Ranjeev Sidhu and Samuel Kearns started working on the idea for Range Insurance during the COVID-19 pandemic. “We’ve used some ol’ startup hustle, elbow grease and the lean startup methodology to test rapidly and validate early that we’re solving the right problem.” Ranjeev shared when discussing the early days of Range. “We use a very structured process in making iterations and we’ve definitely broken a record in our pace of building a new car insurance product.” He shared. The team has continued to validate their offering, ensuring that what they're building is solving the right problems for customers.
“The problem is that Car Insurance itself is a grudge purchase with little or no tangible return, unless a claim is made, and is a one size fits all offering that is not tailored to how people use their cars.” Ranjeev continued. “We’re solving a small part of this by building a digital offering for people who drive less. With Range you pay a lower rate for days you you don’t drive but are still covered in case you need to, say in an emergency, with a non-driving day excess.”
With the pandemic allowing for increased innovation as businesses continue to meet new and growing demands of their consumers, some industries are still lagging behind. Ranjeev shares that car insurance is one of these.
“People are working from home more and driving less than they ever have.” He began. “We didn’t think it was fair that you were paying for car insurance when your car just sits at home, especially during a time of financial difficulty for a lot of people.”
With this in mind, the team at Range began designing a product for people that drive less, giving them an alternative solution to their current policy. The team shares that with Range, the less you drive, the more you save. “Some other insurance companies claim to do this, they actually just ask one or two extra questions whereas our completely digital product actually lets you select the days you don’t drive.”
“We’re very fortunate to be backed by RAC Insurance who are continuously exploring ways that insurance offerings can be improved and that eventually helps deliver more benefits to their members”.
With their team based out of FLUX, powered by Spacecubed, the Range team are able to surround themselves with likeminded people who are all as invested in their projects as much as they are. “People here are just so helpful and we’ve had some great help in members checking out our product and giving us candid, honest feedback – which most people won’t give, they’ll just tell you they love your idea or what you’re working on, but it’s the real honest, critical feedback that helps you improve your product.”
So, if you’re looking for a modern insurance provider that understands the “new normal”, Range Insurance are offering a Pilot Program to all Spacecubed members, limited to 100 Policies. Check it out at www.joinrange.com.au, say hello at firstname.lastname@example.org or go visit the Range team at FLUX, on Level 6. Issued by RAC Insurance. Check the PDS at www.joinrange.com.au to see if the product is right for you.