Locket, Provider of Technologically Advanced Prevention-First Home Insurance, Secures £1.09M+ via Seedrs

Locket, which offers technologically-advanced, prevention-first home insurance, has acquired 145% (£1,090,635) of its £750,000 target with 4 days left (at the time of writing) in its crowdfunding campaign carried out via Seedrs.

It was previously reported that Locket hit its initial funding target in just ten minutes.

Located in Harrow, United Kingdom, Locket operates in the SaaS/PaaS sectors (Digital B2C).

Incorporated in August 2020, the firm’s investment summary is as follows: Type Convertible;
Discount 15%; Share price N/A; Tax relief; EIS.

Here are the key business highlights shared by the company:

  • Entire tech-stack built in-house
  • Two new insurance products brought to market
  • Terms agreed for distribution on top UK Price Comparison Sites
  • Series of high profile partnerships agreed

Key features shared by the firm: Secondary Market; Seedrs nominee min. £15.00 +.

As noted by the company:

“We’re Locket, and we’re everything your old insurer isn’t. Insurance is a $7tn industry that’s in dire need of a shake-up. Old insurers treat our world as replaceable. Everything has a price. When ‘bad things’ happen, payouts fix them. However, we know that the things that matter most can never be replaced.”

They added that they’re on a mission to “change the odds.” Using advanced technology, including automated quote & buy journeys, ML-based pricing models, smart device integrations, and gamified coaching, the firm aims to “increase satisfaction and help homeowners to reduce their risks – leading to lower premiums and fewer claims.” This way, “everybody wins,” the company claims.

They also shared that they are “building a flexible, fair, and socially responsible alternative to the old home insurance proposition.” Insurance for things “worth money, and assurance for things worth so much more.”

You may choose to join them, and “be part of the movement to change insurance for good.”

While sharing their monetization strategy, the company noted:

“To start with, we’ve structured as an MGA (Managing General Agent), meaning that we earn a percentage commission from every policy we sell. The level of commission increases as we write better risk, allowing us to benefit financially from our knowledge that smart homes are safer homes. Ultimately, we want to become a full-stack insurer, at which point, we will start underwriting some of the risk ourselves, with reinsurance backing.”

They added that by coupling our flexible monthly subscription with their personalized, rewards-based services, they believe that they “can achieve industry-leading retention rates and, ultimately, a significant improvement in customer lifetime value compared to old insurers.”

The firm claims that their members-only marketplace “represents a second revenue stream – equipping homeowners with the best tech to protect their homes at extremely aggressive prices.”

On the roadmap are more services, “like gamified coaching, professional home wellness checks, AirBnB add-ons, and further insurance products,” the update revealed.

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