Get to know Insurtech: Surround | Digital insurance

0
130

While working at the tech startup-heavy Cambridge Innovation Center, Jay Grayson and Kate Terry noticed a new lifestyle in the community. After chatting with a few people around them, they found that these Millennial and Gen-Z consumers were ignored by the existing insurance paradigm.

The two decided to join forces as CEO and COO and start Surround Insurance. In the process, new applications have been developed to advance insurance to cater to these new age consumers. Existing property and casualty insurance products reflect an outdated lifestyle, while Surround Insurance’s new insurance benefits are bundled into a subscription that is delivered through a next-generation digital experience.

“Surround is focused on their journey and believes this product is needed and we believe that we are the right people to do this for this consumer population because we want to think for the consumer first and build something with meaning,” says Grayson.

The product, called Surround Core, takes into account the most common risks in the life of a modern young adult: driving a rented, borrowed or shared car, living in an apartment and freelance work as a sideline.

“Surround Core is a new category of lifestyle insurance. We’re unbundling the coverage today’s consumers need in today’s economy and repackaging it into a fast, simple and accessible subscription-based product, ”said Grayson.

With a change in typical growing up moments that insurance agents have used such as car purchases and changes, Surround also expects brokers to benefit by offering these new types of insurance coverage to the children of their existing customers

Kate Terry said, “We are delighted to be able to offer agents an innovative product that offers a beautiful digital experience. This is exactly what young professionals want – an online experience supported by knowledgeable experts. “