There are approximately 16 million people in the UK who doesn’t have insurance.
Given this big opportunity, Insurtech platform Lime is finally catering to people in the UK who are in need of protection from sudden or unforeseen incidents.
For the first product, the insurance company will be offering accidental death cover that will likely benefit the family of the deceased. According to Shaun Williams, Lime CEO, they will be launching more products soon, throughout 2019.
“The UK has a significant protection gap, a forgotten majority that has little or no insurance. We think that’s a big problem. 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,” said Williams.
Williams also added that their ‘flexible twist’ campaign aims to meet the needs of people. This means, the plan is changeable and could provide coverage to the majority of people who are still paying for mortgages and have a family to support.
“We’re providing simple, flexible insurance at low cost so people can have the cover they need to protect the people they want. We’ve designed our online platform to give clear guidance throughout the application journey so people can be confident when making decisions on what products to buy,” added Williams.
Meanwhile, for the accidental death, the beneficiary can receive coverage between £5,000 to £500,000. For year one, members can only pay roughly £2.30 per month and get up to £100,000 coverage for death due to an accident.