Transparency report: Pluto's first 500 customers

What a milestone. We're honoured and humbled that, as of last week, over 500 people have chosen to buy travel cover from Pluto and trust us to have their back while they go on their travels. It took just over 200 days to reach this milestone from our launch in December last year.

For some VCs, they may want 5,000 policies in the same time frame, but we want to give one simple reason why we're very happy with this magic number.

Product/market fit > Growth

We're not in the business of spending lots to acquire and attract customers unnecessarily quickly. Much more important is learning as much as possible as quickly as possible. That's where our time and money is spent, on learning, researching, testing, interviewing and iterating. Harry (Head of Product & Design) recently wrote about these very topics and the importance of Product/market fit. celebrate this milestone, we wanted to share a bit more about our customers, the types of policies they're buying and where they're travelling. Credit where credit is due, we were inspired by Lemonade's Transparency Chronicles, so thank you to them for the idea.

Right, let's get into it...

Who's been buying Pluto travel cover?

  • The average Pluto customer is a young and vibrant 28 years old. With our oldest customer at 45 and our youngest at 18. How promising to see 18-year-olds buying travel insurance! (we certainly don't remember always being as sensible as that).
  • Around 58% of our customers are male with the other 42% female (defined by Google Analytics).
  • Even in this day and age, over 51% of our policies were sold on a non-mobile device: Clearly, people like to take a bit of time buying, researching and deciding on their travel insurance.
  • And a whopping 62% of our customers are living in London.

What type of policies are they buying?

  • An incredible 50% of the policies were annual policies (as opposed to single trip policies): This compares to an industry average of 25% for most insurers.
  • 67% of policies were tailored: This means that customers chose to build their own policy and choose a level of cover right for them and their trips.
  • On average, customers added at least 1 extra to their policies: This could be a gadget, winter sports, extreme sports, extended travel disruption or business trip cover.
  • Over half of customers added a gadget their policy: Probably fulfilling most people's stereotypes of millennials that we love our phones.
  • For customers who built their policy, they chose an average excess of £110: This shows us that people want the balance between getting a cheaper policy (with a high excess) and paying a bit more to not have to contribute to a claim (with no excess).
  • We only saw 3 people cancel their policy, that's only 0.7%!

And where are they travelling?

  • Over 60% of the annual policies were worldwide policies and over 52% of all policies included destinations outside of Europe: This shows a strong intent for our customers to be exploring all corners of the globe!
  • France, Spain and Germany were the top 3 most selected countries for our single trip policies. Outside of Europe, the United States, Japan and Morocco were the top 3 countries chosen.
  • The best trip we saw had to be this one: Cambodia, Thailand, Laos, Myanmar, Vietnam, Malaysia, Indonesia, Sri Lanka - talk about an adventure!
  • And the most countries added to a policy was 10: Our customers are even more adventurous than we thought...

We just love to see how adventurous our customers are being. It really brings home the reason we started the business, that we wanted to build something for travel lovers and help them get the most out of their travels and adventures. These stats certainly show our customers love to travel!

The all-important claims

  • To date, we've had 14 claims. It's way too early in an insurer's life to say whether this is high or low. As we said, our aim is to provide cover for people that love to travel, these people by their very nature know how to travel smart as they go away all the time, this means fewer things go wrong for them and over time we can ensure they get rewarded for this good behaviour.
  • The most common types of claims we're seeing are when something has happened to someone's stuff. For example, their phone, baggage or camera has been lost, stolen or damaged.
  • Our quickest claim was settled in less than a week and it meant that the customer was paid back for their medical expenses before they even got home from holiday. This is unheard of in the world of travel insurance.
  • We've also seen a lot of travel disruption claims, where a flight has been delayed or cancelled and people have missed out on a few days of their precious holiday. Although we can't give people their time back, we can try to take the edge of the situation and soften the blow.
  • Finally, we partnered with Zurich because they provide quality insurance. In a world driven by price comparison sites and exclusions buried small print, we wanted to ensure we provided cover you could trust to have your back. That's why this stat is very special to us. To date, Pluto has paid out on all of our claims. Yes, that's 100% of the people who claimed, got paid out.

This milestone also means we've donated over £500 to The Travel Foundation - so thank you again to our customers for wanting to make a difference and supporting the countries their travelling to.

We shared all this information because transparency is important to us. It's an overused buzzword for sure, but it's an important principle when taken seriously. It's why we show you how the price changes in real-time as you build a policy, it's why we worked extra hard to remove jargon and legalese when you're buying a policy and it's why we like sharing the story of building our business.

Thanks for reading 🙏



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