Insurance challenger Urban Jungle has launched a new motor insurance offering, thereby claiming to become the first UK insurtech to provide multiline coverage, according to several media reports.
The insurer is said to have designed the new offering to provide competitive value to insureds by enabling drivers to tweak the policy so they pay only for the cover they need, reported Insurance Business UK.
Customers can also buy cover for additional people in the household. including, flat-mates, partners and others.
Urban Jungle uses artificial intelligence and machine learning to filter fraudulent activities.
Urban Jungle CEO and co-founder Jimmy Williams was quoted by Insurance Edge as saying: “We have always built Urban Jungle with a view to helping our customers get better cover across a range of insurance products, and it is fantastic to be continuing our product rollout, after our hugely successful homeowners launch last year, and a nice bonus to get there ahead of our peers.
“Our insurance is designed to be simple, clear and fair, which is certainly the case for our new car insurance product.
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“Whereas larger insurers may have seen a much-publicised slowdown since the price walking ban introduced in January, we are growing really quickly since launching our renter’s insurance in 2019 and alongside our recent funding, we want to continue this growth so that we can offer more people fair insurance in new markets.”
In May this year, Urban Jungle raised £16.5m as part of a Series A funding round, which was led by Intact Ventures.