Car insurance startup Guevara is the winner of Wired Money's startup pitch competition.
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.
Guevara beat off an impressive roster of startups in Wired Money's startup pitch competition, which you read more about from our session one, two and <a href="/{localLink:30506}" title="Wired Money pitch 3">three</a> reports.
You can follow all of the presentations at Wired Money here.
This article was originally published by WIRED UK
