Starting 2019 with a bang 💥

Another busy month and a very exciting start to the year. Actually, our first whole month being live. We’ve had some partnerships go live, some claims submitted, a very exciting pilot launched and our investment round well underway!

This update is also a bit of an acquisition special. We knew our future will live or die on the back of our distribution strategy, but countless pitches to angels, syndicates, high-net-worths and VCs has shown us that you just can’t talk enough about it!

I’m adding a little more structure into these updates going forward as well as an exec summary, so here goes — Key highlights from January:

  • We’ve now sold 170 policies 🎉
  • A secret pilot with a large UK challenger bank
  • Zurich announced our partnership (lots of press then followed)
  • Fundraising for our next round has officially started
  • We have 2 new advisors (AXA ex-Global Head of Marketing & Fjord Managing Director EALA)
  • We launched on Trustpilot, with 24 reviews so far, all giving us 5 stars!


We’re making a few changes to the product every week now, some small, some mid-sized and some significant. A few key changes to mention:

  • Homepage tweaks and new CTAs, improving conversion to start a quote from 15% to 40%
  • Speed enhancements and loading state improvements — the web app now feels lightning fast with near-instant transitions and updates
  • Re-ordered certain pages and quote questions, increasing overall conversion by 58%
  • A few bugs fixes and copy tweaks

We had some claims as well, 4 to be specific. All submitted completely online, no paper, no post. One customer, unfortunately, injured his wrist skiing in Austria, but submitted the claim later that day and was paid back before he even got home. This means he was paid back before customers at any other insurer would even be able to print their claim form. Wow.


As this is a public update, we can’t share all the investment news just yet as it’s all still very much in motion. But the round is progressing well with commitments from existing investors, some new angels to join the gang and some institutions. But, more on that next month.

The key point here is that we’re still mid-round and welcome conversations from interested investors who don’t want to get left behind. 😊

Metrics (from January)

This one is for the number crunchers, the nerds out there. As you can see, transparency is important to us.

  • 49% of policies were annual (not single trips) vs. industry average of ~25%
  • 70% of customers bought a ‘tailored’ policy, built by themselves!
  • 33% increase in the number of extras added to policies (from December
  • £6,683 of premiums sold to date
  • With average policies just under £40
  • Twenty-four 5 star reviews on Trustpilot
  • Average customer age is ~28

Partnerships & acquisition

A few of our partnerships went live including 3 co-working spaces (members get discounted Pluto cover). We’ve also started a number of new conversations with interested partners in the travel and finance management space.

The most exciting though, but still a little bit under the radar, is our pilot with a leading UK challenger bank. We’ll share more on this over the coming weeks…

So how are we planning to acquire our customers? What do we have up our sleeve?

Our distribution strategy is separated into 3 areas: partnerships, employee cover and direct to consumer. As you can see from the title of this section, partnerships are a key focus area, but a quick reminder on them all:

  • Partnerships: Work with companies that millennials trust and engage with regularly. Providing Pluto cover as a bolt on, or as part of a packaged account or membership.
  • Employee cover: Work directly with small companies and startups to provide them Pluto cover for their teams at a discounted rate. Think of it as an employee benefit.
  • Direct-to-consumer: Focus on content marketing (social media & our blog), some paid advertising, but importantly incentivising referrals to promote sharing.

There’s obviously a lot more detail behind each these, so please reach out if you want to learn more. The logic behind the strategy is simple — provide initial scale and brand equity, with a low cost per acquisition.

Next month we’ll go into more detail about our plans for 2019, especially our product roadmap, with an update from Harry, our Head of Product and Design.

Thanks for reading!

Alex, James and Harry

Find out more about Pluto here



The two co-founders of Pluto, Alex & Harry.