Just over a year ago, I was working for an amazing company in London. Corona was only a beer, and toilet roll wasn't a luxury. You were even allowed to go for a second run. How times have changed.
I am now sitting in my parents-in-law's spare bedroom in South Wales. The UK is on 'lockdown.' Parts of the world have even shut their borders. And we have just launched our company, Spring.
How we got here
No one loves insurance. Heck, does anyone even like insurance? But why? Well, we use strange words like premium and exclusion. Our terms and conditions are long and confusing. And we make people answer endless questions to get covered.
Something had to change. So, in 2019 I quit my job, and with our co-founder, Darren, we quickly got to work. We had an idea of what we wanted to achieve and decided to write down the key principles. These were:
We had to create a product that people really needed. To protect something irreplaceable.
Everything had to be simple. No confusing words. No long forms. No long T&C's.
Everything had to be digital, quick, and intuitive. Think Netflix or Amazon, but for insurance.
Give customers the chance to benefit without having to claim.
Moving from idea to reality
Bringing your idea to life is harder than it looks. It’s not like the success stories you read about or the movies that you see. And we had a lot to do.
From designing a product that is simple and affordable. To building an online platform that's quick and intuitive. We needed a strong and respectable insurance partner and a cheeky social media presence. We had to show the FCA that we mean business, but we also needed a fun and engaging brand. A lot to juggle.
After taking small steps each day, we've managed to achieve everything we needed for launch. But trust me, it didn't come without its challenges.
Aaaaand, take off!
After 406 days of fun, hard work, difficult conversations, and lots of arguments, we have launched our first insurance product. Exclusively available to people aged between 18 and 35.
Our online platform allows you to get covered in minutes. Once covered, you'll have access to your online account. Where you can make changes to your cover, cancel whenever with no penalties, and even submit your claim online (coming in April).
Our first product, Income Insurance, pays you when you can't work because of ill health or injury. You'll be covered until you're 70. Start getting paid a tax-free income when you've been off work for two months. And get paid for up to two years each time you claim.
Let's make insurance fun. We share our profits with you by giving away weekly prizes. So, you have a chance to benefit without even having to claim. Get covered to find out what prizes can be won.
With so much uncertainty around the world at this time, we will continue to take each day as it comes. But we can't wait for what's ahead! More than ever, we believe there is a need for this type of insurance.
We will be doing everything possible to raise awareness of the financial impact of accidents and ill health. Letting young people know what insurance solutions are available. And how they can become financially resilient.
We will be continually improving our online platform. We are not quite Netflix or Amazon; yet!
Get covered in minutes online today, here.
And more importantly, stay safe during these worrying and challenging times.