Car insurance disruptors who are making the industry fairer, in more ways than one
Founders: Freddy Macnamara
Debuting at 40 in the Startups 100, Cuvva is a flexible, app-based insurance product designed to suit people’s on-demand lifestyles.
Cuvva’s story is simple. Freddy Macnamara spotted a problem, and set out to solve it. The problem? Totally inflexible car insurance. The solution? Flexible car insurance, available by the hour, and available via an easy to use app – which, by the way, is currently the most downloaded insurtech app in the UK.
While Cuvva has proven popular in the Gen Z and Millennial markets, its appeal is broader. Cuvva offers cover for temporary insurance purposes – for lending cars, driving new cars home and even sharing cars.
Crucially, Cuvva removes the complex paperwork, jargon and lengthy processes associated with the insurance industry – users simply need to download the app and insurance cover is available easily, and at any time.
In December 2019, Cuvva was responsible for selling 4.5% of the UK’s motor insurance – that figure goes to show just how much the market has been crying out for change. And speaking of change – during the Coronavirus lockdown, Cuvva drove a successful campaign encouraging traditional insurers to support customers stuck at home paying for annual car insurance by reducing premiums. This campaign resulted in 27 MPs signing its petition and the FCA putting measures in place, forcing insurers to offer refunds or payment holidays.
Cuvva’s mission is to close the insurance gap and provide customers the option to pay for only what they need. Can insurance be exciting and accessible? In our eyes, Cuvva has got both cuvva’d!