UK digital insurance provider Marshmallow has launched its latest product line - a premium cover for vans called Marshmallow Van. The product covers van owners who use their vehicle for social purposes, domestic use and commuting.
According to reports, the policy will be available to purchase first through price comparison website Quotezone followed by Go Compare and Confused. With a direct purchase option available on Marshmallow.com coming soon.
Marshmallow Van offers private van owners with a tailored and flexible insurance policy at an accessible price point that leverages Marshmallow’s advanced risk assessment technology. Van owners will also benefit from Marshmallow’s Uninsured Driver Promise, protecting drivers’ No Claim Discount and returning the excess to them if hit by an uninsured driver.
What is Marshmallow’s robust growth strategy?
Following its launch in 2017, Marshmallow’s award-winning car insurance cover has grown by 120% year on year, across the UK. The insurtech headed up by twin brother co-founders Alexander and Oliver Kent-Braham, uses bleeding-edge technology, big data and artificial intelligence to manage outdated biases so commonly seen across the industry. Instead, it provides a more accurate and affordably priced policy.
The new solution is the startup insurtech’s first foray beyond the boundaries of its core car insurance offering. The new product launch of Marshmallow Van is also evidence of the insurtech’s expansion strategy driven by its recent Series B funding round that saw it reach unicorn status.
The move also comes after Marshmallow launched Marshmallow Breakdown Cover, powered by The AA, to provide award-winning roadside cover for its customers in January. Van owners will have the choice to add Marshmallow Breakdown Cover to their cover, as well as No Claims Discount Protection and Motor Legal Protection.
Speaking about the new product launch, Martin Schwitzner, VP of Product, Marshmallow said, “Marshmallow’s mission is to create a more accessible and effective insurance experience at a great price for everyone. We are looking to price everyone as fairly as possible and then provide them with a best in-class customer experience thereafter.
He added, “We are excited to extend our offering to Van owners across England, Scotland and Wales and provide our award-winning insurance plans to an even wider customer base.”