Caura, a U.K.-based startup focused on simplifying vehicle ownership, is expanding its services with the introduction of car insurance – signaling its entry into the insurtech sector.

The new insurance offering, called “Caura Protect,” aims to make insuring a vehicle faster and more affordable, complementing the app’s current suite of car management tools.

Caura was founded earlier this year by Sai Lakshmi, previously a co-founder of the medication management platform Echo. The company’s mobile application is designed to handle all the administrative tasks associated with owning a car.

Vehicle owners can begin using the app by inputting their registration number and then manage aspects like parking, toll payments, MOTs, vehicle tax, congestion charges, and now insurance – functioning as a comprehensive solution, much like Echo. The goal is to streamline car ownership administration and help drivers avoid potential penalty charges.

Caura has received approval from the FCA to conduct various insurance-related activities, allowing drivers to compare insurance providers and manage their policies directly within the app. The company also states that it has streamlined the sign-up and verification procedures to substantially decrease the time required to secure optimal insurance coverage.

According to the company, “Caura instantly confirms user details with official databases such as the DVLA, simplifying the process and minimizing the potential for insurance fraud.”

The intention is to provide a considerably more intuitive insurance search and purchasing experience compared to traditional price comparison websites, which often require extensive questionnaires before directing customers to insurers to finalize their purchase. Caura asserts that users can explore options, choose a quote, make payment, and obtain coverage in approximately one minute (assuming efficient app navigation).

The insurance coverage is underwritten by six prominent U.K. insurers, including Aviva and Markerstudy. Starting in early 2021, Caura users will have the option to pay for their insurance in monthly installments.

When questioned about the lack of simplicity in the car insurance shopping process, Lakshmi explained to TechCrunch: “Insurtech startups have been so preoccupied with identifying specialized markets that they have overlooked the need for innovation geared towards the average consumer.”