BGL Group launched Jaunt in March 2019 to provide a less traditional car insurance service, with many initially signing up to cover short-term activities such as sharing a long drive with friends or covering one journey in a borrowed vehicle.
Since the outbreak of Covid-19, however, Jaunt has reported a spike in demand for flexible insurance provision, as customer needs have changed. During lockdown, many people only took essential journeys and, with uncertainty surrounding when companies will facilitate a full return to work, commuters are staying at home.
Jessica Cordery, associate director for marketing at Jaunt, said: “The dynamics between customers and their financial services providers has been shifting for some time, with people demanding more of a personalised experience.
“However, the COVID-19 outbreak catapulted demand from motorists for a more flexible product structure to their insurance. We are now experiencing a cultural shift, with many drivers choosing to borrow vehicles, rather than own them. This flexibility encourages a whole host of benefits – from cost savings to environmental accountability and in the current climate, we don’t expect this move to change any time soon.
“As working from home becomes the new normal for those that can; and reluctance to use public transport – but not invest in a vehicle, increases – we expect to see a continuing shift in commitment away from annual policies, to flexible alternatives. While there will always be an important place for annual cover, the way people utilise insurance is changing and may well change forever after this period. Therefore, Jaunt is well-placed to capitalise on this and we have exciting plans in place to accelerate our growth even further.”