Making our pricing more transparent

Today we are really excited to announce yet another step in our journey towards being the most open and transparent insurer in the world. We believe transparency is so important in an industry where the "information asymmetry" is so high - the difference between the level of information and knowledge the seller (Insurer) has over the buyer (you) about the product. We are really proud to shine a light on such a closed industry. From telling you how your pricing works, to giving you the inside track on what insurers are worrying about. This is all part of our goal to drag the insurance industry into the 21st century.

Today we are pushing this even further by telling you how the breakdown of what you pay works out - you can now see this detailed in full, right in the app. So... what are you paying for and who receives what? The amount you pay will comprise some combination of the following components:

  • premium
  • commission
  • admin fee
  • tax

What are you paying?

Commission is typically calculated as a % of the premium. When you add the commission and the premium together, this is called gross premium. Tax is calculated as a % of the gross premium. The admin fee is an additional charge. Simple... right?

Who gets what?

The underwriter keeps the premium which they use to pay for claims. Cuvva keeps the commission and/or admin fee which we use to build the app, run the company and make the customer experience fantastic. Her Majesty keeps the tax which they use to pay for hospitals etc.

Secret no more

The commission/admin fee that an insurance intermediary like Cuvva receives is normally a closely guarded secret but we think you have the right to know how much we make from each transaction. As a rule of thumb we typically receive ~20-25% of the total amount that you pay (however this can vary outside this range). In the app, you'll see this breakdown on the final payment screen.

No dirty secrets!

Here are some things we don't do (that others do!)

  • sell your data
  • get kickbacks from ambulance chasers
  • get kickbacks from claims management companies
  • do gimmicky marketing for irrelevant products
  • make huge unfair markups on add-ons like legal protection

We believe in building fair, transparent insurance you control, and this is just one further step.

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