The property market has changed a lot in recent years: more and more people are renting and there are fewer home-owners. According to data from Spain’s National Institute of Statistics, during 2018 renting reached the highest rate since data began to be collected, with 16.9 % of the Spanish population renting.
In this situation, it is necessary to create different insurance products that meet these new needs. This is what is offered by Seguro Inquilino, from the startup Clicksurance, where they have created an insurance product specifically for people who rent.
“We differentiate ourselves from other pure insurance solutions because, from the outset, the people being insured make use of our service. We are not a product that is used only when there has been a problem, we are a vaccine and that is why we anticipate,” explains the CEO of Clicksurance, Ricardo Sánchez.
Their proposal includes OCR recording technology to be able to digitally register the state of the home at the time it is handed over and handed back. With this idea they want to eliminate the typical problems that a leaser can encounter. “When you sign a rental agreement where it says that the house is in good condition, and then you see damage and the owner tries to put the blame on you, it is difficult to prove who is right. At Seguro Inquilino we are developing protection so that this does not happen,” says Sánchez. Their platform will enable everything from a damage report to requesting a quote for a small repair.
In addition, their service offers the usual coverage of home insurance, but it can be acquired much more easily. “Our goal is to create insurance programmes that are easy for customers to understand and quick to sign up for. To do this we are developing all the tools needed to have those products: the product itself, the distribution channel to sell it and the sales platform”.
Agility is their leitmotif. If in an average home insurance signing-up process you have to give 40 pieces of information and go through eight screens, at Seguro Inquilino they want to change that, for example, to “eight pieces of information and three clicks.”
The CEO of Clicksurance says that what they want is “to flip traditional insurance on its head”. To do this, counting on the experience of MAPFRE is a great boost, and that is why they are participating in insur_space. “The space is wonderful and our mentor, Pablo Valcárcel, [Lean Startup and Agile Coach], has managed to change our vision of product. Now we sell solutions,” says Sánchez.
Valcárcel finds their project very clever: “In such a huge, saturated and old-fashioned market as renting, they have found an unmet need: to be able to document the state of the housing to protect people against possible problems. They are looking for technological and digital tools that can make life a little easier for tenants”.
With this proposal, insurers such as MAPFRE can build a new relationship with their customers in another phase of their life, before they become an owner: while they are tenants.