London-based digital insurer Lime has officially launched in the UK as part of its strategy to offer tailored guidance and personalised insurance.

It is estimated that nearly 16 million Brits  are under- or un-insured, 11 million of whom have a mortgage to pay and/or a family to support. Through its affordable insurance plans online, the Lime UK launch is hoping to close this protection gap.

Lime to narrow protection gap of forgotten majority

Lime has rolled out its first insurance product, Accidental Death cover, which offers coverage from £5,000 to £500,000.

In case of untimely demise of the insured in an accident, the Accidental Death cover will pay a lump sum to nominated beneficiaries.

After its first Accidental Death insurance product, the company is planning to launch a number of new products over the next one year.

Lime CEO Shaun Williams said: “The UK has a significant protection gap, a forgotten majority that have little or no insurance. We think that’s a big problem.

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“Now is the time to do something about it and we are working with some of the most innovative businesses in the industry and beyond to drive that change.

“We’re providing simple, flexible insurance at a low cost so people can have the cover they need to protect the people they want. Customers need only answer a few short questions for the right products and level of cover to be identified.”

Lime has joined hands with insurers and workplace partners such as Vibe Syndicate Management Limited, TES, Fizz and Capita to offer more customised insurance solutions.

Vibe Syndicate Management underwrites Lime’s Accidental Death Cover.

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