One of the leading insurance startups, Ohio-headquartered Branch, launched ‘Community Pledge’, a new program to help customers decrease insurance costs. With the help of the said program, Branch customers would be able to request a “vouch” from other customers and will get up to 5% off their insurance charges. It will serve as a great example wherein the power of community will be leveraged to reduce the cost of insurance.
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Community Pledge has a simple concept behind it, in case a customer of Branch wants to vouch that someone is a trusted member of the community, the firm will reduce the insurance price by 1%. Steve Lekas, CEO of Branch noted that the company was founded out of the deeply held belief that insurance could be made better, more accessible and affordable for everyone by leveraging the power of community.
Insurance fraud cost (non-health insurance) is expected to be over $40B per year which will cost between $400 and $700 per year to the average U.S. family in the form of increased premiums, as per the FBI. By launching Community Pledge, Branch seeks to help reduce this risk of insurance fraud. The program will reduce the incidences of insurance fraud while passing down the savings to customers at the same time.
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Customers buying a Branch policy will automatically get access to Community Pledge, given the program is available in their state. They can then sync their contacts on the Branch app and check for their acquaintances that are also Branch customers and send them “vouch request”. Branch will send an email to the contact to confirm that they want to vouch for the person who requested it, and upon confirmation, the user will receive a discount of 1% on his/her insurance amount.
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