With the objective of transform the insurance industry modifying the way of operating the insurance field, the insurtech Tuio begins its activity in Spain.
The Spanish neoinsurer, which has a team of experienced professionals and the support of important partners, has raised a first round of investment of 450,000 euros for the launch of their business, after which they have managed to be on the market in seven months since their foundation.
Among the firms that support Tuio are Capital Certainty, Cabiedes & Partners, Bewa7er or 7r Ventures, along with important business angels, including former CEOs of insurance companies or founders of successful startups.
With the idea of becoming the reference insurance platform for those clients disenchanted with the insurance industry or who are looking for a digital experience that they cannot find today, -such as millennials or generation Z-, without ruling out other possible clients with A strong social awareness and commitment, Tuio is structured around three pillars: a clear insurance product adapted to today’s needs, a modern digital experience and a fair and transparent business model.
“We are very excited about this project, as we are talking about a sector that needs a deep renovation”, explains Jose Maria Lucas, co-founder, head of operations at Tuio. “You can no longer do things as in the past, especially since technology has fully become part of the innovation and transformation of all sectors. Our goals are very ambitious, but we are also realistic and we firmly believe that our vision is beneficial for clients in particular and society in general ».
Offering a clear insurance product
Tuio does not distribute a third party insurance product, but designs and markets its own insurance product. Tuio products are governed by the premise of being easily understandable and fair with customers. To comply with this maxim, a policy written in natural language and away from legal jargon.
A product structure has also been developed where the customer you only pay for what you really need under a monthly subscription mode in which there is no small print and that the customer can cancel whenever he wants. Likewise, the coverages offered in your product are in line with those of other insurers, even exceeding the offer in some cases, due to the absence of that small print.
«At Tuio we understand that a clear product and an honest commercial approach must be the basis of our business. We understand the challenges this poses, but we are determined to treat clients like adults and base our business strategy on understanding what is being contracted and our retention strategy on absolute customer satisfaction. “, says Juan García, co-founder, head of growth at Tuio, and adds: “We want to banish the usual practices in traditional companies, such as upward renewals without notice, very limited coverage that does not offer a solution to incidents or the difficulty of unsubscribing”.