Insurtech firm, Uinsure, has today announced the appointment of two new non-executive directors who have joined its board and leadership team.
Dan Wright joins as non-executive chair and Jo Smith joins as non-executive director, having both led businesses and supported SMEs across the technology, financial services, and insurance sectors.
The additions to Uinsure’s board come as the Manchester-based business continues to progress with its ongoing mission to simplify insurance using data and technology.
By bringing on board Jo, the founder of two successful industry tech businesses and award-winning entrepreneur, and Dan, who has a strong track record in investment across public and private markets [the investor community and AIM listed companies], Uinsure is investing in its board at a time when it plans significant expansion of its technology and distribution.
Speaking about her appointment, Jo said: “It’s clear there is a fantastic business here with an amazing team that is continually innovating for its distribution partners and consumers at large.”
“I have always enjoyed working with distributive technology businesses and Uinsure has certainly demonstrated its ability to reimagine this important sector. I aim to bring relevant and real experience as they continue their journey and accelerate their growth.”
Dan added: “It’s testament to the whole team just how Uinsure has progressed in recent years, by not only consistently delivering strong results but also tackling a very complex marketplace.
I’m excited to be part of a strong and vibrant board that will support Uinsure’s technology-driven mission and drive the future growth of the company.”
Simon Taylor, Uinsure CEO, added: “We’re delighted to welcome two visionary leaders. Both Jo and Dan have helped build and guide some of the most renowned financial services businesses across the UK.
“They bring a lot of experience, as well as industry and tech expertise that will help guide us in our next phase of ambitious growth.”
Uinsure celebrates silver at the UK Business & Innovation Awards
Uinsure collected the Silver Award at the 2022 UK Business and Innovation Awards in recognition for its Adviser Platform.
The award is further recognition for a platform that collected the Technology Innovation of the Year at the recent Tech & Innovation Awards.
The new Adviser Platform itself was launched in early 2021 as a result of an in-depth research and development phase with the goal to remove the complexities associated with general insurance.
Getting a home insurance quote was typically a drawn out, complex process that asked home owners upwards of 50 questions, many of which are difficult or impossible to answer correctly, meaning the end customer would always carry a risk of their policy being invalidated.
As a result, Uinsure developed its own technology platform, a revolutionary experience that allows general insurance to be quoted in just three questions, taking less than 20 seconds, helping to negate the risk of invalid policies but also to add speed, simplicity and transparency to the home insurance process.
Advisers are now able to receive an insurance quote across home, buy to let and non-standard by inputting just their client’s name, date of birth and postcode.
This hugely simplified journey impressed judges and has helped to recognise the insurtech industry as one of the most progressive in amongst some highly impressive fields.
Martin Schulthiess, Uinsure’s Chief Commercial Officer, said: “The recognition we’re receiving for the new Adviser Platform is testament to the creativity and innovation our team has shown in bringing our technology successfully to market.
“We do not ever view any of our technologies as finished articles and instead will always be working both behind the scenes and closely with our expanding network of partners to continually develop and improve further.”
Uinsure awarded Defaqto Five Star rating for the ninth consecutive year
Uinsure has been awarded the highest possible 5* Defaqto rating for the ninth consecutive year.
Throughout our existence, we have always placed massive emphasis on the quality of our customers’ experiences along with making sure they have the most comprehensive cover available.
Our Home Insurance product has been given Defaqto’s highest possible rating since 2014, while our BTL / Landlord Insurance product has also been awarded 5 stars since 2015.
The Defaqto 5* rating is an integral measure in order for us to make sure advisers and their clients both have the confidence of knowing, should the unfortunate happen and a claim is needed, they will be properly covered by a comprehensive policy.
To demonstrate value and quality of cover to your clients over price, use the Defaqto compare tool here.
The rating is judged by Defaqto, an independent body, which considers all of the key features and benefits on offer, as well as any optional add-ons or extras, before giving an overall rating.
The aim of the service is to ultimately give consumers an impartial and easy-to-understand assessment of an insurance product to help them weigh up benefits before purchasing.
Here’s how Advisers can reclaim market share in 2022
By Lauren Bagley
The year of opportunity
2022 will be a big year in the advisory sector for numerous reasons. It will be one of the biggest years for remortgages ever recorded, with almost £40bn worth expiring in January alone, and new FCA regulations on GI pricing practices come into force meaning price walking will be banned.
Such a large volume of expiring mortgages presents opportunity for obvious reason, and when you consider many of these remortgaging customers will be paying over the odds for their current home insurance policy, in the likely situation they have been subject to price walking, it’s easy to see why 2022 could be the year for advisers to truly reclaim their market share once lost to price comparison sites.
