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Motor insurtech Marshmallow won’t be working from Old Street for very long, now that it’s become the UK’s second black-founded company to reach a billion dollar valuation.
Getting a quote is quick and easy
Marshmallow was founded in 2017 to cover the people that other car insurers don’t. Originally, that meant providing comprehensive car insurance to expats and immigrants who wanted to settle in the UK but didn’t have a British credit history or UK licence.
Using data analytics Marshmallow evaluates risks accurately resulting in fair premiums. They offer policies to suit your individual needs and are able to give you a quote within minutes. They also have no admin fees, and easy detail verification.
Their website is easy to use and you can access your policy details via their user mobile app or online. Marshmallow offers a range of benefits such as free unlimited policy changes, motor legal protection and breakdown cover powered by the AA. They also offer third party cover to drive other cars with Marshmallow Plus. If you don’t want to pay for this additional feature then you can choose their Lightest, Essential or Original plan.
Unlimited policy changes
The founders of Marshmallow are on a mission to back people who find themselves outside the norm. Their work reflects that, with a focus on migrant drivers – who traditional insurers often cash in on based on impersonal systems – and young people who are priced out of the market by expensive rates.
Founded by identical twins Oliver and Alexander Kent-Braham, Marshmallow is one of the latest insurtech firms challenging a century of dominance in a sector ripe for disruption. The company won’t be working from its Old Street offices for much longer, though, as it moves to a nearby office with triple the space that can accommodate a headcount that’s grown rapidly during the pandemic and as it plows ahead with plans to expand internationally.
With the exception of Marshmallow Lightest and Essential, all plans are fully comprehensive and include breakdown cover powered by the AA, third party car cover to drive other vehicles and motor legal protection to help with unexpected costs such as fixing a windscreen. See full policy details in our app or in your web-based Marshmallow account.
We accept your claim-free driving record from any country
The UK insurance industry often rewards people with years of claim-free driving by increasing their No Claims Discount. However, many UK newcomers can find that insurers treat them as if they’re brand-new drivers with no experience, meaning they miss out on these discounts.
Founded in 2017, Marshmallow specialises in offering comprehensive car cover to expats and migrants who may not have the necessary UK credit history or driving licence for cheaper premiums. Described as an insurtech firm, they’re able to assess risks more accurately and offer tailored coverage.
Added benefits include breakdown cover powered by the AA, third party cover to drive other cars and motor legal protection to help pay for unexpected legal costs. They also have an app where you can access your policy details and a 24/7 claims line. There are also flexible payment options, including monthly instalments and the option to cancel your policy anytime. There is a £100 compulsory excess but you can choose to add a voluntary excess, which will bring your premium down.
Marshmallow’s unique approach to risk assessment is enabling the company to offer lower premiums. And while it’s currently focused on car insurance, Marshmallow plans to expand to more types of insurance over the next year or so.
Marshmallow offers a range of insurance packages starting with the most basic level, known as Essential. This includes flexible policies with no fees for policy changes and standard courtesy car cover. The highest level of cover is Marshmallow Plus, which offers a range of add-ons including personal belongings protection and windscreen cover.
Marshmallow is backed by some of the world’s leading investors and has raised more than $310 million to date. Its valuation places it in the unicorn club, and the company says it will continue to focus on those outside the mainstream whose problems traditional insurers can’t solve. Its initial target was people who have uprooted their lives and moved to the UK. But it hopes to eventually extend its remit to any group of people unfairly excluded from the insurance market.