New app-based insurance brand launches

Back Me Up offers home contents insurance and allows users to customise their policies and create ‘all-in-one’ cover.

It has no annual contract and allows users to switch possessions in and out whenever they want, as well as leave whenever they want with no penalty fees or charges.

For a flat fee of £15 per month, Back Me Up’s Core Cover offers worldwide travel cover, up to £1,500 for replacement car or house keys and locks, and covers three items with a claims limit of up to £3,000 in total each month.

Users can also build their own cover, adding Bolt Ons from £3 per month such as landlord conflict cover.

Currently five million (35%) of 18 – 34s have no home contents cover, according to ONS statistics.

Paul Lynes, Managing Director at Back Me Up, said: “People want to protect the things they value and the lifestyle they enjoy, and Back Me Up provides flexible, relevant cover that’s designed by the very people who will use it. It’s an ‘all-in-one’ lifestyle product that puts people in control by letting them decide to insure what’s important to them, not the other way around.

“There’s a huge gap in the market for an entirely new type of insurance, to meet the needs of young, independently-minded people. Until now, Millennials have had to engage with the insurance industry on its terms – but  all that is now set to change.”