Lucci is a B2B embedded fintech product using 3-D aerial imaging of properties to provide tailor made, real time insurance policies in milliseconds.
Powered by Cloud Cover and SUE (Smart Underwriting Engine), this convenient use of 3-D aerial imaging in insurance is a game changer in an industry suffering from inaccurate assessments of risks and value. This accounts for more than 80% of underinsured or overinsured properties.
Cloud Cover is able to instantly answer questions on a customeru2019s behalf, from surrounding fire and flood risks to whether or not a property has a pool or trampoline.
u201cUsing 3-D aerial imaging and cloud-based technology, Lucci is instant and incredibly accurate, helping businesses scale-up and grow their customer base by fully digitalising and embedding insuranceu201d said Naby Mariyam, CEO and Founder of Coverhero.
By having a data driven approach, Lucci could save the industry a staggering $16Bn a year in loss adjustments. This would mainly be seen in the discrepancies at the point of claim, which is beneficial for the insurer processing claims and the overall customer experience.
u201cThis product was designed to work towards the net zero emissons Paris Agreement. Every Lucci policy will offset at least 11 tonnes of carbon emissions, making itu00a0 the first home insurance APIu00a0 to put decarbonisation at the forefront of its policies.I strongly believe the financial industry needs to empower consumers to spend their dollars on climate friendly productsu201d continued Mariyam.
This new form of immediate home insurance will benefit the planet and save time for homeowners in an ever changing property landscape. It is also cheaper for businesses to use.
u201cWeu2019re keen to talk to more distribution partners in banking, real estate and the mortgage industry who can all leverage Lucci to deliver competitive advantage and improve customer experiences.u201d Mariyam concludes.
Coverhero has already stormed the insurance industry with Hustle, an insurance product tailored to gig workers’ income protection needs, and are ready to do it again with the launch of Lucci.
Share this article:
