IKEA, the Swedish global retailer that sells everything from assemble-it-yourself furniture to food, is getting into the home insurance business.

Specifically, IKEA said it is partnering with Swiss Re’s iptiQ to start selling “affordable and easily accessible home insurance.” Dubbed HEMSÄKER, the policy will initially be marketed to customers in Switzerland and Singapore, with the idea that they can purchase insurance from any digital device in a few minutes.

HEMSÄKER combines the Swedish words for “home” and “secure,” IKEA said.

The new policy will be sold on IKEA’s website, while iptiQ provides the insurance proposition and manages all related customer touchpoints, IKEA explained. The company iptiQ is a digital insurance engine backed by Swiss Re coverage expertise, and it focuses on providing digital, transparent and custom protection products that companies can sell to customers. This covers property/casualty and life/health insurance products.

IKEA said it launched the coverage with iptiQ in order to broaden home insurance coverage and increase customers’ financial resilience.

“Our vision is to help people create a better everyday life. Every year, we visit many people at home to better understand what is important to them, and two topics keep coming up: security and privacy. Both are essential for people to feel comfortable in their homes,” Jessica Anderen, CEO IKEA Switzerland, said in prepared remarks. “With HEMSÄKER, we are proud to offer home insurance for the first time, thanks to our insurance partner iptiQ.”

IKEA said its coverage is the product of extensive testing designed to develop an easy digital insurance buying product with clear language and terms. The offering is tailored to the specific markets—in Switzerland, for example, customers can choose to modify their level of coverage so that they only pay for what they need. HEMSÄKER can be cancelled at any time, effective a day later.

Sources: IKEA, Swiss Re/iptiQ

Topics Homeowners