NatWest partners with Uinsure to launch home insurance proposition
The service is available to NatWest customers through the bank's app, online, by phone and in branch, while non-customers can access it online or by phone.
NatWest has partnered with insurance technology platform Uinsure to launch a new home insurance proposition, enabling customers to receive a quote in under 60 seconds and monitor whether they are getting value from their existing cover.
The proposition uses a panel of UK insurers competing on price for the same Defaqto five-star rated cover at both purchase and renewal.
The service is available to NatWest customers through the bank’s app, online, by phone and in branch, while non-customers can access it online or by phone.
Alongside the launch, NatWest has introduced a Home Insurance Tracker within its app, allowing customers to upload details of their existing home insurance policy, regardless of provider, and compare the cost and level of cover over time.
The tracker provides renewal reminders and alerts customers when better value may be available, with no obligation to switch.
Research commissioned by NatWest and Uinsure among 2,000 UK homeowners found that 48% had not reviewed whether their home insurance represented good value during the past 12 months, while a third (33%) said the hassle of switching discouraged them from reviewing their cover.
The research also found that 86% would be interested in their bank offering relevant home insurance using data it already holds, while 68% said they would trust their bank to offer a fair price.
Toni Powling, head of insurance at NatWest, said: “Alongside providing quality cover at a competitive price with a quote in seconds, the Home Insurance Tracker means our customers no longer have to keep checking whether they’re getting a fair deal, because we’ll do it for them, even if their cover isn’t with us.
“As a bank that supports one in three UK families, we understand the importance of making everyday financial decisions simpler. The Home Insurance Tracker makes insurance genuinely simple to manage.”
Lauren Bagley, chief distribution officer at Uinsure, said: “For a bank of NatWest’s scale to put Uinsure’s technology at the heart of its home insurance offer is a significant moment, for us and for the market.
“It shows that when the right technology exists, institutions with millions of customers can deliver insurance in a way that genuinely works, with a panel of leading insurers competing at purchase and at every renewal.
“Our insurance tracking technology puts customers in control in a way they haven’t had before and directly answers the challenge of switching hassle so many told us about in the research.
“This partnership is the latest example of us redefining how cover is offered.”
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