DUBLIN, Ireland–A group of credit unions in this country is backing a new home and life insurance company that is promising to offer some of the most competitive rates in the country, including to non-CU members.
“Peopl Insurance is using the latest technology to scour the market when consumers use its platform to get an insurance quote, much like a broker,” the Independent reported.
The new enterprise has been initially backed by 16 large credit unions, which collectively have more than half a million members.
The offering is available through the participating credit unions and directly on peopl.ie, which means non-credit union members will be able to access its products, according to the Independent.
Over half of the income generated by Peopl, after claims and running costs, will be returned to the credit unions backing it, according to the report.
The new operation is promising to offer what it says is fair and affordable life, home and travel insurance.
Nine new products are planned for rollout over the next 12 months, including cancer coverage, student coverage and pet coverage, the Independent reported.
“We believe that insurance should work in favor of the customer. That’s why we created Peopl,” CEO Paul Walsh said.
‘Lowest Possible Prices’
Walsh told the Independent the search engine used by Peopl searches the market for home insurance and gets rates from a group of insurers and in real time. Walsh further said the process ensures consumers always get the right coverage at the lowest possible cost.
Peopl said its travel coverage is among the first in Ireland to re-introduce Covid-19 protection, while it has no upper age limits on its policies, the Independent reported.
With the home cover, rates are obtained from a group of insurers in real time. Walsh said this ensures that customers get the right cover, at the lowest possible cost.
Among the credit unions involved are Blanchardstown, Bray, Capital, Comhar Linn INTO, Core, Credit Union Plus, Croí Laighean, DUBCO, Dundalk, Members First Credit Union, St Jarlath’s, St Anthony’s and Claddagh CU, St Raphael’s Garda CU, and Tullamore.
More credit unions were due to sign up soon, Walsh said.