Property and liability insurer Travelers has built a personal insurance product – dubbed Traverse – designed to suit a generation of consumers that is tending to defer major asset purchases and whose needs are no longer being met by traditional insurance models. The policies, which are aimed at the New York market, are priced between $8 and $32 per month and can be purchased and serviced entirely via a user’s mobile device. “Consumers have been looking for an alternative to their current insurance,” said John Deasy, senior vice president of Travelers’ Personal Insurance division.
Property and liability insurer Travelers has built a personal insurance product – dubbed Traverse – designed to suit a generation of consumers that is tending to defer major asset purchases and whose needs are no longer being met by traditional insurance models. The policies, which are aimed at the New York market, are priced between $8 and $32 per month and can be purchased and serviced entirely via a user’s mobile device. The policies cover “stuff”, such as electronics and equipment, and “experiences”, such as cancelled flights or problems occurring in home-sharing, rental situations.