DeadHappy thinks traditional life insurance is on death's door

by Startacus Admin

Insurtech startup DeadHappy officially launched this week, bringing the UK’s first fully digital pay-as-you-go life insurance to consumers. The company is on a mission to make it simpler for everyone, particularly the 8.1 million Brits who don’t have life insurance, to get protection that meets their needs at the right price.

There's InsurTech disruption in pretty much all areas of the traditional Insurance sector. Think Panzly, the InsurTech startup that's created the 1st flight insurance for delays or cancellations with automatic and immediate payouts, or InsurTech startup Waggel, a new digital pet insurance for pet people, as two recent examples.

DeadHappy is the UK’s first fully digital pay-as-you-go life insurance provider.

Its PAYG life insurance policies are designed to be cheaper, easier and better than existing traditional providers. As a result, the company is on a mission to make it simpler for everyone, particularly the 8.1 million Brits who don’t have life insurance, to get some kind of protection that meets their needs at the right price.

Its ‘deathwishes’ also help customers personalise their life insurance by expressing what they want to happen when they die – from being able to pay off their mortgage to funding a wake party in Ibiza for their friends. Not only do customers benefit from paying the right price, applications take just a few minutes, not hours or days,  right through to completion.

DeadHappy has managed to rethink, redesign, and distil the underwriting process into 4 simple questions. When combined with a technology platform that focuses on personalising the cover, it’s now quicker and easier for people to get the protection they want, all online. 

DeadHappy is led by a veteran team with a broad range of digital and insurtech experience, including co-founder Phil Zeidler, Co-founder Andy Knott, COO Dominic Holton, and CFO Ana Teixeira.

Phil Zeidler, DeadHappy co-founder, said: “Traditional life insurance is overpriced, complex and dull. People are paying over the odds as a result. Our philosophy is different – you’re far less likely to die when you’re younger, this means you should pay less. It’s pretty simple. We’re making this possible for the first time in the UK. We’re also trying to break new ground in how death is talked about, to help people plan for what happens when they die – without resorting to ‘project fear’. Death is never going to be the top of anyone’s list of favourite pub conversations, but we hope to at least make it a more approachable, less daunting conversation to have.”

DeadHappy is authorised and regulated by the Financial Conduct Authority (FCA) – the independent body which regulates firms working in financial services. It’s backed with £1.5m seed investment led by Octopus Ventures. The company is also supported by strategic partnerships with industry heavyweights including Covéa and GenRe.

Malcolm Ferguson, Principal at Octopus Ventures said: “DeadHappy is one of the hottest insurtech start-ups out there and is uniquely positioned to transform the life insurance market. The sector is currently overly complicated and reliant on financial advisors to sell policies. By simplifying the process and allowing consumers to buy direct, I’m excited to see DeadHappy grow by helping people get the life insurance they need.”

We look forward to seeing how DeadHappy and their 'pay-as-you-go' life insurance platform grows.

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• #insurance
• #insurtech
• #life insurance
• #deadhappy
• #pay-as-you-go

Published on: 20th February 2019