Month: August 2023
Subsidence is the gradual sinking or settling of the ground surface. It can happen naturally or as an end result of human activity such as underground mining or oil and gas extraction, as well as groundwater pumping. Subsidence can cause injury to structures and infrastructure and can additionally lead to flooding and different hazards. It’s necessary to be in a position to spot the signs and symptoms of subsidence in order to mitigate the risks.
The most apparent signal of subsidence is a seen sinking or melancholy in the floor surface. This can be a small vicinity or a giant area, and may additionally be accompanied by cracks appearing in the floor or pavement. Another sign of subsidence is cracks in the walls, floors, or foundations of buildings. These cracks are usually diagonal or stair-stepped, and can regularly be wider at the top opposed to the bottom.
A more obvious sign is the tilting or leaning of structures, such as buildings, bridges, or fences. This was the case with the Crooked House Pub which was now famously burnt down in an arson attack and was ‘crooked’ because of mining in the area.Additionally, doorways and home windows can also end up tough to open or close, and flooring can end up uneven due to subsidence.
If you suspect subsidence, you should contact a geotechnical engineer to investigate the situation. They will be in a position to decide the purpose of the subsidence and recommend what you should do next.
Subsidence can be repaired and properties can still be made safe. Here are a few ways this can be done:
Underpinning: This involves strengthening the basis of the construction by digging deeper foundations or putting in new ones.
Grouting: This approach involves injecting a grout combination into the floor to fill voids and stabilise the soil.
Compaction grouting: This approach includes injecting a grout combination into the floor to fill voids and compact the soil.
Drainage: This technique includes putting in drainage structures to get rid of extra water from the soil, lowering the hazard of subsidence.
In today’s digital world, the long and tedious insurance referral processes advisers were traditionally used to have been long been forgotten about.
If you’re not offering GI, then referring to insurtech businesses will be a seamless, digital solution that enhances your own value proposition, here’s why…
Digital-first for digitally minded clients
Technological advances in this space mean referrals are a seamless extension of our partners’ businesses and they’re proving to be the solution for many who want to keep hold of the customer without doing the leg work.
Referrals take as little as 30 seconds via a quick online form fill and from there on in, communications are delivered digitally to clients meaning customers are able to buy their cover at their convenience through a simplified journey than can be completed in under a minute – significantly quicker than the price comparison sites they may be used to.
Transparent, accessible and hassle-free
Historically, advisers lost sight of a referral once submitted but there’s now full transparency of what stage referrals are at through real time updates that show events down to the granular level of attempting to reach a customer.
And today’s online platforms provide clients with easy access to comprehensive policy details, coverage options, and pricing information, allowing them to make informed decisions so they get the coverage they need without any hassle.
Your partner is responsible for GI compliance
The new Duty places increased emphasis on good customer outcomes. For GI, this means the customer has the right levels of cover, the right product and that any vulnerabilities have been properly addressed.
Your referral partner becomes responsible for the compliance given they’re the ones offering the advice.
There’s more than just a monetary benefit
Referrals to us have increased significantly in the last few months with many highlighting both the impending Duty and time restraints for doing so.
And it’s not lost on our partners that by keeping a client’s insurance business they’re both retaining a valuable annual touchpoint as well as removing the need for them to take their data to price comparison websites where they will inevitably be then cross-sold parallel products.
As a result, advisers are using easily tracked, fully personalised and seamlessly integrated referrals to boost today’s revenues and protect future business income by preventing the need for clients to go elsewhere with their data.
Making sense of the changes can be complex but with The Duty coming into force on 31st July, we caught up with Uinsure’s Chief Governance Officer, Brionie Hemingway, who has helped to shed light on exactly what firms have been asked to do.
What worked well in preparation for Consumer Duty?
The Duty is very broad but breaking it down into manageable chunks and prioritising certain elements of the work was key for us but, in addition to that, it is invaluable to talk to partners about how you can support each other.
If you take the Fair Value Assessment as an example, it’s important to understand how each party in the chain – whether that be insurer, distributor or manufacturer – is supporting value and how they’re supporting customers’ financial objectives. Fair Value as an outcome, is a combination of efforts from all parties to joined up understanding is important.
How do you demonstrate a customer outcome?
This is a bit of a holy grail within the industry and has typically been evidenced through the likes of NPS scores, as one example, but there can be a lot more to it.
I think it’s really important to use both qualitative and quantitative information, so you have in-depth data together with wide ranging case studies that support the consumer metrics to paint a collective picture.
How do you continually prove fair value?
GI firms will already have grappled with fair value, but it is still a fundamental part of the new Consumer Duty; fair value isn’t the same thing as offering a rock bottom price though. It’s about reasonable remuneration for work done or service delivery. Price is one aspect of value, but quality of cover and accessibility of services are really relevant too.
We believe assessing fair value involves a detailed process of weighing up the cost to serve and the utility of products versus the amount of money actually leaving the customer’s pocket.
Continuous holistic assessment is needed because factors like customer circumstances, technology and the wider market are changing all the time. Services like claims processes and access to useful add-ons are features that can add value, or just as easily detract value, so keeping on top of service provision fits right into the value assessment.
Can you ever be fully compliant or is it an ongoing exercise?
This is a really important point. Every time new regulation or initiatives come into force, firms naturally spend a lot of energy getting ready for the ‘go live’ date and can then have something of drop off while other business priorities come back to the fore.
