Underwriting Company Tuio score €450k in the latest funding round

Rebranding our perception of insurance
There is hardly anyone that can relay an entirely positive experience when it comes to the dealing of insurance. It is an industry that is unfortunate in that it is cloaked with dispute and mistrust. Furthermore, insurance is often placed under the term “grudge purchases” in that it is described as an item that we have to pay for, even though we would rather place our money somewhere else. It is fair to say that the industry could benefit from a rebrand, from our daily dealings with an insurance company, down to our very perception of it.
Introducing Tuio, a Madrid-based underwriting agency that specializes in home insurance, that seeks to address this. With the help of an easily downloadable application that can be purchased for your mobile device, the company effectively makes use of the latest tech to offer an experience of insurance that is underlined with ease.
How different can it be?
The initial process of instigating an insurance policy seemingly involves call centers and a plethora of paperwork. However, with the use of the app and by placing the framework in a completely digital space, this process is significantly shortened. Tuio guarantees that everything from inception to claims takes literal minutes.
There is undeniable diligence that the agency brings even when describing what they will cover in terms of household insurance. From theft and natural disasters to covering hotel expenses if need be (if your home is inaccessible), right down to assist you with hiring a lawyer in the instance that you are in an accident. The difference lies in the extent to how this agency has described how it can help you.
Tuio also makes use of an insurance model that charges a flat rate. Within that, they keep 25% of this and use the rest to payout claims. Even more, they use what is left of this contribution to donate to an NGO of your choice. This is paramount to changing our perception that the insurance industry is a sinister money-making mechanism. Tuio uses its position to give back to society, and it is perhaps the last benefit one would expect from an underwriting agency.
Not a fresh face to the Finance.
The co-founder, Josemaria Lucas that is. As a graduate of The Jesuit University of Madrid, he is a certified Chartered Financial Analyst, accredited by the CFA Institute. It is clear that he sharpened his leadership and financial tools at Commerzbank AG, where he spent close to 10 years. Immersing himself in these markets no doubt culminated in the creation of a unique underwriting agency such as Tuio.
What is left to offer?
Tech advancements aside for a moment, Tuio excels in its transparency. Especially as an underwriting agency, everything from its business process, its coverage, and premiums, there is a complete understanding of the insurance process. And that is an element not many organizations that share space with them can boast about.