Insurtech Marshmallow launches van proposition widening core market proposition

Insurtech unicorn Marshmallow yesterday (19 May 2022) launched a new van product in a bid to expand its proposition outside of its core car insurance market.

The product covers van owners who use their vehicle for social purposes, domestic use and commuting.

Martin Schwitzner, vice president of product at Marshmallow, said: “Marshmallow’s mission is to create a more accessible and effective insurance experience at a great price for everyone.

“We are looking to price everyone as fairly as possible and then provide them with a best in-class customer experience thereafter.”

This signifies further growth for the insurtech following its Series B funding round, which came alongside the launch of Marshmallow Breakdown Cover in January.

Widening customer base 

Marshmallow Van will provide private van owners with a tailored insurance policy at an accessible price, said a statement.

Van owners will also be able to use Marshmallow’s uninsured driver promise, which protects drivers’ No Claim Discount and returns the excess to them if they are hit by an uninsured driver.

The policy will be available to purchase first through price comparison website Quotezone followed by Go Compare and Confused.

Van owners will have the choice to add Marshmallow breakdown cover to their cover, as well as no claims discount protection and motor legal protection.

In addition to this, as part of its next phase of growth, Marshmallow has also launched its first major integrated advertising campaign, launching on more than 200 billboards, digital video and social channels and it made its TV debut on 10 May.

Since its launch in 2017, Marshmallow’s car insurance cover has grown by 120% year-on-year, across the UK.

The insurtech uses technology, big data, and artificial intelligence to tackle outdated biases commonly seen across the industry and instead, provides a more accurately priced policy.

Schwitzner added: “We are excited to extend our offering to van owners across England, Scotland and Wales and provide our award-winning insurance plans to an even wider customer base.”