Insurtech start-up Visicover teams with Allianz on plane coverage
UK-based online aircraft insurance start-up Visicover has signed a partnership agreement with Allianz Global Corporate & Specialty (AGCS), as the four-year-old firm seeks to expand its presence in the aviation market. Tom Chamberlain, AGCS’s underwriting manager for aerospace and general aviation, said the deal allowed AGCS to "focus on new distribution channels for our products and, in particular, explore ways to enhance the customer journey".

Allianz Global Corporate & Specialty (AGCS) announced it has formed a partnership agreement with insurtech company, Visicover.

Visicover’s existing and new aeroplane and helicopter insurance products now will be underwritten by AGCS, which also will provide claims management services.

Customers buy their aircraft insurance online with Visicover, which also enables them to self-administer their policies including renewals, said AGCS, which is Allianz Group’s corporate & specialty insurance business,

“The aviation industry is undergoing significant change. New technologies are impacting companies’ risks, creating new and eliminating old risks,” said Tom Chamberlain, AGCS’ underwriting manager for Aerospace and General Aviation.

This new partnership with Visicover aligns with Allianz’ strategy “to focus on new distribution channels for our products and, in particular, explore ways to enhance the customer journey in an increasingly digital world,” he added.

“Through working with Visicover, we will be part of the innovative drive to understand how new technologies and insurance propositions can benefit the customer and how they will develop in the future,” Chamberlain went on to say.

“The original vision for Visicover was to create a better solution based on simple flexible products, lower premiums and online self-servicing so that aircraft owners could manage their cover themselves,” said Jan Houlberg, managing director, Visicover.

“Since launching only four years ago, we’ve taken a significant share of the general aviation insurance market,” he noted. “Allianz is the ideal partner as we look to increase our presence and expand our offering in the aviation space and look to move into other markets.”

Visicover detailed key points about its service, which included:

Most eligible customers can get a quote and buy their policy in under 10 minutes.

Customers can pay their premiums in full or opt to pay a 30 percent deposit and spread the balance over eight monthly, interest free installments.

Customers only pay for the cover they want. Some insurers include “free” covers, but, in reality, the customer pays for them in their premiums whether they want them or not.

Customers are in control and can change their cover when they need to, 24 hours a day, 365 days a year, which removes the need to wait in a broker’s office or phoning a call center.

A 24-hour phone line is provided for claims notification and management queries.

Documents are saved online so customers can access them at any time and see their complete policy history.

Source: Allianz Global Corporate & Specialty (AGCS)

Topics Mergers & Acquisitions InsurTech Tech Aviation