LONDON–There may be a lesson for credit unions in the simplicity of one insurance company’s newly released app.
Ageas has launched an app targeted at Millennials that enables them to insure up to three items for £15 per month. The app, called “Back Me Up,” works by the user uploading photos of the items they wish to insure. They can then swipe, in a way similar to the dating app Tinder, to identify the items for which they need coverage.
The announcement comes less than a week after Curt Steinhorst told the National CEOs and Directors Leadership Conference in Las Vegas that it’s critical that all communications with Millennials be “as visual as possible. Literally, everything needs to be visual. We have low attention spans. Make every step easy and visual. If you are making the steps hard and complex, all you’re doing is making sure we don’t come to you.” CUToday.info’s coverage of that story can be found here http://cutoday.ssd.thinkcreativeinternal.net/THE-feature/Hey-Boomers-Some-of-This-Is-On-You
According to Ageas, the app can cover both possessions and travel experiences. There is no annual contract, no penalty fees, and the option to “swipe” possessions in and out.
The company said the app was funded by the Ageas Group innovation fund and has been designed in collaboration with a panel of Millennials.
Ageas said the Back Me Up's core coverage protects:
• Three items or ‘Stuff' against accidental and malicious damage, loss and theft, with a claims limit of up to £3,000 in total each month - switchable at any time when uploading a photo;
• Annual mobile phone screen replacement, regardless of whether the phone is one of the three items or not;
• Worldwide and U.K. travel cover for lost items, cancellations and medical emergencies;
• Up to £1,500 for replacement car or house keys and locks, if keys are lost or users are locked out.
Users can also build their own coverage, adding modular style Bolt-Ons from £3 per month, which range from landlord conflict cover to adventure sports.