Gavin Qorus Innovation in Insurance Awards 2018 - Winner

Gavin is the world's first risk-sharing service and based on technology that radically and truly changes the insurance model as we know it. Risk-sharing offers Gavin users the same coverage as traditional insurance companies, but with better service and for half the price. Customers worldwide deserve a better, simpler, cheaper and more transparent insurance model. Better because current insurance practices have not evolved with the times and are illogical. Simpler because the customer should be the focal point, not the insurer. Cheaper because insurances can be cheaper. That’s why we’ve started Gavin from the ground up and fully independent. Gavin charges its users at the end of the month if damages have actually occured, instead of asking a traditional monthly upfront premium. At the end of each month, Gavin’s algorithms automatically divide the costs of all claims amongst all users. Someone’s contribution is based on his or her personal risk profile. Users benefit by only paying for actual losses while their upside risk is capped. The result is that insurance prices are cut in half. Apart from the innovative model, the use of current-day technology also streamlines the traditional insurance processes to service the customer. Gavin allows users to take out a coverage in 30 secs, file a claim in 15 secs and if a user wants to, cancel everything in 3 secs. Since our launch in June 2017 we have been growing with steady numbers. The current amount of policies largely exceeds the number we needed to validate our risk-sharing model.