Behind the scenes: the successes, failures and projects of 2018

In 2018, we made the bet to change insurance as we know it to put it at the service of the society. The goal was to shake up the codes of an industry well-known to be disconnected from its beneficiaries. In short, we wanted to invent a useful insurance policy, in its simplest form.

We have often been told that “it’s going to be complicated”, “it’s impossible” but today, we can proudly tell you that we are doing it. Of course the road is long, but for the past 6 months, we have been winning our first battles against the old insurance world 💪

On this January 23rd, 2019, I am writing to tell you about:

• the story of an ambitious team that has just launched a small bomb in the world of home insurance
• what we are proud to have accomplished in 2018
• our failures in 2018
• our projects in 2019

This post is an exchange, so ask all of your questions and post your desires and ideas for the future of insurance: it is our reason for being.

The little story behind Luko’s transformation

Luko’s first mission is to use Artificial Intelligence to protect homes. We have created a first intelligent sensor (Luko Elec) that allows you to monitor your electricity consumption in real time and identify the most energy-consuming or even risky uses (an electric cooking plate that keeps functioning during your absence, etc.). And we are currently developing two other sensor models, “Door” and “Water”, dedicated to intrusion prevention and water leak detection.

As early as 2017, we offered these sensors to individuals and insurers so that they could be used by their customers. That’s where it gets tough. Working with insurers has been very complicated. Like the reimbursement of a claim after all.

One year later, by collaborating with an industry as slow as it is dusty, we have come to a strong conviction: effectively protecting households means reinventing home insurance.

A few months later, we completed our first €2 million fundraising campaign to launch Luko insurance (May 2018).

After a successful launch and more than 10,000 subscribers, we took the time to exchange with the subscribers on the waiting list to build a useful insurance policy adapted to its users. We have also built up a network of partners and craftsmen to manage and repair your claims quickly.

It is thanks to these exchanges that we have been able to launch in recent months:

• insurance for scooters and other electric cars
• the partnership with Stuart to deliver you a copy of your keys when you are locked out of your home (and this happens more often than expected would tell you Marc-Antoine, our customer service manager).

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In 2018, we are very proud…

💸 To reimburse claims at lightning speed

In 2018, we reimbursed 48% of claims in less than 2 hours.

This is a little below our objectives (50%), but we remain proud of our responsiveness. Especially since 64% of claims were reimbursed in less than 24 hours. Do you remember how long it took your former insurer to reimburse you for that broken window?

This speed of reimbursement allows us to have happy insurees, even after a claim. We keep administrative hassles to a minimum so that you can quickly move on to something else.

⚡️ To answer all our policyholders in under 20 seconds

20 seconds: the time to answer you during the week 8 minutes: time to answer you on the weekend If the chat takes a little rest on the weekends, our assistance is always available by phone 24 hours a day, 7 days a week.

Our objective is to always answer you in the simplest and clearest way possible. No gibberish at Luko, we help you understand all the subtleties of insurance contracts.

It sounds silly but, today, the norm is to wait 15 minutes on the hotline, to loop the Letter to Elise and the 5th Symphony before being hung up on because… customer service closes at 5pm.

👋 To give you your freedom

Today, we are the only ones to offer you simple, transparent home insurance… that can be terminated at any time. No commitment of minimum 12 months. No more need to send this famous registered letter with acknowledgement of receipt. At Luko, you can cancel in just 1 click:

button to cancel your luko home insurance We preferred to adapt to your uses and the nomadic life of 2019. And this pushes us to be better every day, to provide more and more service.

(To all our New Mobility policyholders, please note that this principle will soon be available for you too! We are working hard on the subject)

✍️ For writing to you by hand thousands of welcome cards

We had some aches and pains on our wrists, but these cards are an integral part of the Luko experience.

📞 Never harass you by phone

The standard in insurance is to do everything by phone: call hundreds of prospects to sell them a new product they don’t necessarily need or crazy options.

At Luko, there is no sales representative. We think that insurance cannot be sold but can be bought. It is the quality and clarity of the product that makes the success, not the quantity of commercial effort.

Instead of sales representatives, we have a dedicated team that is in charge of answering your questions whether you are insured or simply curious. Of course, if you need help and a call, we’ll pick up the phone in a second.

📈 To have a healthy and natural growth, guaranteed without TV advertising

Without spending millions on television, we have managed to achieve 50% growth each month. And we are very proud of this!

All this is partly due to you and your recommendations and word of mouth.

Our marketing is the quality of our service.

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Some failures and disappointments in 2018

When we advocate the transparency of our insurance product, we must also be rigorous enough to apply it to ourselves. It seems important to us to share with you our failures and disappointments of the year:

❌ Insure houses

We were unable to launch our home insurance product in time. The risk modelling of houses is much more complex than that of apartments. It is also more difficult to build a real network of experts and craftsmen

We do not yet have all the elements in hand to offer you a product that meets our high standards. Therefore, the launch was postponed to 2019.

❌ On the smart sensor side

As is often the case in hardware and artificial intelligence, there are pitfalls.

GIF of a computer bug We were unable to deliver our new version of our protection devices on time. But it will be done in a few months! At the moment, Brieuc, who is in charge of Luko hardware, is working hard with our factories to finalize the latest functionalities.

In concrete terms, we had problems with the radio transmission of the sensors and a data processing problem (undersized servers) that caused this delay. But we have strengthened our teams on the subject: we look forward to seeing you discover the new application and associated devices.

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Our ambition for 2019 💥

Combine growth and customer service excellence.

Whether you are 5 or 10,000, we will have to maintain the same quality of customer service

Equip homes with our 3 sensors (Elec, Door, Water) for maximum protection Maintain our excellent insurance results to provide the greatest support to the associations chosen by our policyholders

One thing that will not change in 2019 is the importance of your feedback. We created Luko to put insurance back at the service of society, so it is essential that we remain connected to your needs and expectations.

2019 will be done together and it starts now! 🙌

What are you waiting for in 2019? What do you want to protect? What services would you benefit from?

Some ideas in bulk…

📌 Have the list of the best craftsmen near you?

📌 Receive tutorials to properly tidy up your home?

📌 Have a GPS tracker and theft protection for your bike?

📌 Ensure your extreme sports activities: surfing, kite, skiing?

📌 Participate in our product roadmap?

📌 Ensure your globetrotter adventures?

📌 Come and eat a cake with us?

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Originally published at https://www.luko.eu on January 23, 2019.