Guevara triumphs at Wired Money
2 July 2014 Jim Harrison,
On Tuesday 1st July, Guevara, a revolutionary peer-2-peer car insurance service was unveiled at the Wired Money conference. The eighteen month old start up went on to win the magazine’s pitch competition and sell £100,000 in premiums in their first day alone.We have been delighted to work with Guevara over the last year and look forward to the long road ahead. Long live ‘Carmunism’!
'The business, whose branding borrows heavily from the revolutionary image of Che Guevara, provides peer-to-peer car insurance and claims to be able to reduce premiums by between 50-80 percent.
"Guevara users club together, share the risk and cut out the middleman. The group insure themselves," explained Guevara founder Kim Miller, presenting from the main stage of Wired Money on 1 July.
Launched only this week on Monday 30 June, Guevara had already sold over £100,000 in premiums by Tuesday evening, said Miller.
With Guevara, users pool together their premiums in groups they either select themselves or are allocated by Guevara, and any money not claimed goes towards lower premiums the following year.
"The safer the group drives, the less they claim, the more they save … you pay based on your actions rather than statistics. You could call it carmunism," said Miller.
Guevara also has an app that is used to collect data from the scene of an accident and groups have a messageboard to discuss their claims and make decisions collaboratively.
"No more lining the pocket of fat cats. The people are in charge," Miller told the audience of entrepreneurs and business people at Wired Money.
Header image courtesy of Michael Newington Gray