In March 2015, BoughtByMany partnered with Vitality Health Insurance to offer insurance to runners, cyclists, triathletes, start-ups and entrepreneurs

Country: UKboughtbymany
Year: 2013
Develop insurance packages answering personalized customer needs: an insurance company can leverage the customer network of BoughtByMany in all the three ways that policies are negotiated:

  • Partner with BoughtByMany as an underwriter: structure new policies based on the needs of customer groups
  • Identify customer needs and match existing policies with their needs: Customize policies based on existing packages. Validate the possibility of matching existing insurance packages to the demands created by users. If there are several people in the group, then adjust the premiums and charges in order to offer them a discount

Concept

  • Bought By Many acts as an intermediary to negotiate with insurance companies better deals for large groups of customers with niche needs
  • It is a free, members-only service that helps users find insurance for the things in life that are out of the ordinary (such as Pet Insurance for American Bulldogs, Travel Insurance for People over 70s, Hearing Aid Insurance, Horse Riding Insurance for Children etc.)
  • It helps communities use their collective power to buy insurance on better terms than they could get as individuals
  • It recently partnered with Vitality Health Insurance for runners, cyclists, triathletes, start-ups and entrepreneurs

Consumer Benefits

  • An initiative such as BoughtByMany has brought about a shift the balance of power in insurance to the consumers
  • It’s more convenient than using a comparison website or trying insurance companies one at a time. It is cheaper because BoughtByMany negotiates discounts and cash back offers leading to an average saving of 18.6% (based on their website)
  • By subscribing to the BoughtByMany + Vitality Health offer, users get a $50 voucher that can be redeemed at Vitality’s partner brands

How to use

  • User can go on the website, select an offer from the existing policies based on their need and purchase from various listed options
  • There is also a data entry box on its website letting people submit their own policy ideas. They then validate those segments through social media and engaging with niche blogs, Facebook groups and other stakeholders. Having established the market, the company works out the group’s specific requirements and then approaches the insurance companies to negotiate a deal on a policy

Illustration

  • YouTube video introducing BoughtByMany

https://youtu.be/zTKdn8zhn5I

  • WIRED UK blogs about BoughtByMany
    • boughtbymany1
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