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Uinsure relaunches streamlined adviser platform with ‘shift in company culture’

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  • 08/03/2021
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Uinsure has relaunched its technology platform to give advisers a simplified search tool in a bid to take on the direct-to-consumer comparison sites which retain roughly 75 per cent of the market.

 

The B2B insurance provider, which offers a panel of seven providers sharing common policy wording and five star Defaqto ratings, has also rebranded, which it badged a major milestone.

Lauren Bagley, chief partnerships and marketing officer at Uinsure, said: “The rebrand is not just cosmetic. It represents a maturing of the company, from the inside out that is setting the pace and responding to the demands of our industry by designing the experiences, products and services advisers and their clients expect.”

The search engine offers insurances for home, buy-to-let and landlords and non-standard and commercial insurance.

Chief commercial officer Martin Schulthiess said the upgrade is the first of many technology launches this year.

“Our technology has always been a key differentiator and now that we’ve upgraded this further, we’re able to be agile, which is now more important than ever against the demand from advisory businesses to digitise their businesses too.”

The ex-group managing director of Sesame Bankhall Group said approximately 675,000 customers go to comparison sites annually to buy home insurance. If the mortgage broker industry were to transact that it equates to potentially £367m in incremental profit over the next five years, he added.

“Think about the financial loss in revenue just flowing to another industry. It’s definitely worth selling home insurance,” Schultheiss continued.

“At a five-person brokerage, over a period of time, that equates to £100,000 a year of recurring revenue. That could be a pension fund, or simply recurring embedded value into their business, which is really powerful.”

Schultheiss said as consumers are moving from two-year to five-year fixes and lenders are simplifying product transfers, mortgage brokers are getting further away from their customer.

“The minute you send your customer to a price comparison website for home insurance, right next to that is the protection, the remortgage, the non-advised mortgage. Don’t assume [your customer] won’t be targeted for other products,” he said.

“Second, that website is collecting on average about 60 pieces of information about your client which they are harvesting into really sophisticated algorithms allowing them to pursue that customer after they sign the privacy policy,” he added.

The platform produces an insurance quote across home, buy to let and commercial using three questions – name, date of birth and postcode – and has a consumer interface allowing consumers to progress the application later themselves.

Other features include access to new build postcode data up to six months before postcodes are minted by Royal Mail, so advisers can get new build properties insured more quickly.

 

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