Insurance start-up Branch has launched Community Pledge programme to enable customers to slash the cost of their insurance.
Community Pledge, which leverages communal trust to help customers save, is the latest addition to the series of programmes launched by the start-up.
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The newly launched programme enables the company’s customers to request a “vouch” from other Branch customers in exchange for up to 5% off their insurance.
The Community Pledge programme will first made available in Ohio.
From the Branch app, users can send a “vouch request” to their contacts.
The contact will receive a short email and with a single click they can vouch for their friend, who will then see a 1% discount on their insurance.
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By GlobalDataThe company noted that it will soon launch a My Community Discount programme to bolster its community savings offerings.
This program will let customers earn monthly savings and Amazon gift cards by inviting their friends to Branch.
Branch CEO and co-founder Steve Lekas said: “The concept behind Community Pledge is simple: if a Branch customer is willing to vouch that you’re a trusted member of the community, we’ll reduce your insurance price by 1%.
“We founded Branch out of the deeply held belief that by leveraging the power of community, we could make insurance better and more affordable for everyone.”
According to a report published by the FBI, an average US family pays $400 to $700 per year in the form of increased premiums.
Increased premiums are a result of insurance fraud in the country which costs an estimated $40bn per year.
Branch views the Community Pledge programme as a means to help reduce the risk of insurance fraud.
In December, Branch launched Vouch for Me to lower insurance costs for customers.
In October last year, the insurer rolled out SafetyNest to help uninsured people whose financial condition was in jeopardy due to an unfortunate event.
