Insurtech Homelyfe opens up tech stack for third party fun
UK-based firm Homelyfe has launched its “Partner Platform” to offer third party firms access to its product lines and to provide home insurance cover.
The platform means that third parties can now implement Homelyfe’s technology and insurance buy flow within their own digital domains and “earn commissions”. The firm bigs up the speed – as it can be done in less than four minutes – “with the quickest purchase so far being 85 seconds”.
According to Homelyfe, a typical banking app offering home insurance would require the consumer to fill out over 60 third-party insurance questions to even get a quote.
With its new offering, the same banking app could use data it already has on the customer to pre-fill information where appropriate and “virtually remove all questions in that buying journey”.
Andrew Craven, co-founder and CTO, says: “It’s a game changer for the insurance industry, providing a much-needed modernisation of an antiquated process, and is the first step towards a seamless Insurance-as-a-Service platform for partners and brands.”
If you need more details, Homelyfe says the price at the point of renewal shouldn’t change and therefore customer loyalty and ongoing repeat commission will exceed the industry averages.
Another “important feature” of the platform is the partner commission monitor – an automated service that is delivered to partners every night, providing daily analysis and removing the need to manually reconcile at the end of every month.
Peter Goodman, co-founder and CEO, says the firm will be adding further insurance lines on a quarterly basis and “over the course of the next few months, we plan to announce several key partnerships, in our exclusive roll-out plan”.
Lust for Lyfe
In October last year, Homelyfe revealed it had raised £2.4 million in a super seed round led by Talis Capital and Peterson Ventures.
At that time, Homelyfe said it will add multiple general insurance lines over the coming year, starting with home insurance in early 2018.
The company was founded by Goodman and Craven, serial entrepreneurs who have established a number of start-ups, such as Brighter Option (now Social.com) – a Facebook management platform, which was sold to Buddy Media and subsequently Salesforce in 2012. They launched Homelyfe in 2016.