Singapore-based insurtech startup KoverNow has announced the launch of a new mobile app to offer consumer insurance services.
The app will allow customers to buy insurance cover for their belongings such as jewellery, electronics, handbags, and cameras.
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Customers can also buy insurance for other categories such as pet, mobility, and travel.
Currently, the app is available only via the Singapore Apple App Store, an Android version of the app will be launched in the coming months.
Initially, the millennial-focused KoverNow app will offer insurance coverage from QBE Singapore.
The KoverNow app comes with a ‘Vault’ feature, which allows customers to list all insured items and have them valued.
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By GlobalDataNotably, the app also allows the customers to toggle the coverage on/off as per their requirements.
KoverNow CEO Stephan Kaiser said: “The KoverNow app has been designed with ease of use in mind and will be particularly attractive to millennials. It is accessible, intuitive and delivers a level of control that is just not available through traditional insurance policies. Most importantly, they can access it through their smartphones in seconds.”
Before releasing the app, KoverNow surveyed 500 millennials in Singapore, which revealed that price, ease of use, buying experience and prompt claims processes are the factors influencing them.
The survey also revealed that 80% of the respondents were willing to get an insurance cover for their electronic items but only 12.2% already had one.
