Zurich backs insurtech startup My Policy
My Policy , a UK provider of data analytics and telematics insurance, announced an investment by Zurich, as part of which Zurich will become a long-term insurance capacity provider, joining an existing panel of insurers who back My Policy’s recently launched UBI product, JURNY, underwritten by AXA .
Here’s how it works: JURNY will send or professionally install the JURNYmeter, a small plug-in device that measures a customer’s mileage. The customer pays a monthly fee that covers their car while they aren’t driving and receives access to a personal dashboard to track driving. In essence, this is a pre-paid account capped at 100 miles per day.
Zurich will become a minority investor alongside existing My Policy management and Inflexion Private Equity. The completion of the transaction is subject to regulatory approval which is expected to be confirmed in the first quarter of 2021. The announced transaction brings together Zurich’s underwriting experience and My Policy Group’s data analytics and product design capability, including products such as JURNY.
“In our ongoing effort to tailor our insurance to consumers’ needs, we are aware that increasing our usage-based offering will benefit a greater number of clients as driving patterns change in 2021 and beyond. Zurich’s investment in My Policy enables us to significantly boost our capabilities and this, combined with My Policy’s new pay-per-mile platform, JURNY, and the ongoing support of Inflexion, will help accelerate our growth plans further and meet changing customer needs.” – Patrick Quinn of My Policy.
“Our collaboration with My Policy further highlights our commitment to providing user-friendly products to our customers in an evolving world. My Policy Group offers a smarter way for customers to insure their vehicle, whilst also giving them more control over their insurance costs.” – Siwan Lu, CEO of Zurich Insurance Mobile Solutions.