Australian retailers can now provide shoppers with added peace of mind when they purchase items valued between $200 and $3,000 with an industry-first insurance product. Insurance cover also protects businesses from the cost of items lost by theft, loss, or irreparable damage.
Insurance start-up, Peachii delivers item-by-item policies designed to protect expensive and hard-to-replace items such as high-end handbags, fishing reels, or custom skis.
“We saw a gap in the market for an insurance product that is tech-led, intuitive, accessible, affordable and relevant to younger generations. Hence Peachii was born,” CEO and co-founder, Katherine Clayton said.
“Lifestyle assets are not normally covered by traditional insurance but are expensive items that enable Gen Z and Millennial customers to live life on their terms with the backing of insurance.”
Slated to launch with Peachii co-founder and chief brand officer, Sophie Doyle’s leather goods brand, Alf the Label, the cover extends to a broad range of categories including jewellery, handbags, tools, camping gear, fishing rods and reels, surf, snow, ski gear and more.
Over the seven years of running Alf the Label, Doyle has noticed customers returning to re-purchase items which had been damaged or stolen and not protected by typical cover like motor, home, or personal insurance.
“Our research shows the vast majority of our customers are renters, or still live at home and are delaying traditional milestones in favour of investing in items which enable their lifestyle and identity. This is different to previous generations who commonly put their savings into buying a home as young as possible,” Doyle said.
“Peachii’s insurance model is the first to cater to the values and purchasing behaviours of younger generations. Gen Z and Millennials want flexibility, freedom, adventure, and experiences. We believe Peachii marks a turning point for changing younger consumers’ perception of insurance and how it can protect their assets.”
According to the Insurance Council of Australia, one in five (23%) Australian households don’t have contents insurance.
“The fear of losing or damaging these pieces potentially prevents many from making a purchase. We wanted to make it easier for consumers to choose quality pieces and the added layer of security puts buyers in a better position to proceed with big purchases,” Clayton added.
Peachii is partnering with retailers to give consumers the option to add insurance cover at the point of sale online with in-store to become available in future. Peachii is an easy integration into existing online checkout systems.
Policies include seven days of free cover and transit insurance, with customers able to upgrade to a paid 12-month policy at the end of the seven days for theft, irreparable damage, and loss with different levels of protection available. A record of the purchase and policy will be stored in the Peachii app, where customers can also make a claim, paid out with a store voucher from the original retailer.