Innovative home insurance start-up Homelyfe has entered into a partnership with Freedom Brokers as the broker channel continues to embrace innovation in 2019.
We previously discussed broker Kingsbridge’s acquisition of gig economy app Dinghy. This latest move is another step in the shift towards digitalisation in the broker channel. Digitalisation has generally focused on the direct channel, using online methods to simplify the connection between insurers and customers. However, in 2019 the early sings suggest insurtechs do value the broker channel.
Homelyfe focuses on millennials. Its main selling point is convenience, as it claims to offer quotes in under four minutes. Meanwhile Freedom Brokers is also a young company, having formed in 2017. The partnership will see the application process reduced to just two questions through a Homelyfe widget on Freedom Brokers’ website.
Homelyfe has targeted partnerships before, teaming up with personal financial management app Yolt to offer 60-second quotes through the latter’s app. This move was yet another example of companies in different financial services sectors linking their products and services in order to boost uptake. Meanwhile the deal between Homelyfe and Freedom Brokers suggests start-ups still value brokers. Perhaps brokers are less at risk of being cut out by digitalisation than many had previously feared.