Luko Launches Satellite-Enabled Home Insurance
In partnership with Munich Re, Paris-based Luko has launched “the world’s first” satellite-enabled home insurance.
— Raphael Vullierme (@phareall) June 18, 2019
Through the use of AI and satellite imagery, Luko presents a satellite image of a house once a user enters the address. After the user confirms the satellite result, the technology detects different variables such as roof surface and presence of a swimming pool to later present tailored recommendations for the specific property.
Founded in 2016 with €2m in funding, Luko began its journey by offering a smart home device to improve home safety and reduce energy bills. Last year, the company announced that it will start offering home insurance with a giveback scheme – charging 30% for operations, 70% for paying claims, and donating leftover money to charity. So far, the startup serves 10,000 policyholders.