Picnic is a cost-efficient digital insurance model, with 100% of the Mutual surplus (profits) retained by our customers, as member-owners. We will offer simple, transparent and fair, insurance covering Motor, Home & Contents. Our mission is to harness the power and thoughtfulness of communities to deliver insurance with heart.
Picnic believes it is time to unwind 400 years of corporate insurance, handing back insurance ownership to policyholders through the creation of Picnic Mutual, an Australian general insurer fully licensed by APRA and ASIC. Picnic believes it is time to unwind 400 years of corporate insurance, handing back insurance ownership to policyholders through the creation of Picnic Mutual, an Australian general insurer fully licensed by APRA and ASIC.
With a low-overhead business model and profit retained by the policyholder members, Picnic Mutual can provide considerable savings to members across Australia over time on car and home insurance.
Picnic Mutual will licence the customer platform, business process intellectual property (IP) and brand from Picnic. This licence will incur a licence fee, measured as a fixed percent of premium revenue. Services fees will also be paid for maintenance and enhancement of the platform and brand collateral. As such, Picnic’s model firewalls the customer members of Picnic Mutual from the initial financial supporters of Picnic.
The Picnic model is designed to operate internationally. To kick off the mutuals and establish its platform, Picnic will raise funds through Australia’s first Security Token Offering. PICs (tokenised preference shares) fall under Corporations Act 2001 regulation and will be offered initially to institutional and sophisticated investors.