Cash in a Crisis: Building resilience

Many of us are focussed on the here and now in our lives, but every now and again it pays to look to the horizon and think about those rare but foreseeable risks that have the power to really knock us about.

Living in New Zealand, we are certainly exposed to our fair share of natural catastrophe risks. In fact, according to the Lloyd’s insurance risk report, New Zealand has the unenviable position of being ranked second when it comes to natural disaster risks.

So, how prepared are you to recover from a large earthquake event if it were to happen tomorrow? The recent Financial Services Council Resilience Survey found that only 2 people out of 5 could access $5,000 if something unexpected were to happen. This leaves a large gap in our own personal (and community) resilience to crisis events. Having sufficient cash in the bank is always a challenge when recovering from a crisis.

Bounce Insurance provides simplified parametric earthquake insurance, the first of its kind in New Zealand, that pays cash upfront within days of an earthquake. The Bounce policy protects customers against an earthquake by paying a set amount based on the quake intensity, rather than based on the cost of damage which is typically seen in traditional policies.

Paul Barton, the Founder of Bounce Insurance, says that “Bounce is able to move fast after an event because we rely on independent and real-time seismic data from GeoNet strong motion sensors to monitor earthquake activity around New Zealand, and to inform us when customers have been impacted by a large shake”. This means that customers get cash into their account quickly after an event without the hassle of providing photos, paperwork, or dealing with assessors or engineers – just a simple text message to confirm impact and then funds are credited to the customers bank account. Paul says that the Bounce product “takes a lot of uncertainty and stress off the table for our customers”. Please watch this short video to learn more.

The second point of difference of a Bounce policy is the breadth of cover. Paul says that “customers can use the money for just about anything to help them recover from the immediate shock of a quake”. This means that in addition to any uninsured property damage, the policy covers any additional personal and lifestyle costs such as childcare, eldercare, pet care, transport, or even loss of income, and anything in between. Having money in your pocket provides you with the cash that is necessary to recover from the earthquake effectively.

Bounce Insurance has partnered with the giants of the insurance world and is a Lloyd’s Coverholder. All policies are 100% underwritten by Lloyds of London. Lloyd’s is the world’s leading insurance marketplace and holds a (Strong) Standard & Poor’s financial strength rating of A+.

Bounce Insurance is committed to ensuring that its insurance policy is both accessible and affordable. The typical price per month for $10,000 of cover is approximately $14.

To get  an immediate online quote or learn more about how Bounce can support your recovery after an earthquake please visit our website or contact us by email.