by Susan Edmunds
Volo is a no-advice product that is a combination of health insurance and income protection. Premiums are affected by occupation but are steady for people aged 18 to 35.
There are no health checks or records needed to apply, and whether you are a smoker makes no difference. Pre-existing conditions are not covered.
The policy then provides set amounts it will pay out in cases of surgery, cancer, fractures, and temporary and permanent disability.
Volo announced this week it had signed its first international contract.
Co-founder Andy Baird said the Australian operation that had taken out a licence would use its brand, platform and products, but could choose to operate under its own name if it wanted to.
The price has not been revealed but the immediate payment represents more than the $1 million Mosaic had sought to raise via crowdfunding platform Equitise.
It has now seeking a minimum $100,000 and a maximum $600,000 from crowdfunding investors, for product development and launch costs.
Baird said the Australian deal reduced the need for crowdfunding but there was still a desire among investors for shares in the company, which it wanted to cater for. “It’s good to support your supporters,” Baird said.
Baird said the deal was validation of Mosaic’s ability to create innovative products and use new technology. "We knew we had a great product and platform for the New Zealand market, this confirms it's also attractive in Australia and beyond."
He said the customer response to the Volo offer had been positive. The aim was to expand into other parts of the world.
“New Zealand is a great market but in the world there is a lot of potential. With generation Y, generation Z and how they like to buy and engage, we think there is a lot of potential worldwide.”
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