UK-based insurtech Octopus Ventures has unveiled the country's first digital, pay-as-you-go life insurance, aiming to make the process simpler, particularly for customers without cover. Annual prices are based on a customer's age and current risk, rather on what could happen across 20 years. The insurer has also launched ‘deathwishes', personalised insurance payouts that can be used to pay off a mortgage or buy a loved one a gift. Octopus Ventures has received seed investment of £1.5m ($1.9m), led by DeadHappy, and has strategic partnerships with Covea and Gen Re, among others.
UK-based insurtech DeadHappy has unveiled the country's first digital, pay-as-you-go life insurance, aiming to make the process simpler, particularly for customers without cover. Annual prices are based on a customer's age and current risk, rather on what could happen across 20 years. The insurer has also launched ‘deathwishes', personalised insurance payouts that can be used to pay off a mortgage or buy a loved one a gift. DeadHappy has received seed investment of £1.5m ($1.9m), led by Octopus Ventures, and has strategic partnerships with Covea and Gen Re, among others.