SO-SURE is a UK-based InsurTech on a mission to restore consumer trust in insurance. With our unique win-win model, we’re making it fast, fair, and reliable whenever our customers need to claim — and more rewarding when they don’t.
It works like this: using our app, customers connect with their friends and family. For each connection that takes up an insurance policy, the customer’s reward pot grows. And if at the end of the year, no-one has claimed, the customer and their connections each earn some cash back (which can be up to 80% of their premium).
Where our mobile phone insurance is concerned, we’re up to 40% cheaper than competitors and we provide outstanding customer support (our claims Net Promoter Score is in the 60s — this is normally negative in the insurance industry).
Our vision is to give consumers access to the service they deserve, without any of the traditional fuss or difficulty associated with insurance providers. We’re living in an era of incredible, tech-driven empowerment — we thought it was about time someone put an end to the struggle and made insurance work for everyone.
How did you come up with the idea for the company?
The idea for SO-SURE stemmed from the growing need for change in the industry. I noticed an inherent lack of trust for insurance providers, with the prevailing view that they are too expensive, too complex, and lack transparency.
I was also inspired by the fair and social way 17th-century shipowners would insure their voyages. They’d get together and chip in to cover ships, crew and cargo, so if a ship went down, the owner was covered. And if it made it back to harbour safe and sound, everyone would get some money back.
Using technology, SO-SURE brings insurance back to those fair and social origins. We think you should pay for insurance when you need it and get some money back when you don’t. Win-win.
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What advice would you give to other aspiring entrepreneurs?
I would advise aspiring entrepreneurs to think more holistically about the problems they solve. This isn’t always easy, as the investment community prefers backing a company that addresses a segment of the value chain. Ultimately, however, if the right answer can only be derived through a holistic approach, then we should be doing that rather than iterating on sub-optimal systems.
What can we hope to see from SO-SURE in the future?
We secured Europe’s largest InsurTech seed funding round in 2018 — and an additional £2.5m in 2020 — which is allowing for further development of our unique approach to re-imagining the insurance industry.
Despite past successes, we continue to focus on the future. Like any CEO, I’m often reminding my team that a lot remains to be done before we’ve restored consumer trust in insurance globally.
We’ve just launched home contents insurance and we’re bringing our win-win insurance model to other consumer lines in 2021.
With the right fundamentals now in place, we’re excited about our own future. But more importantly, we’re optimistic about the futures of our customers and insurance customers worldwide.