Tag: Press Release

Insurtech, Uinsure, has just unveiled a groundbreaking technology that is set to revolutionise the way insurance is bought and sold in the Intermediary market.

The new technology, Uinsure CX, allows firms and partners to automate insurance quotes and drive engagement and education of the need for insurance at key moments in the mortgage journey, such as application, offer, and exchange, with the ability to purchase insurance digitally.

Uinsure is now the first platform in the UK that can track an individual’s mortgage progress and provide fully automated communications at key moments in the mortgage cycle. It also absorbs data such as mortgage circumstances, e.g. ‘new build’ or ‘remortgage’, to deliver dynamic, contextual content at the right time, and moment in which insurance becomes a need.

According to Martin Schultheiss, Group Managing Director of Uinsure, “In this digital era, consumers expect to be able to access insurance digitally. After 15 months of BETA testing and now with over 90,000 consumers in the UinsureCX journey, we’ve been able to demonstrate how over 60% of intermediary customers will buy digitally through our new technology, whether that’s home movers, first-time buyers or remortgaging customers.”

“We’ve invested several millions of pounds in this new technology to help intermediaries capitalise on the huge opportunity they have. Every mortgage requires insurance and intermediary firms hold the unique data points that can identify exactly when insurance becomes a need for their clients – that’s why Uinsure CX will be such a powerful tool for the market.”

Lauren Bagley, Chief Distribution Officer of Uinsure added, “For the first time ever, insurance has been intertwined into the mortgage journey, which will remove so much friction for clients and firms during the mortgage process and supports the industry challenge of creating more integrated homebuying and remortgaging experiences. This is truely game-changing for intermediary firms and we are excited to help intermediaries make GI more convenient and accessible to their clients. Get ready for a new era of insurance technology.

Private equity investor, LDC, has invested in the rapidly expanding insurtech business Uinsure, to support its ambitious growth strategy.

Founded in 2007, Uinsure is a cloud-based technology platform that connects financial intermediaries and lenders with a panel of the UK’s leading insurers, enabling its customers to arrange cover through a frictionless platform that has removed the complexities from insurance. 

Uinsure has achieved 27% compound annual revenue growth over the last 10 years and LDC’s investment and strategic support will increase its market share further, while developing new markets, as well as growing its network of partnerships with intermediaries, major building societies, and banks.

Uinsure has invested heavily in its technology capability in recent years, including in new API integrations, improvements to its customer experience and in the development of its new pricing engine, enabling it to offer disruptive and award-winning digital-first insurance solutions.

The Manchester-based business has doubled the size of its team dedicated to technology over the last two years, while it has won twelve prestigious industry awards during that time for its UinsureCX product, which tracks an individual’s mortgage progress and triggers communications at the most relevant moments of the mortgage cycle.

LDC is backing the existing management team led by founder and CEO Simon Taylor, who is also the former founder and CEO of Bankhall. Martin Schultheiss will continue as Group Managing Director, James Fawcett as Chief Financial Officer, and Dan Wright as Non-Executive Chair. As part of the transaction, Peter Thompson, industry expert and former CEO of BGL Insurance has joined Uinsure as a Non-Executive Director.

The investment was led by LDC North West Partner Aziz Ul-Haq and Partner and Head of North West Dale Alderson, alongside Investment Director Grant Goodwin and Investment Manager Camilla Greenwood. Dale and Aziz will join the board.

Simon Taylor, CEO of Uinsure, said: “Right from the very first meeting, LDC has been aligned with our vision to remove the complexity of insurance for our partners and their customers. When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us. The team at LDC will be working closely to strategically support us with our long term goals, as we explore new markets and grow our network of partnerships.

Aziz Ul-Haq, Partner at LDC in the North West, added: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge. It has a highly experienced and incredibly ambitious management team whose offering has disrupted the industry and revolutionised the market. We’re looking forward to working with them to help it grow further.”

LDC has a successful track record in the technology sector. Since 2012, we have invested over £650m into more than 35 fast growing technology businesses, backing management teams to achieve their ambitions.

Uinsure was advised by GP Bullhound (corporate finance), Eversheds Sutherland (legal) and Deloitte (debt advisory), with bank facilities provided by HSBC and Santander.

LDC was advised by DLA Piper (legal), KPMG (financial due diligence and tax) and LEK (commercial due diligence).

Nottingham Building Society partners with Uinsure to provide home insurance quotes in as little as 60 seconds

 Nottingham Building Society has today announced a partnership with leading insurance technology firm, Uinsure, to provide seamless home insurance quotes in as little as 60 seconds.

Members will be able to obtain a home insurance quote through one of the quickest platforms available on the market online and within a minute in branch.

The innovative solution streamlines the application process and requires customers to enter three simple criteria: their name, date of birth and postcode. Powered by the Manchester-based insuretech, the partnership will grant Nottingham Building Society’s members access to a product which uses quotes from leading UK insurers, all competing to offer the most competitive price on Uinsure’s 5-star Defaqto rated policy.

The cheapest quote is then presented to members, ensuring they receive the best value policy that meets their needs.

Commenting on the partnership, Sue Hayes, CEO at Nottingham Building Society, said: “Our purpose has always been to make homeownership as easy and achievable a process for the UK public as possible. This collaboration with Uinsure enables us to offer potential homeowners and existing members the peace of mind that their property is protected against unexpected losses or damage.

