Zugar Znap Group launch Qorus Innovation in Insurance Awards 2018

Concept and objectives From its concept the Zugar Znap brand was designed to be disruptive and to tap into a hitherto black hole in the market, the millennials. Zugar Znap is a disruptive Insurtech business that uses advanced technology to understand our customer’s lifestyle, drive costs out of insurance administration and pass these benefits to our customers in the form of relevant insurance products with free and valued rewards which are used by over 72% of our customers. They enjoy much more for less. This allows the business to create higher levels of loyalty than the rest of the market where insurance is sold on price alone with over 50% of customers changing their insurance company every year. Reasons behind With the advent of the internet the staid insurance market has only been able to raise awareness of the number of providers and compete on price which is a race to the bottom with the comparison sites winning out. The cost of acquisition has increased and retention rates have plummeted. Zugar Znap decided to flip the model on its head focusing on engaging dynamic content, rewards and incentives for driving good behaviour which in turn leads to lower claims and higher retention. State of competition The market is still traditional, based on gimmicks and comparison sites with focus on price rather than range of cover and benefits. Sources of inspiration Founder, Julie Rodilosso, has made a career from looking at insurance through a different lens. To date Julie has reinvented the B2B broker market and is now looking to inspire the consumer market working with co-founders who have built industry leading rewards platforms. We have conducted extensive focus research listening to what the millennials actually want and what their tech savvy parents would like to buy. Departments involved Marketing (driving the branding and content engagement) and Development (building out the website portal) Main results so far Great penetration on social media with limited budget. Major contracts signed with Unidays (2.8m student reach], TLC Marketing and Duragadget,