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Reimagining insurance

The insurance game is changing, and Granadilla plans to be an important part of the new face of the industry. Jonathan Walker is the Founder and CEO of Granadilla, and we caught up with him to figure out why he sold his successful tech company to launch an insurance business.

Ok, first things first. You sold a business that actually earned an income to go through the drama of launching an insurance business. 1) Are you mad? And 2) why?

Haha maybe I am mad, but not as mad as I was when my laptop and phone got stolen and it took my insurer TWO MONTHS to replace them – which is a nightmare when you essentially run your business off your cell and laptop. I had a paperwork nightmare, it took days of my time and throughout the process I kept thinking “There has to be a better way”. With my tech background I just believed that I could build a more efficient system, add some customer service to the mix, improve the pricing and build an insurance company that could take on the giants. And here we are!

Have you ever had a pleasant experience with an insurer? What happened? Why?

No! It always seems like “this time will be different”. The sales or application processes get easier but the claim process is always a nightmare. Most insurers are very willing to take your money on a monthly basis but when it comes to a claim, it’s a different story. It can drive you mad that selling you a policy can be so straightforward but that getting your stuff replaced has to be incredibly complicated. You are scrounging around for receipts for stuff you bought 3 years ago. At Granadilla we are have flipped that on its head, claiming will be hassle-free, simple and quick.

What’s good about the industry – what do we keep?              

Insurance is a very important part of our everyday lives, without it, we couldn’t mitigate our risk. I personally wouldn’t be keen to leave my house each day with my phone and laptop, knowing that two very important (and valuable) items of mine are not covered for loss, damaged or theft. Sh*t happens, life happens, and insurance is good for that. It gives us peace of mind that when things do go wrong, we are covered and can get our things replaced. As long as they are not replaced in two months after filling out 5 forms and calling the call centre umpteen times!

The stagnation in the industry has made it ripe for disruption and possible for competitive innovation. Using clever tech, it has given entrepreneurs the ability to create better products at a better price, a slicker user experience, making it much less of a “grudge purchase” for the ultimate benefactor, the customer.

What sucks about insurance – and how do we fix it?

Use Granadilla instead!

Just kidding…kind of… for me, personally, there are a couple of things about the insurance process that really get my back up.

  • Filling in endless forms
  • Not knowing what your premium is being used for, and who gets what why the mystery!!!
  • Having to produce paperwork, like a proof of purchase, at claim time. Because we all love keeping piles of paper around for “in case”.
  • Long, delayed claim processes
  • Lack of clarity when you take up a policy
  • Nothing instant!

Granadilla uses bots in a lot of the processes, especially sign-ups and claims. What is the place of tech vs. humans in this space?

We know a lot of the processes around insurance can be quite time-consuming, and when you throw the human factor into the mix it often becomes even more so. Tech can automate many of the more mundane processes currently in place, making sure they happen faster and more accurately. Claims especially. Basically we’ve automated the laborious cr%*p that no-one enjoys. But we know there are limits to the tech experience. In some interactions we know what you need is a reassuring human on the other end of the line. Which is why we’ve made sure there is a team of people behind the tech to help when you want to chat to someone real.

What other industries have been disrupted in a similar way that inspires you to think about this space differently?

In my opinion, most industries are going to be disrupted by tech one way or another, I think you would be hard pressed to find one that isn’t. Fintech is an obvious one, with the likes of Revolut, Starling and Monzo disrupting the banking sector in the UK.  Tech can make things simpler, cheaper and much better.

Ok sell Granadilla to me in 5 points. Go

One: So I think it’s important for our clients to know that we are underwritten by a reputable global insurer (Bryte) BUT it’s not our money so we have no reason to not pay claims. Anything that is left over from not paying claims we are going to give back to our customers. To steal shamelessly from one of my major inspirations; Lemonade, “It’s not our money!”

Two: Our mission is to be a fully transparent brand that you can trust. We take a 20% management fee and that’s it.

Three: We believe your insurance should fit into your lifestyle, so Granadilla provides month to month cover – you can cancel at any time!

Four: To the point above, your risk isn’t always the same. So, as an example we offer minute by minute billing that adapts to where you are – at home, out and about, whatever.

Five: We’re all about instant. Signing up is super speedy, claiming is a dream, but most importantly, your replacement phone is delivered to your door within 2 days of claiming.

Got any questions about Granadilla? Get in touch with one of the humans in our team at help@granadilla.ai