Crowd Media Holdings Limited (ASX: CM8 & FWB: CM3) (“Crowd” or “Company”) has entered into an exclusive arrangement with London-based Pluto Services Limited (www.pluto.travel) to develop an appropriate commercial structure that would leverage Crowd’s core strengths (digital social media / influencer marketing / conversational commerce) to assist Pluto to roll out its recently launched award-winning “millennial” travel insurance products into the EU market (excluding UK).
Pluto, the 2019 British Airways Traveltech winner, was established to fill what was seen as a major hole in the current insurance market and disrupt the £160bn (AUD$303bn) millennial travel market. Market research found that 70% of customers weren't satisfied with their current insurer and 38% of 18 - 34 year didn't even buy travel insurance when going away. Key reasons being:
1. Travel insurance is confusing & complicated.
2. Buying it is painful & slow.
3. Millennials don't trust insurers to help when things go wrong.
Pluto aims to ensure travel-loving millennials feel confident that they are adequately protected by providing hassle-free travel insurance and claim processes all done through a mobile app. Pluto prides itself on jargon-free policies with transparent pricing, the ability to claim on your phone in less than 10 mins with human help available around the clock. Other unique features include giving customers instant access to airport lounges if their flight is delayed and 24/7 access to a virtual UK Doctor (GP). Pluto is backed by Zurich Insurance one of Europe’s largest insurance companies and is the one of the top rated UK travel insurers on Trustpilot.
Crowd and Pluto will utilise an initial 90 day exclusivity period to agree a partnership framework that may include an all-encompassing digital marketing strategy across Europe (excluding the UK) and an appropriate commercial partnering arrangement between the parties.
This intended collaboration is in line with the Company’s strategic vision, as outlined by the Chairman Steven Schapera at the recent AGM, which highlighted Crowd’s plan to develop digital based fintech and insurtech products for the millennial market. Crowd has experience in digital marketing to millennials and Gen Z in most European countries and across 12 different languages.
This announcement has been authorised for release to the ASX by the Board of Directors of CM8.
ABOUT CROWD MEDIA
Crowd Media Holdings Limited (ASX:CM8 & FWB:CM3) is a global media and marketing company. Crowd Media has two divisions: a Mobile division built upon its Q&A and Subscription tech platforms to produce and deliver content including apps, games and music, and a Digital Marketing division which works with brands and digital influencers to deliver branded content primarily to the fast-growing Millennial and Gen Z markets.
Crowd Media’s networks are strengthened by its partnerships with hundreds of mobile carriers internationally and some of the world’s largest agencies, brands and media companies. The mobile division operates in more than 50 countries and 30 languages and the media division has worked with more than 10,000 digital influencers worldwide.
ABOUT PLUTO TRAVEL
Pluto, a London-based travel startup, is challenging the travel insurance market by offering “hassle-free travel insurance through your smartphone” to decrease the number of millennials who put themselves under unnecessary risk when travelling without cover, with over 40% of this audience choosing to travel without insurance.
Backed by Zurich, who provide underwriting expertise and claims management capacity, the new mobile-focused offering gives millennials an insurance quote in around 60 seconds or around three minutes when a customer builds their own policy. After buying travel cover from Pluto, customers can manage their policy, making changes, getting human support and even making claims all from their phone.
CROWD MEDIA HOLDINGS ltd
ACN 083 160 909
95B Piet Heinkade 1019 GM Amsterdam Netherlands
Level 4, 44 Gwynne St. Cremorne, VIC 3121 Australia
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