Insurtech Lime makes for refreshing UK launch time
Digital insurance platform Lime has officially launched in the UK with its accidental death cover solution.
The firm reckons more than 16 million people in the country are under insured – or have no insurance at all.
Shaun Williams, CEO of Lime, says: “The UK has a significant protection gap, a forgotten majority that have little or no insurance. We think that’s a big problem.”
He explains that Lime offers a solution where customers need to answer a few short questions for the right products and level of cover to be identified.
“Our first product to launch is accidental death cover. Simply put, if you’re killed by an accident, then it pays out for your family. We’ll be launching more products throughout the year – insuring against accidents is just the start,” Williams adds.
The firm’s name is a clue – as Lime’s “flexible twist” on insurance means its solution can be changed at any time to meet people’s individual needs,
In terms of accidental death, it is offering cover from £5,000 to £500,000 (a 37-year-old can get £100,000 cover for £2.30 per month in year one). Its cover will pay a lump sum to nominated beneficiaries in the event of death caused by accident.
The start-up is working with insurers and partners including Vibe Syndicate Management Limited, TES, Fizz and Capita.
Its accidental death cover is underwritten by Vibe, a company authorised by the Prudential Regulatory Authority (PRA) – and regulated by the Financial Conduct Authority (FCA) and the PRA and underwriter at Lloyd’s.