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Uniqa launches innovative Cherrisk insurance model

Retail

Insurance company Uniqa is set to expand its innovative Cherrisk model to Europe, with the innovative, user interface-optimized model having completed a successful pilot period in Hungary, according to a press release sent to the Budapest Business Journal.

Following a positive market response after the pilot period, Cherrisk, developed by the Hungarian branch of Uniqa, is set to be extended to other European countries.  The parent company has invested more than EUR 4 million in the establishment of CherryHub Kft., a Budapest-based innovation company, for the implementation of the Cherrisk model.

The idea behind the insurance model can be traced back to 2014, with the initial team beginning work on the project in September 2016. The model was finally launched on September 17, 2018, thanks to two years work by 60 people. The new model is generally aimed at Millenials and Generation Z, but also at Generation X members, according to the company.

"Cherrisk is more than a classic insurance plan," says Uniqa CEO Krisztián Kurtisz, the mastermind behind the idea. "In addition to the fact that its user-friendly interface is a response to customer needs that have significantly changed in the past few years, now we are giving an unprecedented vote of confidence to users. We are returning to the basics of risk communities, where we take care of one another and try to mitigate our risks together."

Cherrisk allows users to access home, car, accident, and travel insurance policies via an online interface, which also makes settling claims via video calls possible, explains the press release. It also offers playful options to learn about damage prevention and client safety, allowing users to collect "cherries", acting as virtual currency. The "cherries" can be used to reduce insurance fees or support social initiatives that make local communities safer and happier.

Uniqa International’s focus is currently also on the program running in Hungary, as in the next 4-5 years half of the insurerʼs customers will be those born after 1995, Kurtisz notes.

"We have always considered Hungary as an innovator," says Wolfgang Kindl, the projectʼs international sponsor and CEO of Uniqa International AG. "At our subsidiary in Hungary, not only financial indicators have changed in the past few years but also the philosophy of customer services. As a result, based on 45,000 customer ratings in 2018, our services received 4.2 on a 5-point scale. That is the reason why we supported the implementation of Cherrisk when Krisztián contacted us about it. We are really proud and eagerly looking forward to seeing the results after the launch."

If the Cherrisk model is successful, Kindl said the company will do its best to ensure that the model reaches as many customers as possible in other countries as well.

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