Travel insurance has a bad rap. Claims too frequently are denied and if they pay out it may take weeks to receive any remuneration for a trip gone bad. Insurtech Pluto is seeking to address this sector of the insurance market with an app-based service that promises jargon-free policies and immediate payouts when you file a claim.
Pluto is currently crowdfunding on Seedrs seeking £200,000 for a 9.09% equity stake in the company at a pre-money valuation of £2 million. As it stands today, Pluto is almost fully funded having received the backing of 64 investors raising over £184,000.
The crowdfunding round comes just as Pluto announces the integration of Babylon Health to give Pluto customers Providing customers 24/7 on-demand medical help and prescriptions through its mobile app. The Insurtech says that it is providing a fast and safe access to medical help abroad, where other insurers would simply expect you to navigate local languages.
Founded by travel aficionados Alex Rainey, previously at Accenture Digital, and Harry Williams, Pluto has a mission to build up the public’s trust in travel insurance.
Today, according to YouGov, just 38% of UK citizens take out travel insurance when traveling abroad. Pluto notes that Brits think insurance providers will do everything they can to avoid paying a claim. And they are probably correct.
Meanwhile, airline strikes abound, delays are rampant causing missed connections and airlines rarely provide any much-needed assistance. Pluto wants to bring the simplicity to travel insurance similar to what Fintechs have brought to the banking business.
Rainey CEO of Pluto explains:
“A lot of people aren’t even sure what’s included or excluded in their policies. On top of that, an inherent lack of trust towards insurers has meant that many millennials choose to take a chance and travel without any insurance at all. We get it, because most insurers won’t help with flight delays, they won’t help you prepare for a trip or even make your life easy when something does go wrong. That’s why we founded Pluto.”
Pluto has previously raised over £430,000 and was recently recognized as winner of British Airways’ Future of Flying competition this summer.
Duncan McIntyre an investor in Pluto says the travel insurance industry is in desperate need of change.
“Pluto are at the forefront of meeting modern travelers needs and expectations. If your flight is delayed or you’re feeling unwell on holiday, they’re providing instant care Pluto is a game-changing addition to the stale and archaic travel insurance market.”
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