new monthly car insurance subscription product that allows consumers to get coverage by uploading a picture of their license and answering a few questions.
The online-only product initially gives consumers a guaranteed maximum price for three months and the exact monthly price is shown in the account seven days before payment. After the three month period, premiums may change but the insurer will let customers know at least seven days before charging them.
Policyholders can change or cancel their coverage at any time and there’s no long-term contract, and the product offers different add-ons such as getting access to a replacement car and covering legal expenses.
“The method folks purchase services and products on-line has modified enormously and it’s vital that the method of taking out car insurance evolves in the identical method. Flow provides drivers a simplified insurance expertise, with a fast journey, aggressive pricing and the pliability to vary their coverage as and once they wish to, at a click on of a button. There’s no admin fees, no installment charges and you don’t need an existing no claims discount to get the best price. Whatever drivers want to do – change the mileage, change the driver or even change the car – Flow means it can be done quickly and easily.” – Heather Smith, managing director of LV= GI Direct.
Bottom Line: a simple flow doesn’t simplify a complicated product.