Sophie Doyle and Katherine Clayton’s Peachii aims to make insurance sexy again for younger cohort
The brain behind multimillion-dollar baby bag brand Alf the Label is back with a new venture aiming to make insurance sexy again for the younger generation.
Launched just last month, Sophie Doyle’s insurance technology provider Peachii partners with retailers to give customers the option to add insurance on high-value purchases during the checkout process.
Co-founded with Katherine Clayton, Peachii specifically targets a gap in the traditional insurance market. It provides insurance on items like luxury handbags and high-end sports gear, which are not normally protected under standard insurance policies.
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By continuing you agree to our Terms and Privacy Policy.Peachii offers coverage for items ranging in value from $200 to $3000.
“Insurance in general hasn’t really evolved much over time . . . traditional contents insurance just doesn’t really capture (one-off pieces),” Peachii chief executive Ms Clayton said.
“We’ve seen average premiums on contents policy go up 72 per cent in the last five years . . . (our product) plays into solving some of these issues around insurance affordability.”
With the Insurance Council of Australia estimating about 1.8 million residential households do not have building or contents insurance, Ms Clayton added Peachii aims to make insurance accessible, relevant and affordable.
Over the course of seven years running Alf the Label, Ms Doyle noticed a trend in customers re-purchasing items which were damaged or stolen and weren’t covered by motor, home or personal insurance. Many of these happened to be younger customers who have yet to buy any type of insurance.
“We want to ensure that consumers can easily protect the items that enable their lifestyle and form an important part of their identity,” Ms Doyle said.
“To be able to buy a beautiful handbag or watch is a milestone achievement and is one of the best parts of adulting.”
Customers can make a claim on the Peachii portal and once approved, are paid out in the form of a store voucher for the original retailer.
Initially partnering with Alf the Label for its launch, Peachii plans to broaden its range of covered categories into jewellery, watches, as well as surf, snow and ski gears in the next month or so.
