Barcelona based Fintech 11Onze Enters Insurance Sector

Barcelona-headquartered community Fintech 11Onze has partnered with insurance firm Tuio, in order to provide a unique market proposal – 11Onze Segurs. It’s a technology-driven, agile, transparent, affordable home insurance service for members.

The home insurance policy is around 15-20% cheaper when compared to the average policy available in the market. It provides a monthly subscription of around 5 Euros/month.

In line or consistent with the founding goals of 11Onze, it seeks products and services that are community and environmentally-friendly. With rising inflation across Europe, consumers are looking for competitive and more affordable deals.

James Séne, Chairman, 11Onze, said:

“We offer tools that make it easier for our community to manage their money by reducing essential expenses. That’s why we are launching 11Onze Segurs, where our agents will help you get the best home insurance at the best price and with benefits for society.”

James added:

“Our home insurance proposal is simple. We eliminate unnecessary paperwork and hidden clauses and we are transparent. We don’t want our customers to overpay for cover they don’t need, and we detail what is and isn’t covered. We also have a monthly subscription, so they only pay for what they need, when they need it.”

James further noted:

“In addition, as we are committed to society, we make sure that most of the profits are not distributed to shareholders and managers, but the NGOs of our customers’ choice. The 11Onze partner in this product is a certified B Corp, a global movement of people and companies that want to have a positive impact on society, trying to be part of the solution and not part of the problem.”

11Onze Segurs’ approach aims to subvert the current insurance model.

Typically, firms attempt to save on claims in order to maintain their revenue. In the latest model supported by 11Onze Segurs, 25% of what’s paid for the insurance is the insurance firm’s income. The remaining 75% goes towards covering claims and NGOs.

Raul Casado, Head of Marketing and Sales at 11Onze (CMSO) remarked:

“The new insurance product brings together everything we need to offer the best product to our community, with an affordable price and very competitive coverage. This is an advantage that we can offer to our customers who are part of the 11Onze community.”

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