Cuvva is a leading UK-based car insurance provider. Joining the dots between insurance, technology and mobility, Cuvva has built a leading flexible car insurance app that offers lightning-fast insurance fit for the future. Always-on, or insurance for just an hour. People can now choose cover to suit their lifestyles, giving them back control.
Since 2016, Cuvva has sold nearly 4 million policies and supported over half a million people. 4-5% of all motor insurance policies sold monthly in the UK are now sold through the Cuvva app, according to Motor Insurers’ Bureau.
How did you come up with the idea for the company?
I wanted to lend my car but it was a nightmare getting someone else insured on it. I could book a taxi on an app or get food delivered to my front door in minutes but it was near impossible to get on-demand car insurance without the faff of calling up an insurer, being added to a policy or paying for more cover than was needed. I figured I wasn’t the only one facing this problem. The insurance industry was completely broken and inflexible. It wasn’t built for modern-day consumers and something needed to change.
So we built Cuvva to fix these industry flaws and pioneered hourly car insurance via an app in the UK.
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How has the company evolved during the pandemic and what’s your latest product offering?
As a forward-thinking digital insurance provider, Cuvva was able to adapt quickly and was well equipped to support customers’ needs during the pandemic given our products offer greater levels of flexibility.
Despite 2020 being a very trying year for many businesses, we were very lucky to have experienced positive growth. This might be attributed to a solid product-market fit as more people turned towards on-demand cover to lend and borrow cars to get around safely, avoiding public transport.
This week, Cuvva is launching Smart Pricing, an industry game-changer. Advancing on from tags and black boxes, using a phone’s sensors and machine learning, we’re able to understand unique driving behaviour from braking and cornering to accelerating and phone use while driving to price people fairly. Good drivers can save up to a third on their monthly subscription car insurance with Smart Pricing and are priced on factors within their control. Essentially, the better you drive, the less you pay.
Smart Pricing compliments our newly launched flexible subscription car insurance. With Britons feeling the financial pinch, current car insurance offerings available are inadequate. People no longer want to outlay upfront annual payments, be tied into long-term contracts or endure premium finance and deposits when opting to pay for cover monthly. Cuvva subscription removes all these barriers with policies lasting one month that are renewed automatically when the policy ends.
What can we hope to see from Cuvva in the future?
We’ll continue to close industry gaps and make insurance fair, flexible and better suited towards customers’ evolving needs. The opportunities are endless when you combine insurance and mobility.
Next up with Smart Pricing, Cuvva plans to offer people a host of insights in the app like coaching and even help drivers understand their environmental impact from the way they drive, offering tips to reduce their own emissions and save on fuel.