Ohio-based Branch Insurance has unveiled a new product to aid customers in lowering their insurance cost.
The product, named Vouch for Me, lets Branch customers request for a ‘vouch’ from other customers, which gives them up to 5% discount on their insurance.
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Commenting on the new proposition, Branch CEO and co-founder Steve Lekas said: “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.
“The concept behind Vouch for Me 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% out of recognition that you’re less likely to commit fraud.”
The company hopes to lower instances of insurance fraud with the introduction of the programme.
Customers can avail the programme after they purchase a policy from Branch.
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By GlobalDataThey can then download the Branch app where they can identify their friends who are Branch customers and request them to vouch for them through the app.
Branch will then send a mail to these contacts, directing them to vouch for their friend.
After customers have been vouched for, they will receive 1% discount on their insurance.
