Uinsure launches Open Money partnership

By Lauren Bagley

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 launches Open Money partnership