“Sorry, But Back Me Up Will Be No More”
Bottom Line Up Front: As of today, product insurance brand Back Me Up is no longer open for business.
Let’s back up. Established in August 2016, Back Me Up (BMU), aka the trading name of Ageas, offered an app to allow customers under the age of 50 to insure up to four key items for a monthly fee that ranged from £9.99- £18.99. To secure coverage, customers would take a picture of their favorite things, upload pictures to an app and swipe to protect. Also, the brand offered a reward scheme allowing customers to earn ‘points going on cash’ each time they recommended the app to a friend.
Bottom Line: You can tick all the right boxes when it comes to attracting millennials (as did BMU) and still fail because you misunderstood the problem. As the saying goes, a problem well-stated is half-solved. And we stated it for you here.
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Underwritten by Ageas, the policy allows young drivers to pay for an initial package of 500 miles from £195, arranging an automatic top-up of 100 to 500 miles when they have 50 miles remaining, with the top-up costing less the safer the policyholder drives. Drivers can keep a track of what has been used on their app and earn a No Claims Discount for every year they remain claim free.