Specialist insurer launches £500k crowdfunding round with Seedrs

London-based specialist tech insurer, InMyBag, is targeting a £500k crowdfunding target to take on slow replacement times and convoluted claim processes that are damaging customer confidence in the industry.

InMyBag’s research suggests consumers are being forced to spend at least 10 days, in an average best case scenario, waiting for their gadgets to be repaired or replaced.

Others believe the wait is even longer, with mobile insurance customers spending around 15 days for their claims to be processed.

InMyBag offers insurance to both individuals and SMEs with a UK first guarantee – an aim to replace lost, stolen or damaged gadgets in as little as four hours and within 24 hours.

The firm’s products, which start from £7.99, aim to give small businesses and individuals who rely on technology for work the confidence that their equipment is covered and can be replaced quickly through the use of Amazon Prime and Apple’s distribution networks.

Gustav Holst Stuge, CEO of InMyBag, commented: “Consumers are bearing the brunt of the insurance industry’s sense of complacency.

“Spiraling replacement times and convoluted claims processes have created a perfect storm for customers who have no confidence that their invaluable gadgets will be replaced in anything like a timely manner.

“Quite simply the insurance industry is failing to move with the times – as companies and freelance workers are more and more reliant on their devices to work remotely, the prospect of spending any sort of time without their tools is unthinkable.”

InMyBag also has an exclusive partnership with CrashPlan, a company that brings a data backup service to customers at no additional cost.

The initial funding round kicked off today (January 22), and InMyBag will use the money raised to grow its development and sales teams.

The funding round will stay open for up to 60 days and give investors a chance to chance to walk away with a portion of a 16.67 per cent stake in the company’s equity.

Stuge added: “As devices become more pricey – and consequently more attractive to opportunistic criminals – there’s more need than ever that consumers can trust their insurance provider to deliver.

“We’re hoping that this fundraise will give us the resources to reach even more people that need ultra-responsive cover.”

InMyBag is the brainchild of the InsurTech Gateway at Hambro Perks, an advisory and investment boutique based in London.