With the new Consumer Duty, elements like the delivery of outcome are going to be very much an ongoing exercise and one that is always evolving as the industry itself changes and the technology we use continues to improve.
The FCA has already made it clear that Consumer Duty will be an ongoing feature and we need to deliver a report to the board on an annual basis to evidence we are continuously meeting the standards. As a result, it should really form part of the fabric of all organisations from here on in – if it isn’t already.
Leeds Building Society Partners with Uinsure to Deliver Home Insurance Quote in as Little as 60 Seconds
Leeds Building Society has further cemented its investment in northern FinTech by announcing a partnership with leading insurance technology firm, Uinsure, that will allow Society customers to arrange home insurance through one of the quickest and most simple journeys on the market.
Working with Manchester-based Uinsure, Leeds Building Society members can get a quote online in as little as 20 seconds, and in branches in a matter of minutes – a fraction of the time its takes with direct insurers and aggregators – by answering three simple questions; their name, date of birth and postcode.
The partnership will offer the Society’s customers access to seven leading underwriters who each compete to offer the lowest price on Uinsure’s 5 star Defaqto rated policy, with the cheapest being presented to members.
John Scally, Head of commercial Development at Leeds Building Society, said:
“Our purpose is to put homeownership in reach of people, and this partnership with Uinsure means we can offer our members peace of mind that their property is protected should they suffer any unexpected loss or damage.
“We have made use of new technology to simplify the application process in order to encourage people to protect their homes, which is usually the most expensive asset people own.
“It’s important to us that our service is accessible for everyone, so customers will be able to apply online, in one of our branches, over the telephone or alongside their mortgage application with Leeds Building Society.”
Martin Schultheiss, Uinsure Group Managing Director, commented:
“We’re delighted that, Leeds Building Society has chosen us at its new insurance provider, meaning their members can use our technology to easily buy insurance and choose a high quality policy offered by seven top UK insurers.
“Our goal is to remove insurance complexity by using technology and data to make insurance more convenient and accessible for people across the UK and our new partnership supports our strategy of leading innovation in UK Bancassurance.
“The partnership also underlines how smart insurance technology can play a big part in helping people protect their homes and we’re excited to deliver this to Leeds Building Society members.”
The Right Mortgage & Protection Network and DA Club have announced a new partnership with Uinsure’s new digital product, UinsureCX, which allows advisers to automate insurance quotes during the mortgage advice journey.
Member firms of both the network and DA Club will now be able to refer clients to UinsureCX in order to automate building and contents (B&C) insurance quotes for their clients and to offer a five star Defaqto-rated B&C product.
UinsureCX tracks an individual client’s mortgage process and provides them with fully-automated communications at key moments during their mortgage journey such as application, offer and exchange.
Once referred to UinsureCX by the adviser, the client receives automated communications that are personalised to their specific mortgage type and individual circumstances.
The clients then arrange their own cover through a simplified journey that takes less than 60 seconds at their own convenience.
Amy Wilson, Head of General Insurance (GI and PMI) at The Right Mortgage, commented:
“The Right Mortgage is excited to be introducing UinsureCX to bring a new dimension to our service offerings. This collaboration reflects our commitment to delivering comprehensive solutions that meet our adviser member and their clients’ evolving needs. By incorporating UinsureCX’s capabilities into the TRM proposition, we’re taking a significant step towards providing a holistic experience that encompasses both mortgages and insurance.”
Lauren Bagley, Chief Distribution Officer at Uinsure, said:
“Teaming up with The Right Mortgage allows us to support more advisers to focus on delivering exceptional service to their clients. TRM advisers can now capitalise on the power of technology and data to drive their insurance strategy, while their clients can now enjoy a streamlined and digitised insurance journey that seamlessly aligns with their mortgage progress.”
For more information on The Right Mortgage & Protection Network, The Right DA Club, and sister companies The Later Life Lending Network or The Right PMI & Healthcare, please contact: joinus@therightmortgage.co.uk or visit www.therightmortgage.co.uk
UinsureCX drives digital transformation in the mortgage intermediary market, backed by newly invested trading optimisation and data teams
UinsureCX, the digital insurance technology introduced by Uinsure in March this year, is reshaping how insurance can be offered to intermediary clients with 25,000 referrals received via the platform in Q2 alone.
As the adoption curve of digital insurance among advisers accelerates, the technology is helping Uinsure and its partners transform the way insurance is provided in the intermediary market, with 200 firms now using the digital product.
In an industry where up to an estimated 75% of mortgage customers buy insurance outside of the intermediary market, the technology recognises the importance of offering an insurance quote to all mortgage customers, employing intermediary data collected during the mortgage fact-finding process and then using this data-driven strategy to provide personalised and precise insurance quotes directly to customers through digital channels as they move through their mortgage journey.
“We’re delighted by the response to UinsureCX, exemplified not only by the 25,000 referrals received last quarter but also by the rapid rate of intermediary adoption that means over 200 firms are now using the technology,” said Martin Schultheiss, Group Managing Director of Uinsure.
Strengthening UinsureCX’s development are the newly invested trading optimisation and data teams. These dedicated teams are actively refining the digital product by analysing customer behaviour and then using this insight to further optimise journeys for different segments of customers.
“Our commitment to innovation and collaboration with intermediaries is proven by the impact that UinsureCX is already having on the industry. The recent investment in our trading optimisation and data teams reinforces our dedication to refining our digital product to meet the evolving needs of customers. Their efforts ensure that UinsureCX remains adaptable and responsive to customer feedback and experience.”