Tag: Press Release

Virgin Money Re-Enters Home Insurance Market with­ Innovative New Product for Homeowners and Landlords

Virgin Money is expanding its insurance proposition by launching new home and landlord insurance products in partnership with leading insurtech firm, Uinsure.

Uinsure’s innovative technology will allow Virgin Money customers to get a 5 Star Defaqto rated insurance quote by simply answering a short set of questions; including their name, date of birth and postcode in as little as 30 seconds, in a market-leading quote journey.

The cover will be tailored to the unique requirements of both homeowners and landlords and backed up by customer service that’s helped Uinsure attain an ‘Excellent’ Trustpilot rating.

Key ­highlights of the new home insurance product:

• Generous coverage: Virgin Money’s home insurance provides a robust £1 million of building cover and £75,000 in contents cover as standard, ensuring customers are adequately insured.
• Market-leading quick and simple quote process: A streamlined quote process, featuring an easy-to-answer set of questions, enabling them to receive a personalised quote.
• Competitive pricing: Using Uinsure’s panel of insurers, Virgin Money can offer a common product at competitive prices without compromising on quality.
• Automatic re-broking at renewal: The proposition offers a commitment to maintaining low prices year after year, as the product includes automatic re-broking at renewal, saving customers time and money.
• No hidden fees: Transparent fee structure where customers will not incur any fees if they choose to cancel their home insurance or make a mid-term adjustment.

The new home insurance product is available online, with options to take out a policy by telephone for customers without online access. A variety of communication methods are available for renewals, including online, email, post, and telephone.

The partnership with Uinsure also ensures that any new business or renewal quote will automatically offer the customer the lowest price based on Uinsure’s panel of underwriters, with the cheapest price meaning less need to shop around, saving them money and time.

Graeme Sands, Head of Personal Banking at Virgin Money, said:

“Virgin Money’s innovative home insurance product offers a market-leading quote journey in as little as 30 seconds, competitive pricing through a panel of insurers, automatic re-broking at renewal, and a transparent fee structure with no hidden fees. In collaboration with Uinsure, who will administer our home insurance product, we provide customers with simplicity, quality, and transparency.”

Martin Schultheiss, Uinsure Group Managing Director, said:

“Our technology is built solely around the user – meaning customers can enjoy an insurance journey that’s free of the complexities they might previously have struggled with.

“The Virgin brand is one of the most recognised globally, with a long history of pushing boundaries and innovating for the benefit of its customers. That way of thinking very much mirrors our own way of working and we’re extremely excited to commence our partnership with Virgin Money.”

For more information on the new home insurance product or to get a quote, visit homeinsurance.virginmoney.com.

One Mortgage System (OMS), the seamless single-input enquiry to completion processing platform for brokers, has partnered with leading insurtech provider, Uinsure, to create an integrated insurance experience.

The partnership includes a full system integration that will enable OMS users to access the UinsureCX platform to generate automated insurance quotes to their customers, as well as providing greater understanding around the need for insurance at key moments within the mortgage journey, such as at application, offer and exchange.

UinsureCX is the first platform in the UK to be able to track an individual’s mortgage progress and provide fully automated communications at the most relevant time of 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 provides the ability for mortgage customers to purchase insurance digitally.

OMS is the only end-to-end platform which covers product areas such as residential, buy-to-let, second charge, equity release, bridging, commercial plus general insurance, and protection. It is integrated with market-leading providers – Ignite, Submissions Brain, The Source, Twenty7Tec, iPipeline, Hometrack, Experian, Equifax, Uinsure, Air Sourcing and Knowledge Bank – to provide users with best in class for product sourcing, protection sourcing and criteria searching.

OMS is proud to be one of the first CRM platforms within the mortgage industry to achieve ISO 27001 certification. This significant milestone reflects OMS’s ongoing efforts to establish itself as a trusted and reliable partner in the mortgage origination space. By obtaining ISO 27001 certification, OMS reinforces its position as a leading tech provider and strengthens its ability to support the evolving needs of its clients.

Neal Jannels, Managing Director of One Mortgage System (OMS), commented:

“As a leading force within the Insurtech marketplace, Uinsure is transforming the way insurance is provided in the intermediary market and its data-driven strategy to provide personalised and precise insurance quotes as clients move through the mortgage journey aligns perfectly with our customer-centric approach.

This is a partnership which will undoubtedly prove hugely beneficial to our users and their clients as they look to remove the hurdles which can sometimes hamper these vital conversations.”

Lauren Bagley, Chief Distribution Officer at Uinsure, added:

“We’re bringing embedded insurance to life and making insurance more relevant by enabling intermediaries to consistently offer cover to their clients as soon as it becomes a need.

“Our new partnership allows us to significantly scale access to UinsureCX as our industry-leading technology can now be utilised by the strong network of firms who use the OMS platform.”

To register for a free trial, brokers should visit www.onemortgage.co.uk

 

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.”