Swiss Re’s iptiQ and Swedish furniture retailer IKEA have created and launched a home insurance product known as HEMSÄKER.

The home insurance offering is initially introduced in Switzerland and Singapore.

Designed to make the home insurance accessible to more people, HEMSÄKER can be purchased online via the IKEA website.

HEMSÄKER is the combination of the Swedish words “home” and “secure”.

While HEMSÄKER is embedded in IKEA’s offering, iptiQ is responsible for insurance proposition and managing all customer related queries.

The companies said that Swiss customers can customise the level of coverage and only pay for what they need.

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Customers can also cancel the purchase of the home insurance any time using the IKEA website.

iptiQ, which is a digital platform of Swiss Re, provides property and casualty (P&C), life and health insurance solutions.

iptiQ EMEA P&C CEO Andreas Schertzinger said: “We are thrilled to be partnering with IKEA to offer HEMSÄKER to consumers – tailored home insurance that can be purchased with a few clicks using any digital device.

“By combining our state-of-the-art digital platform iptiQ with IKEA’s customer access, we provide peace of mind to more people – and help them get back on their feet quickly after an incident.”

IKEA Switzerland CEO Jessica Anderen said: “With HEMSÄKER, we are proud to offer home insurance for the first time, thanks to our insurance partner iptiQ.

“HEMSÄKER uses easy-to-understand everyday language and can be purchased in a matter of minutes.”