London – 14th February 2019
Insurtech start-up DeadHappy officially launches today, bringing the UK’s first fully digital pay-as-you-go life insurance to consumers. The company is on a mission to make it simpler for everyone, particularly the 8.1 million Brits who don’t have life insurance, to get protection that meets their needs at the right price.
On average DeadHappy’s life insurance costs just £14.78 per month across ten years, compared to the existing industry average of £23.25 per month (2.) This is because DeadHappy’s life insurance is priced annually based on a customer’s current age and risk level – not a prediction about their risk of dying across the next 20 years.
Not only do customers benefit from paying the right price, applications take just a few minutes, not hours (or days), right through to completion. DeadHappy has managed to rethink, redesign, and distil the underwriting process into 4 simple questions. When then combined with a technology platform that focuses on personalising the cover, it’s now quicker and easier for people to get the protection they want, all online.
Many people in the UK find thinking about and planning for death unappealing. To address this, the company is introducing what it calls ‘deathwishes’. These are not the desire for self-annihilation, but DeadHappy’s way of helping customer’s express what they want to happen when they die. So rather than simply offering a payout, deathwishes can be financially led, such as paying off a mortgage, or more personal, such as buying someone an annual season ticket for their football team or arranging someone to take the bins out for their partner. Personalised life insurance is proving particularly popular with hundreds of deathwishes created every day on the platform.
DeadHappy is led by a veteran team with a broad range of digital and insurtech experience :
- Co-founder Phil Zeidler founded Junction, part of BGL, and was chair at Simply Business among others.
- Co-founder Andy Knott, co-founded gaming company Pure, and digital experience company Dare.
- COO Dominic Holton, ex-Compare the Market and Beagle Street.,
- CFO Ana Teixeira, former Financial Director at Beagle Street.
Phil Zeidler, DeadHappy co-founder, said:
Malcolm Ferguson, Principal at Octopus Ventures said:
DeadHappy is authorised and regulated by the Financial Conduct Authority (FCA) – the independent body which regulates firms working in financial services. It’s backed with £1.5m seed investment led by Octopus Ventures. The company is also supported by strategic partnerships with industry heavyweights including Covéa and GenRe.
To find out more about DeadHappy and their personalised life insurance (including deathwishes) ’s new deathwishes, check out deadhappy.com.