The advisory sector itself will become much more competitively positioned on price as a direct result of the new regulations. Not only that, but Advisers are now also able to offer a quicker, easier and more streamlined insurance application than price comparison websites as well being able to more effectively advise on products that add value and those that don’t.
This means there is not only great opportunity in the short term for the scores of customers remortgaging, but advancements in technology in the intermediary space can be used to help secure the long-term futures of advisory firms, too.
Customer adoption of PCWs
PCWs took huge chunks of market share from Advisers very quickly following their inception in the late 1990s and they now dominate the market.
They became symbols of efficiency, and an example of how technology can be used to find the “best” price for insurance. It was simply unheard of that you could get numerous quotes from different businesses by filling out one form. But what was innovative and more efficient then, is now viewed as long and laborious.
In order to meet the underwriting requirements of all of the dozens of insurers who are providing a quote, the questionnaire home owners need to answer involves anything upwards of 50 questions in a longwinded exam for the consumer.
Innovation in the intermediary sector
Innovation has been prevalent in the intermediary space and, as a result, Advisers have the advantage when it comes to being able to get the best price quickly and conveniently from a range of providers.
Through our platform, for example, you can get a quote from a wide-ranging panel of the UK’s leading insurers by answering just three questions (name, date of birth and postcode), with a full application taking less than a minute. A far cry from lengthy exams that consumers are faced with should they opt for PCWs.
The ace cards of convenience and speed are therefore right back with the Adviser and the opportunities that both mortgage cessation and new regulation bring means the intermediary sector has all the tools it needs to be able to reclaim market share as we head into 2022.
Using technology to help future proof your business
In addition to the huge short-term opportunities, we’re presented with, there is also the chance to capitalise on the innovation we have made as a sector to help change the way future generations purchase insurance.
The next generation of first-time buyers are the most tech-savvy of the lot and are very happy to spend their money with disruptors who offer easy-to-use platforms.
To protect against future losses in market share, just as the opportunity to reclaim from PCWs has hit us, intermediary firms must adopt the technology available to them. That means not only offering tech solutions to a more digitally savvy, Gen-Z and late-millennial audience, but tech solutions that deliver greater value.
Now is the time to integrate technology
Advisers already have a huge head start on PCWs on being able to do this as they know how their client is progressing in their mortgage journey. Holding data such as, ‘mortgage offer received’ or ‘exchange date’ indicates the exact timing of when home insurance is needed. This data is gold dust, yet today we estimate that c.675,000 advised mortgage clients still go outside of the intermediary industry to buy their insurance.
The problem with neglecting general insurance and allowing so many potential customers to end up on price comparison websites means advisory firms are essentially feeding other businesses with a lead flow that have an intention to cross sell into more core product areas, such as mortgages and protection, which is a major reason why market share has been lost across the wider space.
Fortunately, when speaking to Principals and seeing how our partners are operating, we know that the tide is turning on this issue.
In 2022, we’ll see more and more firms using integrated technology that help Advisers properly take advantage of the ‘gold dust’ knowledge they own and with it, insurance will seamlessly integrate into mortgage journeys, so the product is offered at exactly the right time.
And so, looking to next year, now is the time to make the forward-thinking choices on the digital tools you’re going to use to truly seize the opportunity that lies ahead. From an insurance perspective, it is no longer time consuming and stressful and can instead exceed the expectations of existing and prospective clients, helping to reclaim market share.
Uinsure has announced their new ‘How the pro’s do it’ campaign, designed to raise awareness and understanding of how some of the most successful firms in the UK integrate GI into their service to customers.
A series of videos from Uinsure’s GI experts will be released weekly. There will also be guest blogs and emails to help share best practice and success stories, so advisers are better equipped to provide a general insurance service to their clients.
Uinsure will host a number of sales workshops throughout July and August, providing practical tips on how to integrate GI into their sales process.
If there was ever a time to discuss home insurance, it’s certainly good time now, given so many of your remortgaging clients will likely have held their existing insurance policies for multiple years and could be paying more than what they should.
Industry data shows that over £183bn worth of residential mortgages will expire by the end of 2021, and as we head into Autumn, the remortgage and product transfer opportunity is expected to be strong as we switch focus from an extremely busy purchase market in the first half of this year.
The FCA’s well-documented general insurance pricing practices market study found the home and motor insurance markets are not working well for all consumers. Customers are often penalised for their loyalty and may well need your help and guidance in ensuring they are not caught in the loyalty trap.
This led to new regulations being introduced by the regulator that come in at the end of the year. The FCA will ban insurers from artificially discounting new business premiums with the intent to hike them in subsequent renewals.
