Award-winning Insurtech start up BUZZMOVE today announced the close of a £6 million super-seed round led by White Mountains Insurance Group, Ltd. (NYSE: WTM). Launched in 2014, BUZZMOVE is a leading UK-based online price comparison and booking platform for the moving industry. A portion of the proceeds from the fundraise will support the continuing development of BUZZMOVE’s new platform to enable consumers to inventory their belongings digitally and to purchase home and household contents insurance.
Moving is a critical juncture in consumers’ lives that often changes their relationships with key financial and home services providers. BUZZMOVE is in touch with consumers when they are likely to modify or replace existing insurance policies, for example. The company is leveraging this access point to gather accurate home and household contents data and to empower consumers to obtain tailored coverage at the right price. BUZZMOVE enables consumers to inventory their belongings easily through an intuitive mobile app. BUZZMOVE also provides professional surveying software to moving companies in the form of a next-gen SaaS platform.
Rick Huckstep, Managing Director of the Digital Insurer (Europe) online publication, in one of his recent articles, wrote about BUZZMOVE: “By building a detailed personal inventory as your home is packed into boxes and moved, [BUZZMOVE] provides insurers and consumers with the information they need to better price contents insurance. And, should a claim be made, there’s evidence that your stuff existed in the first place. They’re a “pickaxe” for the removals business and have become a “miner” for the insurance industry.”
CEO Rebecca Downing believes that the future of Big Data lies in empowering the customer. “BUZZMOVE is providing a new marketplace that enables customers to gather and then capitalize on accurate data about their home and household contents. BUZZMOVE aspires to be to home and household contents insurance, what telematics is to motor insurance, enabling truly personalized home- and household contents-based insurance policies.”
Sabine VanderLinden, Managing Director of Startupbootcamp InsurTech stated that: “Insurance customers want more personalised and transparent products and services that they trust, and BUZZMOVE aims to do just that; straddling the e-Commerce, home and insurance environments. We foresee huge potential for BUZZMOVE’s solution within an insurance sector that is seeking improved customer engagement via digitization”
This investment follows BUZZMOVE’s recent participation in Startupbootcamp InsurTech, the world’s first Insurtech-focused accelerator. BUZZMOVE has recently received recognition in numerous media sources. Disrupt100 recognized the company as one of the 100 businesses with the potential to influence, change or create new global markets. TechCity Insider ranked the company one of the top 100 UK businesses to watch. CEO Rebecca Downing also recently won the Emerging Entrepreneur Award at the Sixth WCIT Enterprise Awards.