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Month: April 2023

Insurance Industry Disrupted: Uinsure Launches Game-Changing Platform for Intermediaries and Customers

Posted on by System

Insurtech, Uinsure, has just unveiled a groundbreaking technology that is set to revolutionise the way insurance is bought and sold in the Intermediary market.

The new technology, Uinsure CX, allows firms and partners to automate insurance quotes and drive engagement and education of the need for insurance at key moments in the mortgage journey, such as application, offer, and exchange, with the ability to purchase insurance digitally.

Uinsure is now the first platform in the UK that can track an individual’s mortgage progress and provide fully automated communications at key moments in the mortgage cycle. It also absorbs data such as mortgage circumstances, e.g. ‘new build’ or ‘remortgage’, to deliver dynamic, contextual content at the right time, and moment in which insurance becomes a need.

According to Martin Schultheiss, Group Managing Director of Uinsure, “In this digital era, consumers expect to be able to access insurance digitally. After 15 months of BETA testing and now with over 90,000 consumers in the UinsureCX journey, we’ve been able to demonstrate how over 60% of intermediary customers will buy digitally through our new technology, whether that’s home movers, first-time buyers or remortgaging customers.”

“We’ve invested several millions of pounds in this new technology to help intermediaries capitalise on the huge opportunity they have. Every mortgage requires insurance and intermediary firms hold the unique data points that can identify exactly when insurance becomes a need for their clients – that’s why Uinsure CX will be such a powerful tool for the market.”

Lauren Bagley, Chief Partnership & Marketing Officer of Uinsure added, “For the first time ever, insurance has been intertwined into the mortgage journey, which will remove so much friction for clients and firms during the mortgage process and supports the industry challenge of creating more integrated homebuying and remortgaging experiences. This is truely game-changing for intermediary firms and we are excited to help intermediaries make GI more convenient and accessible to their clients. Get ready for a new era of insurance technology.”

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Posted on by System

The ongoing success of aggregators can partly be attributed to the fact hundreds of thousands of mortgage customers per year are not offered home insurance by their mortgage adviser.

Over the years, this has allowed price comparison sites (PCWs) to provide scores of customers access to other financial products like mortgage and protection at any opportunity.

Our goal has been to support firms across the UK to offer GI alongside every mortgage and before customers consider alternatives – but we knew the process needed to be made more seamless than ever to make this happen.

Utilising firms’ valuable data through UinsureCX

We recently unveiled UinsureCX that is already making an impact on the way insurance is bought and sold in the intermediary market.

Advisers track their clients’ mortgage journeys and know the exact moment when home insurance becomes a need as a result, and our new technology allows firms to fully utilise that data.

As customers reach mortgage milestones, automated communications are triggered that drive education of the need for insurance at key moments in a journey, such as application, offer and exchange, while they also give their clients the ability to purchase their insurance digitally.

This means that insurance has been well and truly intertwined into the mortgage journey as communications and quotes are seamlessly delivered in the exact moment your clients might need them – and our latest data shows that over 60% of people will choose to then go on and buy digitally as a result.

This data advisers have and the technology they have available to them means it’s easier than ever to offer insurance before anyone else does – at exactly the right moment – preventing the need for that client to go elsewhere with both their data and their business.

Advisers should take advantage of their position of strength

Intermediaries now have a huge advantage and, for the first time, have access to technology that makes it easy to prioritise GI – and it couldn’t come at a more important time.

Last year, the FCA launched its own discussion paper looking at competitive threats and the likely outcome for consumers, coincidentally around the same time the news that Amazon had entered the insurance space was breaking.

It warned that there are long-term dangers of huge firms generating excessive market share across parallel industries given their huge data sets and ecosystems of complementary products that will be built over time.

But by utilising this technology, advisers will not only improve conversion of insurance alongside a mortgage and demonstrate good customer outcomes by offering every mortgage customer a quote, but they will be using GI as an important strategic tool that acts as a ringfence to other offerings.

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