Branch Insurance has launched a new programme to help customers lower the cost of their insurance.
Its new Vouch for Me service will roll out for Ohio customers and will allow them to request a ‘vouch’ from another Branch customer, which will help them get 5% off their insurance costs.
The InsurTech hopes this system will help lower risks of insurance fraud by equipping users with the technology needed to foster a trusted community of users.
This service is available when a consumer buys an insurance policy on Branch and once they download the app. When they sync their contacts to the InsurTech’s app, they can see which of their contacts also have a Branch account. A user can send their contact a couch request which asks the recipient to confirm the person is who they claim. One vouch is worth 1% off their insurance.
When the service is deployed across the US in the coming years, Branch expects the programme will slightly differ. In Ohio, consumers will be able to save up to 5% on insurance.
Branch CEO and co-founder Steve Lekas said, “We founded Branch out of the deeply held belief that by leveraging the power of community, we could make insurance better and more affordable for everyone.
“The concept behind Vouch for Me is simple: if a Branch customer is willing to vouch that you’re a trusted member of the community, we’ll reduce your insurance price by 1% out of recognition that you’re less likely to commit fraud.”
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