Back Me Up is a subsidiary of Ageas Insurance, providing usage based property insurance for millennials, irrespective of time and place.
Essentially, the core differentiator of Back Me Up is affordability, with a flat fee of £15 per month, up to three items can be insured at a time. Insuring and changing what’s covered is as simple as taking a photo and uploading it, an experience that mirrors the behavior of mobile orientated consumers today.
Specially designed for those aged between 17 to 49, Back Me Up provides coverage at two levels: ‘Core Cover Insurance’ and ‘Fully Flex Insurance’. Users can also activate additional coverage ‘bolt-ons’ to cover for an additional item, vehicle breakdown, adventure activities/extreme sports and even landlord disputes.
Additionally, Back Me Up has a prominent community section for users to query anything about Back Me Up services from quote generation to claims issues.
Back Me Up uses an AI solution for its claims management from Tractable, which is known for providing cost estimates for insurance claims using deep learning algorithms.
In summary, clearly-defined market segmentation, embracing a Digital Avatar and a mobile first market entry strategy will bode well for Back Me Up’s ability to compete with larger insurers with established brand recognition.