“By leveraging cutting-edge technology, we’ve simplified the insurance process during a time where expenses continue to rise and the cost-of-living crisis remains front of mind.” Uinsure provide comprehensive home insurance policies that includes up to £1m of buildings protection, £75K or £100K contents cover and accidental breakage of technology equipment; landlords can also benefit by insuring rental properties.

Martin Schultheiss, Uinsure Group Managing Director, concluded: “We’re delighted Nottingham Building Society has selected us as its new insurance partner, allowing its members to access our seamless insurance technology to arrange their cover at the right time alongside their mortgage applications.

“Our mission is to remove the complexities from insurance by leveraging technology and data to make insurance quotes more convenient and accessible nationwide. The team have worked tirelessly to expand our partner network, which is an essential in allowing us to achieve our goals, this partnership underlines the trust leading building societies have placed in us to deliver excellent insurance experiences for their Members.”

For more information, please visit www.thenottingham.com

Leek Building Society partners with Uinsure to offer insurance quotes in as little as 60 seconds

Leek Building Society has today announced its new partnership with leading insurtech, Uinsure, that will significantly improve members’ experiences when arranging home and landlord insurance.

After reaching its 160-year milestone this year, Leek Building Society, recently awarded the UK’s Best Building Society 2023, continues to demonstrate its commitment to putting members first by offering them Uinsure’s highly rated insurance.

By working with Uinsure, Leek members can get a quote in as little as 20 seconds and buy online in under a minute, using a journey that’s significantly quicker and more simple than other direct insurers or aggregators.

Uinsure has built a strong reputation backed by five-star ratings from Defaqto and Trustpilot, and its comprehensive coverage and commitment in providing exceptional customer experiences aligns with Leek Building Society’s dedication to delivering great value and a great service to its members.

Ian Blurton, Head of Branch Network and Customer Support said:

“At Leek Building Society, our members are at the heart of everything we do. Our partnership with Uinsure emphasises our commitment to offering them peace of mind by providing access to highly rated home and landlord insurance through integrated and seamless journeys that are accessible, convenient and priced competitively.”

Lauren Bagley, Uinsure’s Chief Distribution Officer, said:

“We’re delighted to partner with Leek Building Society, in what is our ninth society partnership, as we continue the rollout of our distribution strategy that’s making insurance more accessible and convenient for people across the UK.

“With both the expansion of our partner network and ongoing development of our technology we’ve proven how our agility and innovation is changing the way insurance is being offered and the outcome of this is improved customer experiences that are no longer hindered by complexities once associated with general insurance.”

For more information on Leek Building Society and the products and services they offer, visit www.leekbs.co.uk.

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.”

Covéa Insurance will be joining the likes of AXA, Ageas, LV=, RSA and UK General on Uinsure’s Adviser Platform, aiming to drive a much greater pricing competitiveness and expanding the total insurers on its Home Insurance product to seven.

The multi-award winning insurer has a Standard and Poor’s AA- rating as a guaranteed subsidiary of Covéa, over 60 years trading experience and over 2.1m policyholders in the UK.

In tandem with Covéa Insurance joining Uinsure’s Adviser Platform, Uinsure will now also recognise up to 9 years No Claims Discount on both buildings and contents cover, expanding from the previous maximum of 5 years.

Martin Schultheiss, Group Managing Director at Uinsure commented:

“We’re really pleased to welcome Covéa Insurance to Uinsure’s Adviser Platform. Covéa will help us to deliver even more competitively priced, 5 star rated home insurance to customers, across a much wider range of property risks.

The addition of Covéa Insurance supports our mission to grow intermediary distribution of home insurance across the UK by equipping advisers to deliver against the needs of their customers. We believe that our focus on premium value, quality of cover and exceptional customer experience enabled by Uinsure’s technology capability, gives intermediaries a clear differentiator that is hard to match elsewhere.”

Insurtech firm, Uinsure, has announced strong initial results in the first phase of 2021, with 33.5% sales growth in the opening quarter.

The results are the latest piece of good news for the B2B insurtech firm, which was, this weekend, announced as one of the businesses on the Sunday Times BDO Profit Track 100 league table, which ranks Britain’s 100 private companies with the fastest-growing profits over their latest three years.

The strong financial performance comes directly as a result of innovative work by the company to reshape how advisers offer insurance to customers in the homebuying process.

What has traditionally been a lengthy insurance process, which included numerous, detailed questions and could take anything from 20- 30 minutes to complete, has been whittled down to three questions to get a quote in 20 seconds and apply via a new Adviser Platform in under a minute.

The launch of the platform, coupled with the mortgage market stimulation driven by the stamp-duty holiday, has allowed the Manchester-based firm to go from strength to strength despite the challenges Covid has put on virtually every sector.

Uinsure’s Group Managing Director, Martin Schultheiss, commented:

“The strong start we’ve been able to enjoy in 2021 is a direct result of the innovation and creativity shown by the Uinsure team to completely remove the complexity behind offering insurance.

“Our strong start is also as a result of the incredible relationships we hold with our key partners and advisers, who have been able to turn around such a high volume of mortgages to meet current demand.

“We’ve also welcomed new advisory firms as a result of our new technology and, as with all of our existing relationships we will continually take their feedback on board to ultimately make our product offering, and platform, better.

“Hopefully, as lockdown eases through 2021, our tech can help customers and advisers get back to enjoying some of the better things in life.”