Recently established life insurance provider reviti has joined Insurtech UK, the new alliance of startups and insurers.
Reviti offers competitive insurance premiums, starting at £5 a month, while at incentivising better lifestyle choices. On launch, the insurtech is encouraging policyholders to abandon cigarettes or quit tobacco and nicotine altogether.
The insurtech joins a 50+ strong membership of insurtech startups and other associate members and partners of the group, which informally launched in November 2018.
Aviva, the Chartered Insurance Institute and Broker Direct joined Insurtech UK earlier this year.
Hotwire, Browne Jacobson, Wells Tobias Group and PKF Littlejohn have also recently joined the group, which is focusing on helping insurtechs navigate challenges that startups face in building successful and innovative businesses within the UK insurance market.
Dan Pender, chief executive officer of reviti, said: “I’m proud to have played an active role at the beating heart of the UK’s dynamic insurtech industry. The reviti team are all innovators in insurance, passionate about developing propositions and businesses that make a real difference to the customer.”
“Rethinking life insurance is no mean feat, so it is great to be collaborating with other forward thinking organisations keen to ensure that policymakers and regulators hear our voice and our sector thrives into the future.”
Matt Hodges-Long, operations chair of Insurtech UK, added: “Traditional insurance companies set premiums based on how ‘risky’ a customer is to insure when they buy a policy—what reviti brings to the market is different.”
“They recognise that people’s lives change over time and want to help them on this journey of positive change, so if customers make better choices through improving their lifestyle reviti will reward them. This is the kind of innovating force we’re keen to attract to our organisation as we put the UK on the map as a place to innovate and invest.”