The London-based home insurance company, Hiro, has announced its rebranding as Locket as part of a strategy that will see the insurtech expand its offerings and marketplaces.
Following in the ranks of major tech companies including Google, Amazon and Tinder, that also rebranded to launch new, international initiatives in their infancy, the prevention-first startup's new identity as Locket, will build on the foundations laid by Hiro, and it is hoped, will empower the company to communicate its value more effectively.
The rebrand, Locket executives say, will also enable smoother international expansion. This will be vital to future growth plans as the insurtech plans to roll out its services in Europe in the near future.
UK home insurtech market
Currently, Locket describes itself as a home insurance challenger that helps customers to actively protect their home using smart technology instead of relying on compensation after a situation. Customers can download the app and apply for coverage in minutes.
The disruptive insurtech is motivated by leading change the face of the home insurance industry with its prevention-first approach. It offers members a better price on their policy if they proactively protect their homes using smart technology. It also has a monthly subscription-based model – similar to Netflix – meaning no lengthy contracts, no admin fees and no cancellation fees. Locket quotes are generated from just a handful of questions that can be completed in under a minute.
Recently, Locket partnered with an ex-burglar to help members improve the safety of their homes. The insurtech has also been working on the project with branding partner Ragged Edge since May 2021. The London-based agency has previously developed new identities for companies including Bulb, Papier and Mindful Chef.
Smart solutions and prevention in insurtech
Speaking about the new rebrand - and the future strategies Locket is working on, Krystian Zajac, co-founder, and CEO of the insurtech, said, "This isn't just a rebrand of our company – we're looking to change people's perception of the entire insurance industry. Consumers don't trust insurers, but we're giving Locket members reasons to brag about us. Our approach empowers members to genuinely protect their prized possessions instead of just paying for a 'replacement' when bad things happen because we understand that what's worth a lot to someone is usually priceless.”
He added, "When people think about a locket, they think of memories, sentimentality, and protection. This is exactly what we represent as a company, and our new brand truly reflects this."
According to Max Ottignon, co-founder at Ragged Edge, the rebrand is part of the plan to increase Locket’s disruptive plans. He explained, “This isn't about introducing incrementally better home insurance, it's about creating something fundamentally different. That demanded a bold approach, rejecting the conventions of the industry – where everything has a price – to protecting what makes you, you.”
He added, “Conceptually, everything from the new name, through to the logo and tone of voice, revolves around this idea of Locket as a protective aura, helping you look after what matters. Tonally, we looked outside the category to create something that felt more like an aspirational lifestyle brand. Shifting insurance from something people use reluctantly, to something people actively invite into their lives."