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Cheaper premiums for safer homes: London insurtech startup Hiro picks up £1.5M through crowdfunding

Hiro
Image credits: Hiro

Insurtech startup Hiro works with the mission to be the most technologically advanced insurer in the world. The company helps people protect their home with technology such as smart cameras, leak detectors and smoke sensors and insures them as well. In a recent move, this London-based insurtech smashed its crowdfunding target in just 14 minutes.

Plans commercial launch in 2021

Now, Hiro recently became the fastest-ever insurtech startup to smash its crowdfunding target of £1.2M. The company surpassed its stretch goal of £1.5M in less than 30 minutes. In the first 24 hours, Hiro attracted more than 300 investors on Seedrs, an equity crowdfunding platform. It will be able to grab a slice of the UK’s insurance market estimated at £175B by providing flexible and personalised home insurance, which harnesses smart technology to prevent damage to homes.

Hiro plans to use the investment amount of £1.5M for its commercial launch for customers sometime in early 2021.

“We raised £1300 a second. It’s mind-blowing.” said Krystian Zajac, Hiro’s founder and CEO. “It reaffirms our belief that people are crying out for a new kind of insurance designed for today’s homes and how we live in them.”

Simple monthly subscription for a safe home

Hiro provides customers with an easy monthly subscription ensuring coverage to keep your homes safe. You can start and end the subscription as you wish via an app. Customers can use their existing smart home products and secure a cheaper premium with Hiro. Also, they will be able to get discounts on leading products meant to protect their property as mentioned above.

Cheaper premiums

It is possible for Hiro to provide lower premiums as smarter homes are believed to be safer homes. As per an independent study of 3,000 UK households, homeowners with one or more smart devices are 35% less likely to suffer a claim greater than £5,000 in the past five years.

For this, Hiro scans your home network, works out what smart tech you have and automatically creates a policy, which is tailored to you. The more protective smart home tech you buy, the cheaper your policy. It works with over 30 manufacturer partners to offer member-only discounts on the best smart home technology for protecting your home.

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