Millennial insurer 'Back Me Up' launches Fully Flex product

  • Aimed at 18-34s who find traditional insurance overpriced and expensive
  • Choose to protect between one and four prized possessions
  • The first month’s Stuff x1 cover is free – and from just £7.99 a month after
  • Phones are this age group’s most precious item, yet 7.1 million don’t insure them, highlighting a combined cost to replace of £3.1 billion

Enabling Millennials to protect what matters to them, Back Me Up has launched ‘Fully Flex’. Users insure and pay for their prized possessions choosing from one to four items (Stuff x1 – x4) – protecting them against accidental and malicious damage, loss and theft.  Plus until 31 March 2017, the first month’s cover is completely free.

Fully Flex allows people to quickly and easily insure their favourite possessions by uploading a photo and choosing the description of the item. Users can switch possessions in and out whenever they want, as well as leave whenever they want, without having to commit to an expensive annual policy.  There are no penalty fees and charges to pay.

Insight from Back Me Up reveals that 18 – 34s can’t live without their mobile phones, yet almost half (48 per cent) admit their phone isn’t insured. With an average replacement cost of £445, this equates to a combined cost of £3.1 billion. And with over one quarter (28 per cent) of 18 – 34s who have phone insurance confirming they have claimed in the last 12 months, the protection Fully Flex from Back Me Up gives is invaluable.

Fully Flex Stuff x 1 is priced at £7.99, Stuff x 2 £10.99, Stuff x 3 £13.99 and Stuff x 4 £16.99.  With £1,000 - £4,000 of cover depending on the number of items chosen.

Whilst there is no directly comparable competitor product in the UK market at the moment, a similar corresponding level of cover from the nearest similar competitor available would cost £8.49 for an iPhone 6s.

Back Me Up was conceived and developed in partnership with a Millennial panel and our Community – customers that worked alongside the team to bring it to market, and who continue to shape Back Me Up as it evolves.

Paul Lynes, Managing Director at Back Me Up, commented: “We’ve worked with both customers, our Community and our Millennial Panel to provide flexible and affordable cover which protects the things important to them.

And with a number of hotly anticipated phone launches just around the corner, including Samsung’s Galaxy S8, it’s never been a better time for people to ensure their ‘lifelines’ are backed up, on their terms, at a price that’s right for them.”