The FCA’s analysis estimated that the insurance industry gained £1.2bn from six million policy holders through price walking in 2018 and it predicts that the new ban will save customers £4.2bn during the first ten years following its introduction in January 2022.
The role of an adviser to inform and educate about insurance has never been more important and, as this wave of remortgaging clients start to reengage, there’s a golden opportunity to demonstrate the value of advice, ensure fair value and potentially save your clients’ money on their existing insurance.
So what do you need to be considering when reviewing you remortgaging customers insurance?
1. Educate your clients to consider more than just price
As the name suggests, price comparison sites are largely useful for comparing on price. Although, understandably, price is the dominant factor of any conversation, it’s also vital to weigh up whether a policy is offering good value.
You can use Uinsure’s Defaqto Compare tool to compare policies available across the market and this will instantly highlight gaps in cover. This, in turn, allows you to explain how certain policies do or do not meet the client’s needs and steer the conversation away from base price to best value.
2. Introduce a GI conversation early on
Ask for a copy of your clients existing home insurance schedule as an addition to any other documents you require as part of your remortgage advice process.
3. Simply explain what price walking means and how they could be paying more than what they should
The ban on price walking will come into force from January 2022, and so ahead of rules being implemented, it’s a really important time to discuss with clients who have held insurance policies for multiple years to review their needs.
Want to know more? Uinsure is currently running a series of How the Pros do it workshops to help give advisers this skillset and confidence to offer general insurance to more of their clients more often.
General insurance used to be a complex beast. Applications were confusing, the process was long winded and forms were full of questions that were virtually impossible to answer correctly.
Fortunately, times have changed.
With the increasing digitization of our industry and advances of our own technology, home insurance can be quoted in just three questions with an application typically taking around 60 seconds.
And, with home insurance being a legal requirement with any mortgage, it’s our collective responsibility to ensure the UK’s homes are properly protected should something go wrong.
As a result, the team here at Uinsure have launched a series of How the Pros do it workshops that aim to give advisers the knowledge and confidence to offer general insurance to every client.
Working alongside advisers and general insurance experts, we have built a workshop specifically for those who have little knowledge of writing general insurance but want to add this skillset to their offering so they can offer their clients the full package.
The one-hour workshops give practical guidance and useable advice and, as part of the workshops, those in attendance get top tips and information from experts who offer general insurance on a daily basis with thousands of applications to their names.
Check our intro video with home insurance specialist, Dawood Patel, to get a taster for what’s included.
If there was ever a time to discuss home insurance, it’s certainly a good time now.
This is especially given so many of your remortgaging clients will likely have held their existing insurance policies for multiple years and could be paying more than they should be.
More than £183bn of residential mortgages will expire by the end of 2021. As we head into autumn, the remortgage and product transfer opportunity is expected to be strong, with the focus switching from an extremely busy purchase market in the first half of the year.
The Financial Conduct Authority’s (FCA) well-documented general insurance pricing practices market study found the home and motor insurance markets are not working well for all consumers. Customers are often penalised for their loyalty and may well need your help and guidance in ensuring they are not caught in the loyalty trap.
Gen up on price walking
The FCA’s study led to new regulations which are due to come in from January 2022. These will ban insurers from artificially discounting new business premiums with the intent to hike prices in subsequent renewals.
The regulator has estimated that the insurance industry gained £1.2bn from six million policy holders through price walking in 2018. It predicts that the ban will save customers £4.2bn during the first 10 years following its introduction.
The role of an adviser to inform and educate about insurance has never been more important and, as this wave of remortgaging clients start to re-engage, there’s a golden opportunity to demonstrate the value of advice, ensure fair value and potentially save your clients money on their existing insurance.
So, what do you need to consider when reviewing you remortgaging customers insurance?
Educate your clients to think beyond price
As the name suggests, price comparison sites are largely useful for comparing on price. Although, understandably, price is the dominant factor of any conversation, it’s also vital to weigh up whether a policy is offering good value.
This, in turn, lets you explain how certain policies do or do not meet the client’s needs and steer the conversation away from base price to best value.
Introduce general insurance early on
Ask for a copy of your clients existing home insurance schedule as an addition to any other documents you require as part of your remortgage advice process.
Explain what price walking means
Show clients how they could be paying more than they should be. The ban on price walking will come into force from January 2022. So, ahead of the rules being implemented, it’s a really important time to discuss with clients who have held insurance policies for multiple years to review their needs.
Uinsure has unveiled a partnership with financial advice business, Open Money.
The partnership will see Open Money offer home insurance to its clients exclusively through Uinsure.
