Tock aims to transform how consumers buy insurance through data-driven apps. Starting with the £4.5bn home insurance market, Tock intends to provide buildings and contents quotes within a couple of minutes - faster than any of the major players - with competitively priced cover for 87% UK homes.
Why does buying insurance have to be such a pain?
We don’t think it should be and we’re developing apps to make sure it doesn’t stay that way, starting with home insurance.
Why home insurance first? Because we think it really sucks! And because it’s one of the biggest insurance policy most of us ever buy.
To buy most policies online you have to answer up to 80 questions, about you and your home. Research shows that consumers find this onerous, confusing, and unsurprisingly, reduces their trust in the insurer.
That’s because price comparison websites and many direct insurers have legacy tech systems and are tied to complex underwriting regimes. By starting from scratch, we aim to make it made it really easy to buy great cover in just a couple of minutes.
We do all the hard work for our customers by using multiple expert data sources to tell us everything we need to know about their homes. Then we only need a few personal details before we provide a full quotation. In total 8 versus 80 questions.
Our standard simple, straightforward policy is designed to provide competitively priced cover for 87% of UK home insurance policyholders.
With substantial investment in research, recruitment of key people, development of the user interface and the Minimum Viable Product (MVP) in 2018, Tock’s home insurance app will be piloted in Q4 2019 before a hard launch early in 2020.