The new platform, Uinsure CX, allows advisers to automate insurance quotes throughout the mortgage buying journey, such as at application, offer, and exchange stages, with the ability to purchase home cover digitally in under 60 seconds.
Unlike aggregator sites, which require data to be rekeyed, CX allows intermediaries to use existing data to make the home insurance purchase process ‘seamless and speedy’.
Uinsure believes the platform, which has been in BETA testing for more than 15 months with over 90,000 customers and has cost several million pounds, “will allow intermediaries to take back their rightful market share of the insurance market”.
Martin Schultheiss (pictured), managing director of Uinsure, said: “Every mortgage requires insurance and intermediary firms hold the unique data points that can identify exactly when insurance becomes a need for their client.
“Up until today, advisers have not had the technology to allow them to buy home insurance products online. CX is an online tool digital tool that supports the adviser and allows the customer to buy the product.”
Changing the selling landscape
Schultheiss noted that CX would change the way three sectors sold home insurance products.
He said: “First, mortgage brokers will be able to sell cover alongside a mortgage. Second, it will give lenders, both banks and building societies, the opportunity to sell home insurance to the client base outside of the aggregation platforms. And third, the insurers on the panel are largely A-rated with companies including Ageas, AXA, RSA, UK General, LV and Zurich.
“This gives the customer peace of mind that they are getting an A-rated policy at the most competitive price within 60 seconds.”
Meets Consumer Duty needs
Schultheiss also highlighted the fact that CX arrives at apposite time given the stricter regulatory environment and the impending arrival of Consumer Duty.
He said: “With Customer Duty, there is increasing regulatory pressure on advisers to deliver holistic customer outcomes.
“This technology allows an adviser to give every single customer a home insurance quote alongside their mortgage. It’s very regulatory friendly.
“Intermediaries will have an opportunity to dominate home insurance again, take back share from aggregators and give their clients great customer outcomes.”
CX: A game-changer
Indeed, Uinsure sees CX as a first in the market and feels it could disrupt a sector that, up until now, has been dominated by the large aggregator sites.
Lauren Bagley, chief partnership and marketing officer at Uinsure, said: “For the first time ever, insurance has been intertwined into the mortgage journey.
“This is truly game-changing for intermediary firms and we are excited to help intermediaries make general insurance more convenient and accessible to their clients. Get ready for a new era of insurance technology.”
