The UK’s £9bn insurance overspend…and what we plan to do about it!

. 2 min read

We know that the insurance industry doesn’t always work well for customers, but when you have a world of insurance to tackle, it’s hard to know where to start. So, we went to our users and ran some numbers behind the scenes. Here are the results:

  • Around two-thirds (64%) of our users were overpaying for their insurance cover because they were falling into a renewal trap — failing to switch insurance providers when it was time for their renewal.
  • Our users were overpaying £70 for every one of their insurance policies, with the highest potential of £170 savings for car insurance.
  • One of the highest ranges across premiums for our users were those with mobile phone insurance.
The scale of this problem is pretty shocking, this amounts to people in the UK overpaying by at least £9 billion every year for insurance, just by not switching at renewal time.

Our mission is to stop people falling into the renewal trap and overpaying for insurance. We’re already helping our users do this by making it easy for them to keep track of their policies and premiums, putting them in the driving seat when it comes to renewal.

We’re also learning as we go, so check it out and let us know what you think on our community page or directly in the app!

About Brolly

Brolly is an insurance app providing a fresh and personalised experience for the digital generation. We’re addressing the problems with the traditional approach to insurance; overpaying for cover you don’t need, extensive forms requesting details you don’t know, and lengthy policy documentation you don’t quite understand. Brolly’s customers can connect their inboxes and allow our AI to do all the hard work for them. We’ll locate your current insurance documents, compare these with your assets and lifestyle, then provide you with recommendations and more tailored cover which is personal to you. This is all managed straight from your smartphone, so yes, you can finally clear out that filing cabinet. Brolly launched its initial product on iOS in November 2017, and has raised $2 million in funding from renowned investors such as Peter Thiel’s Valar Ventures, Pi Labs, and Entrepreneur First. We’re changing the way that insurance works, so that it works for you.