The proposition is part of Home by Open Money, a home buying service designed to help first time buyers prepare for every step of the journey. It will offer tailored advice on mortgages, as well as provide information and suggestions on solicitors, insurances, wills and surveys – with everything housed under one easy-to-use platform.
Uinsure, which was founded in 2007, is one of the UK’s most highly rated insurance providers on Trustpilot and has built its great reputation with both customers and advisers through its continued tech innovation and fair pricing.
Uinsure’s panel of seven leading home insurers, Ageas, AXA, Covea, LV, RSA, UK General and Zurich, bid to offer customers the best price on identical cover. This ‘common policy’, as it’s referred to, across all insurers also allows Uinsure to streamline an experience to get a quote in just three questions and apply in less than a minute.
Since its inception in 2007, Uinsure has worked against the grain of traditional insurance businesses and has taken an ethical standpoint not to price walk, a practice often referred to as the loyalty penalty. Price walking is where insurers will artificially discount new business premiums and hike them for renewing customers, a practice that cost consumers an estimated £1.2bn in 2018 alone.
Uinsure’s Chief Partnership and Marketing Officer, Lauren Bagley, said: “We pride ourselves on always acting in the customers’ best interests and, like Open Money, our business ethos is built around honesty and transparency. It’s these shared values that has allowed this partnership to develop.
“Our technology makes it extremely quick and easy for customers to buy and renew their insurance with us. We ask just three questions to generate a quote; name, postcode and date of birth, this not only speeds up the application process but minimises the risk of customers answering questions incorrectly and therefore risking invalidating a policy.
“We know getting on the property ladder can be both exciting and stressful and, as a home will probably be everyone’s most expensive purchase, our 5* rated Defaqto policy gives people comprehensive protection on their most valuable asset. We’re now looking forward to supporting and insuring Open Money’s customers as they step onto the property ladder and are confident the similarities within our businesses will help this partnership to grow further.”
Karina Hutchins, Open Money’s Head of Home, said: “Buying a house is a huge financial commitment, but the process can be confusing, involving multiple parties and so much jargon that it feels overwhelming, especially for first-time buyers. Our new service aims to simplify the process and guide customers through the whole home buying journey to ensure they understand the impact different mortgages, insurances and other financial products will have on their finances.
“We chose Uinsure as our home insurance partner based on their transparency with pricing and straightforward underwriting. Unlike other insurers, they don’t ask questions about how high the trees are in your garden and then use an incorrect answer as a reason not to pay out. They simplify their policy wording so that customers can have peace of mind that they are actually covered.
“We believe this honest approach is what makes their products the highest quality in the market and therefore the perfect partner for us.”
Uinsure has launched its new insurance division, Uinsure Specialist, to handle non-standard and commercial referrals.
Uinsure is working with wide panel of insurers which include, Ageas, Covea, NIG, Zurich, RSA, Pen Underwriting, Q Underwriting, Midas, Prestige, AXA and Commercial Express to ensure clients with more specialist or complex insurance needs can access comprehensive and competitive products across a wide underwriting footprint.
Martin Schultheiss, chief commercial officer, said: “We’ve been piloting Uinsure Specialist since December 2020 with a number of our key partners’ clients. Uinsure Specialist moves us further forward in our mission to remove insurance complexity and deliver fair value in a digital age. It’s a great example of how technology can help to deliver much better experiences across a wider spectrum of insurance needs.”
A key focus for the new division will be to make sure that insurance risks which fall outside of Uinsure’s standard product range can be insured with the most efficient and frictionless experience possible. For example, properties undergoing building works, long term unoccupancies and a wide variety of non-standard construction types can now be referred by advisers through the Uinsure Adviser Platform.
In addition, commercial referrals for property portfolios, blocks of flats, commercial properties, liability cover for self-employed people, shops, offices and the vast majority of SMEs can all now be serviced by the new team.
Schulthiess added: “Advising on complex insurance needs can, in its very nature, be a difficult process. Using our technology, we’re able to streamline this once complex process so even advisers who have clients with unusual or traditionally difficult insurance needs will benefit, because of the service Sean and his team can now offer.”
Sean Thompson, specialist insurance director, heads up the new division that will handle all Non-Standard Home and Commercial insurance referrals submitted through the Uinsure Adviser Platform.
Sean, commented: “By launching the new service, we’re able to harness Uinsure’s industry-leading technology to simplify the referral process and the client experience, while ensuring we develop strong panels and products that match the mix of referrals we receive. The ten-month pilot has allowed us prove strong quote and conversion and we’re now very much looking forward to supporting advisers in a wider capacity.”
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