TEAM FOCUS: STASH - Lightning Lab
Kiwibank FinTech Accelerator 2018 stash


As the global population shifts to becoming digital natives, personal contents insurance has a growing audience to cater for – and needs new ways to do so; 68% of insured digital natives feel negatively towards their providers… Meet Stash, the team making personal contents insurance straightforward and responsive – crafted specifically for you and your needs – without jargon or fuss.


So, what is Stash working on?

We are charging ahead with a big ambition: making insurance easy as.

We want to help people get an insurance policy that is clear, relevant, adapted to their needs, and quick and easy to buy. Our approach is a product with a true focus on the needs and lifestyles of the digital natives generation and without all the cryptic insurance jargon.

That’s a big challenge, but one that absolutely needs addressing.

Why is it important?

We found out during our research that although the generation of millennials does understand the purpose and importance of getting insurance, few were engaging with it. Truth is, it’s still a grudge purchase, and many don’t feel clued up enough or are confused by the convoluted processes and seemingly complex and one-size-fits-all policies. We were also surprised to learn that among those who did have insurance, a majority felt wary or even negatively towards their provider.

In turn, insurers find it hard to attract the digital natives generation with compelling products, and the way they operate makes it hard and to onboard and serve them efficiently. In fact, with current systems and processes, it’s a huge source of cost.

We believe insurance should be accessible to everyone, straightforward, and built around people’s real needs. That’s why we decided to build Stash in this way, helping people gather all relevant info about what they need financial protection for, and then using it to craft the policy that suits best.

What are you looking forward to during KFA?

We came into the programme with an idea that we knew “had legs” if we could develop a good use case and a prototype.

During the accelerator, we focused on the commercial proposition, both the “consumer” side (i.e. what value we offer to people), and the insurance side. We did a fair deal of research interviewing people, doing paper-based prototypes (yes!), and re-orienting our value offering according to our findings. Being in the programme also helped us reach out to the insurance industry and understand why things were the way there are, how much better they could be, and what we needed to do to make it happen.

Moving forward, we have lots of exciting things ahead! Our starting point is establishing the NZ business. We are now working on releasing a beta version later this year and have an early adopters programme open.

Sealing a deal with an established, innovative insurance carrier to provide the policies for Stash is a top priority: the type of policy we want to offer is novel, certainly here in NZ, so that means working hard with a partner to co-create the best product that we know people want.

What are you aiming for?

We want to create a positive impact and change how people, especially the younger, digital generation, engage with insurance. Ultimately, this is about helping people get access to adequate financial protection for rainy days. This means setting a new standard and approach for how insurance is delivered. We are super stoked, excited and humbled to be in a position where we can make a difference!


Are you sick of cryptic insurance terms and conditions for the things you care about?

Get yourself sorted with a personal, customisable insurance policy – crafted specifically for your needs, with minimum admin and reduced hassle. Sign up to Stash’s early access list for insurance on your terms.

Leave a Reply